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

NEFT (National Electronic Funds Transfer) is a commonly used system in India that allows easy and hassle-free fund transfers between banks. Regulated by the Reserve Bank of India (RBI), NEFT serves the purpose of both personal and business transactions, thereby turning it into an integral part of the banking ecosystem. 

A thorough understanding of NEFT’s daily transaction limit, transaction charges, and minimum and maximum transaction amounts is essential for seamless transfers. Continue reading this blog to gain detailed insights into the NEFT limit. 

What is the NEFT Limit?

NEFT (National Electronic Funds Transfer) is an electronic mode of payment in India that allows the easy transfer of money between different bank accounts. There is no specific limit set for carrying out NEFT transactions. However, individual banks might have their own transaction limits, depending on the needs and preferences of individual customers. 

NEFT is generally applicable for small to medium-sized transactions. There is no minimum transaction amount; however, the upper limits vary from one bank to another.

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

Most banks allow a minimum transfer limit of ₹ 1. This way, individuals who need to make smaller payments can access NEFT, be it for personal reasons or to carry out small business transactions.

Thus, the system itself does not set a minimum limit. This enables more flexibility in payments. 

NEFT Maximum Limit

The Reserve Bank of India (RBI) does not impose any maximum limit on NEFT transfers. However, some individual banks might restrict the maximum amount that can be transferred. 

Banks usually set their own caps for high-value transactions. However, the maximum limit can be higher for corporations and businesses, considering the banking relationship and other arrangements. Depending on the bank, the maximum limit per day can be anywhere from ₹ 2 lakh to ₹ 1 crore or above.

NEFT Transfer Limit

The Reserve Bank of India (RBI) regulates the National Electronic Funds Transfer System. It does not impose any lower or upper limit for transferring funds between banks. In other words, NEFT allows you to transfer any sum of money without restrictions. 

However, banks may individually impose their limits based on factors, including risk assessments and other operational requirements. Thus, it is mandatory to confirm with respective banks (through their website or bank branch) to know if any transfer limits apply to NEFT transactions. 

NEFT Transfer Charges

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

Inward Transactions

No charges are applicable for receiving funds through NEFT.

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.
• Other Outward Transactions: If banks charge other NEFT transactions, the maximum fees applicable are:

1. Up to Rs. 10,000: Maximum Rs. 2.50 + GST
2. Above Rs. 10,000 up to Rs. 1 Lakh: Maximum Rs. 5 + GST
3. Above Rs. 1 Lakh up to Rs. 2 Lakhs: Maximum Rs. 15 + GST
4. Above Rs. 2 Lakhs: Maximum Rs. 25 + GST

However, all these charges include applicable GST. It’s always a good option to find out if there are any additional charges for NEFT transactions. 

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:

• ICICI Bank allows NEFT transfers of up to ₹10 lakh per day, with an extended limit of ₹20 lakh for transactions via iMobile Pay.
• IDFC First Bank has a daily NEFT transfer cap of ₹20 lakh.
• Axis Bank sets an individual transaction limit of ₹10 lakh for account holders.
• HDFC Bank permits ₹50,000 to be transferred within the first 24 hours after a new beneficiary is added.
• HSBC permits a maximum sum of ₹15 lakh per customer per day, while higher transactions require branch visits.

Final Word

NEFT is a reliable and user-friendly financial tool for transferring funds across banks in India. The NEFT limit per day is designed to offer flexibility and convenience, irrespective of whether you are carrying out small payments or large transactions. The NEFT system serves both personal and business purposes with minimal fees and no maximum limit. Because of its 24/7 availability and visibility, NEFT is an important system in digital banking that contributes significantly to a cashless economy.