NEFT Transfer Limit

NEFT Transfer Limit

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Examining NEFT Limits and the maximum transfer amounts.

Key Takeaways

  • NEFT is short for National Electronic Funds Transfer – a popular fund transfer method.
  • Over 1.5 lakh Indian bank branches are NEFT-enabled.
  • Different banks may have different NEFT limits based on retail or third-party transactions.
  • You can transfer a maximum amount of INR 50,000 for cash transactions at bank branches.
  • The RBI has not specified a limit on the number of cash transactions you can make.

The National Electronic Funds Transfer (NEFT) is a fund transfer method launched by the Reserve Bank of India (RBI). With most banks being NEFT-enabled, NEFT has established itself as the preferred mode of money transfer in India. Such transfers are time-saving, economical, and available across the country. Let us understand more about NEFT and NEFT transaction limits.

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NEFT Transfer Limit

A factor that makes NEFT Transfers a popular choice of transferring money is that it has no specific upper limit on the fund transfer amount. The Reserve Bank of India (RBI) has not prescribed a minimum amount (which can be as low as INR 1) nor specified a maximum amount for NEFT transfer of funds. It permits banks to determine their preferred NEFT maximum limit. Cash Transactions, however, come with an INR 50,000 limit per transfer. However, you can make as many cash transfers of INR 50,000 as you please as there is no NEFT limit per day.

NEFT Limits and Charges

The RBI levies zero charges for online NEFT Transfers. Per RBI guidelines, banks too are not permitted to levy a charge for online NEFT Transfers. As such, you do not have to pay anything for NEFT transactions made via internet banking or mobile banking. Moreover, no charges are levied on the amount credited to the beneficiary for inward transactions.

That said, if you opt for offline NEFT transfers, for which you have to depend on the bank, you need to pay a nominal fee based on your chosen NEFT amount limit. Here is a schedule of charges:

For transactions up to INR 10,000

NEFT charges should not exceed INR 2.50 + GST

For transactions above INR 10,000 up to INR 1 lakh

NEFT charges should not exceed INR 5.00 + GST

For transactions above INR 1 lakh up to INR 2 lakh

NEFT charges should not exceed INR 15.00 + GST

For transactions above INR 2 lakh

NEFT charges should not exceed INR 25.00 + GST

You can make an NEFT cash transfer without holding an account. Simply visit the NEFT-enabled bank branch and fill an NEFT transfer form. Since this too is a cash transfer, the NEFT amount limit is INR 50,000 per transaction.

Features & Benefits

  • You can make NEFT transfers all year round.
  • NEFT operates in batches at intervals of 30-minutes, throughout the day.
  • The RBI notifies you when the NEFT provision is non-operational.
  • NEFT can be used to pay credit card bills, loan EMIs, make inward foreign exchange remittances, etc.
  • With over 1.5 lakh NEFT-enabled banks in India, this fund transfer method comes with PAN India coverage

Final Note

The primary benefit of NEFT is the absence of charges for online transfer with no maximum NEFT transfer limit. It is ideal for high-value, convenient transactions, crediting beneficiary accounts in 30 minutes. With NEFT, you can initiate online fund transfers of any amount of money at zero costs, whereas the NEFT charges for offline transfers are minimal.

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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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