NEFT Limit - What is NEFT Limit Per Day, Transaction Charges, Maximum & Minimum Limit

National Electronic Funds Transfer (NEFT) is a widely used system in India that enables simple bank-to-bank transfers for both personal and business needs. Understanding key aspects like transaction limits, charges, and minimum or maximum transfer amounts helps ensure smooth and efficient use of NEFT.

Key Highlights

• NEFT Limit: No minimum or maximum limit set by RBI; banks may apply their own limits.
• Charges: Online NEFT is usually free and capped fees apply in some cases.
• Availability: 24/7 fund transfer system across banks in India.
• Bank Limits: Typically range from ₹2 lakh depending on bank and account type.

What is the NEFT Limit?

NEFT limit refers to the amount that can be sent from one bank account to another through NEFT. There is no fixed minimum or maximum limit defined by the RBI, but banks may set their own limits based on account type and internal policies. 

In most cases, there is no minimum amount, while the maximum limit varies across banks.

NEFT Limit Per Day

As per the Reserve Bank of India, there is no NEFT limit per day for transferring funds. However, this policy varies from one bank to another. Some banks impose a certain limit on NEFT fund transfers, considering the NEFT timings for security-related reasons.

NEFT Minimum Limit

There is no minimum limit set by the RBI for NEFT transactions. Most banks allow transfers starting from ₹1, which makes it easy to send even small amounts for personal or business use.

NEFT Maximum Limit

Banks may define their own maximum limits, which can vary based on account type and customer profile. In many cases, higher limits are available for business accounts. The maximum limit per day can be anywhere from ₹ 2 lakh to ₹ 1 crore or above.

For new beneficiaries, transfers are usually limited to ₹50,000 within the first 24 hours and varies across banks.

NEFT Transfer Limit

Banks manage how transactions and limits are applied at the account level. Limits, if any, are decided by banks based on account type, transaction patterns, and internal risk policies. Checking with the bank helps confirm the exact limits that apply.

NEFT Transfer Charges

Here is a detailed overview of the NEFT transfer charges applicable to individual banks:

I. Inward Transactions

No charges are applicable for receiving funds through NEFT.

II. Outward Transactions

• Processing Charges: RBI does not levy processing charges for sending lump sum amounts through NEFT.
• Savings Account Holders: Banks do not levy any charges on individual account holders for transferring lump sum amounts through online NEFT transactions conducted via internet banking or mobile banking, as per RBI guidelines.

If banks charge other NEFT transactions, the maximum fees applicable are:

• Up to ₹10,000: Maximum ₹2.50 + GST
• Above ₹10,000 up to ₹1 Lakh: Maximum ₹5 + GST
• Above ₹1 Lakh up to ₹2 Lakhs: Maximum ₹15 + GST
• Above ₹2 Lakhs: Maximum ₹25 + GST

NEFT Transfer Limit Set By Top Indian Banks

NEFT transfer limits differ across banks based on their policies and account types. NEFT has no fixed upper limit as per RBI regulations, but banks may impose their own restrictions, with daily transfer limits varying based on account type and bank policies.

Below are the limits set by some of the major banks in India:

Final Word

NEFT is a simple and reliable way to transfer money between bank accounts in India. It supports both small and large transactions with minimal charges and is available 24/7, making it a key part of everyday digital banking.