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Comparison of Bank Charges for NEFT Transactions

SBI vs. HDFC Bank vs. ICICI Bank vs. BOB vs. Axis Bank: Comparison of Bank Charges for NEFT Transactions

The days went when one had to visit the bank to transfer funds from one party to another. There are many digital platforms and methods through which a financial transaction can be done that include NEFT, RTGS, and NEFT to include some names. The latter is an electronic money transfer system which is regulated and maintained by the monetary body of the Reserve Bank of India. National Electronic Fund Transfer or NEFT is a method of transferring funds between two parties which are not in real time. Here, the user gets 23-hour settlement bands running from 8.00 a.m. to 7.00pm on all working days of the week (except on the second and fourth Saturday of the month). Post this window, if the transaction is done, they are not organized till the availability of the next window.

   

                                       
SBI vs. HDFC Bank vs. ICICI Bank vs. BOB vs. Axis Bank

                      SBI vs. HDFC Bank vs. ICICI Bank vs. BOB vs. Axis Bank: Comparison of Bank                                                                    Charges for NEFT Transactions



                                       
Even though the funds are arranged in a batch-wise system, the NEFT method of financial transactions is most suitable for retail transactions. According to many public and private bank RBI guidelines, NEFT services provide with. When you do an NEFT transaction, how will the bank charge,
State Bank of India

To pay, 2.50 + GST ​​fee is charged for transactions of 10,000 rupees from the customers of State Bank of India using NEFT. 5 + GST ​​will be levied on the transaction of 1 lakh rupees with SBI NEFT, whereas transactions on more than 1 lakh and 15 + GST ​​will be levied on less than Rs 2 lakh. When the transaction amount exceeds 2 lakh rupees, the user is charged 25 + GST.

HDFC bank

The customers of HDFC Bank are charged Rs 2.50 + GST ​​on any NEFT transaction up to Rs 10,000. 5 + GST ​​is charged on the transaction amount up to Rs. 1 lakh. The amount of transaction between 1 lakh - 2 lakh, one person has to pay 15 + GST, while 25+ GST ​​is required to pay the amount of more than Rs 2 lakh.

ICICI Bank

ICICI Bank charges 2.50 + GST ​​on NEFT transactions up to Rs 10,000. For the amount up to Rs.1 lakh, the user is charged 5 + GST ​​while charging 15 + GST ​​on a transaction made between 1 lakh - 2 lakhs. Above 2 million, NEFT is charged 25 + GST ​​by the user.

Bank of Baroda

Bank of Baroda charges 2.50 + GST ​​fee on NEFT transactions made with Bank of Baroda for an amount up to Rs 10,000. The fee for 5 + GST ​​is less than Rs 1 lakh, while the fee of Rs 15 comes between 1 lakh and Rs 2 lakh. 25+ GST ​​is levied for transaction amount of more than 25 lakh rupees.

axis Bank

2.50 + GST ​​is levied for transfer of amount up to Rs. 1,000 on NEFT transactions made by Axis Bank customers. 5 rupees for NEFT transactions amount up to Rs. 1 lakh. Axis Bank has levied more than Rs. 1 lakh and 15+ GST ​​on transactions up to Rs. 2 lakhs. More than 2 lakh rupees, the user is charged 25 + GST.

Compared to all NEFT charges by major banks, it can be seen that charges come between Rs 2.50 and Rs 25. It should be noted that the charges are as per the RBI guidelines dated November 24, 2017.

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