Top banks today offer multiple services that enable the customer to make a wire transfer, or online money transfer. From net banking to phone banking, the customer today can choose from a number of options. NEFT, RTGS and IMPS are three popular facilities available today. Offered by most banks across the country today, wire transfer or instant money transfer refers to a service provided by a bank wherein the user can transfer funds, or money, from one account to another through computer-based systems.
NEFT, RTGS and IMPS timings (schedule)
National Electronic Funds Transfer (NEFT) transactions are settled in batches. Currently, top banks offer more than 20 half-hourly batches on most days for making a money transfer through NEFT. Unlike NEFT, RTGS or Real Time Gross Settlement transactions are processed instantly, i.e. on a real-time basis. RTGS is meant for large value transactions.
| NEFT, RTGS, IMPS money transfer timings | ||
| Money transfer service | Weekday | Weekend |
|---|---|---|
| NEFT | Half-hourly batches from 8:00 am to 7:00 pm (except second and fourth Saturday) | |
| IMPS | Round the clock - 24 hours | |
| RTGS | 8:00 am to 4:30 pm | 9:00 am to 2:00 pm |
The Reserve Bank of India (RBI), which manages both NEFT and RTGS payments, offers a service window to banks from 9:00 am to 4:30 pm on weekdays and from 9:00 am to 2:00 pm on Saturdays for settlement at its end. The timings that the banks follow may vary depending on the customer timings of the bank branches, according to the central bank. Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service managed by the NPCI or National Payments Corporation of India. (Read: What are NEFT, RTGS, IMPS transactions? All you need to know)
NEFT, RTGS, IMPS charges levied by top banks today
Top banks today charge a fee ranging from Rs 1 to Rs 50 per transaction (plus GST) for the three money transfer services (NEFT, RTGS and IMPS). These charges depend on the type of money transfer and factors such as amount and time of transaction. The user may choose one of these technologies as per his or her money transfer requirements.
State Bank of India (SBI)
For transactions made through net banking or mobile banking, SBI charges a fee of Rs 1 (plus GST) per NEFT transaction of an amount up to Rs 10,000. For any such NEFT transfer of an amount between Rs 10,000 and Rs 1 lakh, SBI charges Rs 2 (plus GST), and Rs 3 (plus GST) per NEFT transaction for an amount between Rs 1 lakh and Rs 2 lakh. For transfers above Rs 2 lakh, SBI charges a fee of Rs 5 (plus GST) per transaction. For RTGS transactions made through net banking or mobile banking, SBI charges Rs 5 per transaction for an amount between Rs 2 lakh and Rs 5 lakh. For an RTGS transfer above Rs 5 lakh, the bank charges a fee of Rs 10 per transaction, according to its website. For IMPS transfer, the bank charges Rs 5 plus GST for any transaction of an amount between Rs 1,001 to Rs 1 lakh. For an IMPS transaction from Rs 1,00,001 to Rs 2 lakh through net banking or online banking, SBI charges a fee of Rs 15 plus GST, it mentioned.
Any remittance of funds by way of NEFT for the value of below Rupees fifty thousand may be carried out through cash mode. However, we recommend you to carry out the fund transfer transactions (including NEFT) through Internet banking, SBI Yono App, SBI Anywhere App at (1/2)
your convenience. (2/2)
For transactions made through a bank branch, SBI charges a fee of Rs 2.5 (plus GST) per NEFT transaction up to Rs 10,000, according to sbi.co.in. For an amount between Rs 10,000 and Rs 1 lakh, the bank charges Rs 5 (plus GST) per transaction; Rs 15 (plus GST) per transaction for an amount between Rs 1 lakh and Rs 2, and Rs 25 (plus GST) per transaction for transactions above Rs 2 lakh. For RTGS transfers, SBI charges a fee of Rs 25 (plus GST) per transaction for an amount between Rs 2 lakh and Rs 5 lakh. For an amount above Rs 5 lakh, SBI charges a fee of Rs 50 (plus GST) per transaction, according to its website. SBI currently charges a fee of Rs 1 (plus taxes) per transaction for money transfer of an amount between Rs 1,001 and Rs 10,000 through IMPS. For an amount between Rs 10,001 and Rs 1 lakh, the bank charges a fee of Rs 2 (plus taxes) per transaction. It charges a fee of Rs 3 (plus taxes) for an amount between Rs 1,00,001 to Rs 2 lakh.
SBI IMPS transactions up to Rs 1,000 are free, according to the bank's website. This is applicable to both IMPS transactions requested from a bank branch and those through online banking (mobile or net).
HDFC Bank
HDFC Bank currently charges no fee for NEFT and RTGS transactions made online, according to its website.
For transfers done through a bank branch, HDFC Bank charges a fee of Rs 2.5 plus GST per NEFT transaction of amount up to Rs 10,000. For NEFT transfer of an amount between Rs 10,000 and Rs 1 lakh, HDFC Bank charges Rs 5 plus GST per transaction. For an amount between Rs 1 lakh and Rs 2 lakh, it charges Rs 15 plus GST per transaction, and Rs 25 plus GST per transaction for an amount above Rs 2 lakh, according to its website. For RTGS transfers, HDFC Bank charges a fee of Rs 25 plus GST per transaction between Rs 2 lakh and Rs 5 lakh. For transactions above Rs 5 lakh, it charges Rs 50 plus GST per transaction.
HDFC Bank levies a fee of Rs 5 plus GST per IMPS transaction of an amount up to 1 lakh. For an amount between Rs 1 lakh and Rs 2 lakh, the bank charges a fee of Rs 15 plus GST, according to its website.
ICICI Bank
ICICI Bank charges a fee of Rs 2.5 plus GST per transaction for money transfer of an amount of Rs 10,000 through NEFT. For an amount between Rs 10,000 and Rs 1 lakh, ICICI Bank charges a fee of Rs 5 plus GST per transaction. It charges a fee of Rs 15 plus GST per NEFT transaction of an amount between Rs 1 lakh and Rs 2 lakh, and Rs 25 plus GST per transaction for an amount between Rs 2 lakh and Rs 10 lakh, according to its website, ICICIBank.com. ICICI Bank levies a fee of Rs 25 plus GST per RTGS transaction of an amount between Rs 2 lakh and Rs 5 lakh done on its website. For an amount between Rs 5 lakh and Rs 10 lakh, the bank charges Rs 50 plus GST per RTGS transaction. For IMPS transfers, ICICI Bank charges a fee of Rs 5 plus GST per transaction for an amount up to Rs 1 lakh. For an amount between Rs 1 lakh and Rs 2 lakh, the bank levies Rs 15 plus GST per transaction.
Punjab National Bank (PNB)
For NEFT, PNB charges a fee of Rs 2.5 plus GST per transaction for an amount up to Rs 10,000. It charges Rs 5 plus GST per transaction for an amount between Rs 10,000 and Rs 1 lakh, Rs 15 plus GST per transaction for an amount between Rs 1 lakh and Rs 2 lakh, and Rs 25 plus GST per transaction for an amount above Rs 2 lakh, according to its website, pnbindia.in.
For RTGS, PNB charges a fee ranging from Rs 25 to Rs 30 plus GST per transaction for an amount between Rs 2 lakh to Rs 5 lakh depending on the time of transaction. For example, from 8:00 am to 11:00 am, the bank charges a fee of Rs 25 plus GST per transaction. For an RTGS transfer of the same amount requested between 11:00 am and 1:00 pm, the bank charges a fee of Rs 27 plus GST per transaction. For IMPS transfers, PNB charges a fee of Rs 5 plus GST per transaction for an amount up to Rs 1 lakh, according to its website.
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