Charges You Have To Pay To Make NEFT, RTGS Transactions

Charges You Have To Pay To Make NEFT, RTGS Transactions

Need to make a money transfer online? National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS) are three option available today. NEFT, RTGS and IMPS services are provided by most banks today. Online money transfer or wire transfer refers to remittance of funds from one bank account to another bank account – not necessarily in the same bank – without the intervention of banking staff. For example, you can send money from your bank account in a bank, let’s say State Bank of India (SBI), to your friend’s account in another bank, say ICICI Bank. Banks charge a fee for providing the NEFT, RTGS and IMPS services. In major banks today, a fee of Rs. 50 per transaction (excluding GST) is charged for any of these services.

Explained below are various transaction charges levied by SBI, ICICI Bank, HDFC Bank and Axis Bank for money transfer services NEFT, RTGS and IMPS:

State Bank of India (SBI) money transfer online

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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 amounts between Rs. 10,000 and Rs. 1 lakh, SBI charges Rs. 2 (plus GST), and Rs. 3 (plus GST) for amounts 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. In case of money transfer through RTGS, SBI charges Rs. 5 per transaction for an amount between Rs. 2 lakh and Rs. 5 lakh. For amounts above Rs. 5 lakh, the bank charges a fee of Rs. 10 per transaction, according to the bank’s website

State Bank of India (SBI) money transfer through bank branch

For transactions made by way of visiting a bank branch, SBI charges a fee of Rs. 2.5 (plus GST) per NEFT transaction up to Rs. 10,000. For amounts between Rs. 10,000 and Rs. 1 lakh, the bank charges Rs. 5 (plus GST) per transaction. For amounts between Rs. 1 lakh and Rs. 2, charges Rs. 15 (plus GST) per transaction. In case of 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 amounts 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, according to the bank’s website.

SBI IMPS transactions up to Rs. 1,000 are free, according to the bank’s website. This includes IMPS transactions made through a bank branch as well as those made online (through either mobile banking or net banking).

Bank of Baroda

For making a money transfer through NEFT, Bank of Baroda charges a fee of Rs.15 per transaction for amounts between Rs.1 lakh and Rs.2 lakh. For amounts above Rs. 2 lakh, the bank charges Rs. 25 per transaction. Transactions up to Rs. 1 lakh do not attract any charges, according to the bank’s website.

For money transfer of an amount between Rs. 2 lakh and Rs. 5 lakh through RTGS, Bank of Baroda charges a fee of Rs. 25 (excluding GST) per transaction from 8:00 am to 11:00 am. From 11:00 am to 1:00 pm, the bank charges Rs. 27 per transaction, and Rs. 30 per transaction after 1:00 pm.

For RTGS remittances of an amount above Rs. 5 lakh, Bank of Baroda charges a fee of Rs. 50 per transaction between 8:00 am and 11:00 am, Rs. 52 per transaction between 11:00 am and 1:00 pm, and Rs. 55 per transaction after 1:00 pm, according to the bank’s website.

RTGS charges (excluding GST)
Time  Rs. 2 lakh to Rs. 5 lakh Above Rs. 5 lakh
8.00 hrs. to 11 hrs. 25/-   50/-
After 11 hrs. to 13.00 hrs. 27/-   52/-
After 13.00 hrs. to 16.30 hrs. 30/-   55/-
After 16.30 hrs 30/-   55/-
(Source: bankofbaroda.com)

HDFC Bank money transfer online

HDFC Bank currently charges no fee for NEFT and RTGS transactions made online, according to its website.

HDFC Bank money transfer through bank branch

For money transfers made through bank branches, HDFC Bank charges a fee of Rs. 2.5 plus GST per transaction of amount up to Rs. 10,000 in case of NEFT. For amounts between Rs. 10,000 and Rs. 1 lakh, HDFC Bank charges Rs. 5 plus GST per transaction. In case of RTGS money 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, State Bank of India (SB) charges Rs. 50 plus GST per transaction, according to its website.

HDFC Bank IMPS transactions

HDFC Bank levies a fee of Rs. 5 plus GST per IMPS transaction of an amount up to 1 lakh. For amounts between Rs. 1 lakh and Rs. 2 lakh, HDFC 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 amounts between Rs. 10,000 and Rs. 1 lakh, ICICI Bank charges a fee of Rs. 5 plus GST per transaction. For amounts between Rs. 1 lakh and Rs. 2 lakh, ICICI Bank levies a fee of Rs. 15 plus GST per transaction. For amounts between Rs. 2 lakh and Rs. 10 lakh, and Rs. 25 plus GST per transaction. In case of RTGS transactions, ICICI Bank charges Rs. 25 plus GST per transaction of an amount between Rs. 2 lakh and Rs. 5 lakh. For amounts 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 amounts up to Rs. 1 lakh. For amounts between Rs. 1 lakh and Rs. 2 lakh, ICICI Bank levies Rs. 15 plus GST per transaction.

 

Source by ndtv..

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