Do banks like SBI, HDFC, ICICI, PNB charge for NEFT, RTGS? Check branch level transaction charges | Business

RTGS, NEFT charges: Since January 1, 2020, the RBI has asked banks not to charge their savings account holders for NEFT transfers made online, offering a convenient avenue for savings account holders. What exactly are NEFT and RTGS, and how do they differ?

National Electronic Funds Transfer (NEFT)

NEFT is an electronic payment system that enables direct one-to-one payments nationwide. With NEFT, you can transfer funds electronically from any bank branch to an individual’s account in another bank branch participating in the NEFT scheme.You can also use internet banking and mobile banking for NEFT transfers.

Real Time Gross Settlement (RTGS)

As per the RBI, RTGS stands for Real Time Gross Settlement. It’s a system where fund transfers are settled continuously and in real-time, on a transaction-by-transaction basis without netting. ‘Real Time’ refers to processing instructions immediately upon receipt, while ‘Gross Settlement’ means settling funds individually. RTGS is mainly for large value transactions, with a minimum amount of Rs 2,00,000/- and no maximum limit.
According to ET, transactions received up to a certain time are processed in batches in NEFT, whereas in RTGS, transactions are processed continuously on a transaction-by-transaction basis throughout the day.
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Information needed for RTGS and NEFT transactions

The sender needs to provide these details:
1. Amount to be transferred
2. Beneficiary’s account number
3. Name of the beneficiary’s bank
4. Beneficiary’s account holder name
5. Any additional information from sender to receiver, if required
6. IFSC code of the beneficiary’s branch
7. Sender’s mobile number or email address
8. Purpose of the transaction

NEFT and RTGS charges

Banks apply charges for transactions conducted at their branches. Here are the charges for NEFT and RTGS transactions at SBI, HDFC Bank, ICICI Bank, and Punjab National Bank (PNB) as of April 17, 2024, as sourced by ET from the respective bank websites:
SBI: Charges for NEFT and RTGS

NEFTBranch ChannelOnline Channel
Upto Rs 10,000Rs. 2.00+ GST–NIL–
Upto Rs 10,001 to Rs. 1 lacRs. 4.00+ GST
Above Rs. 1 lac upto Rs. 2 lacRs. 12.00+ GST
Above Rs. 2 lacRs. 20.00+ GST
RTGSBranch ChannelOnline Channel
Rs. 2 lac to Rs. 5 lacRs. 20.00+ GST–NIL–

ICICI Bank: : Charges for NEFT and RTGS

NEFT Transaction Limits/Timing01.00 hours – 19.00 hours00.00 hours – 01.00 hours2nd & 4th Saturday, Sunday & Bank Holidays
19.00 hours – 00.00 hours
Minimum₹ 1₹ 1₹ 1
Maximum₹ 10 lakh or ₹ 1 crore (based on customer segment)₹ 2 Lakh₹ 2 Lakh
RTGS (Internet Banking) – Applicable for NRIs as well
01:00 hours – 19:00 hours19:00 hours – 00:00 hours and 00:00 hours – 01:00 hours2nd and 4th Saturday, Sunday and Bank holidays
Minimum₹ 2 lakh₹ 2 lakh₹ 2 lakh
Maximum₹ 10 lakh or Rs 1 crore (based on customer segment)₹ 10 Lakh or 50 Lakh(based on customer segment)₹ 10 Lakh or 50 Lakh(based on customer segment)

RTGS (Internet Banking) – Applicable for NRIs as well
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HDFC Bank: : Charges for NEFT and RTGS

Transaction charges for NEFT done through HDFC Bank branches
Transaction AmountCharges
(In Rupees)
Upto Rs 1,00,000Rs 2 + Applicable GST
Above Rs 1,00,000Rs 10 + Applicable GST
All charges are subject to changes

RTGS transactions made online have been free since November 1, 2017. If done through HDFC Bank branches, there’s a charge of Rs 15 plus applicable GST.
Kotak Mahindra Bank: : Charges for NEFT and RTGS

NEFT (Per Transaction)Upto 10,000: Rs. 2; 10,001 to 1,00,000: Rs.4; 1,00,001 to 2,00,000:
Rs.14; > 2,00,000: Rs. 24
RTGS (Per Transaction)RTGS: 2,00,001 to 5,00,000: Rs. 20; > 5,00,000: Rs. 40

PNB: Charges for NEFT and RTGS

ParticularSlabCharges #
CC/ODSaving AccountCurrent Account (W.E.F 12.10.2023)
RTGSRs. 2 Lakh to Rs. 5 LakhRs. 24.50Rs. 24.00Rs. 24.00NIL
Above Rs. 5 LakhRs. 49.50Rs. 49.00Rs. 49.00
NEFTUp to Rs. 10000Rs. 2.25Rs. 1.75NIL
Above Rs. 10000 to Rs. 1 LakhRs. 4.75Rs. 4.25
Above Rs. 1 lakh to Rs. 2 lacRs. 14.75Rs. 14.25
Above Rs. 2 LakhRs. 24.75Rs. 24.25
Above Rs. 1001 to Rs. 1 lakhRs. 6.00Rs. 5.00Rs. 5.00
Above Rs. 1 lakhRs. 12.00Rs. 10.00Rs. 10.00
# above charges are exclusive of applicable GST

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