All About NEFT, its Charges, Timings and Limits

What is NEFT?

National Electronic Funds Transfer (NEFT) is a bank service that allows the electronic transfer of funds from one bank account to the other. This service can also be used to pay the SBI Card outstanding through any bank account that allows NEFT. NEFT is a very convenient way of transferring funds across the country.

Transfer of funds has become easier with the help of NEFT. Let’s understand how to transfer funds within or outside the bank with the help of examples of some banks.

Transfer funds via NEFT from SBI to other bank

Step 1: Login to the SBI net banking account.

Step 2: Then, go to the “Payment transfer” option.

Step 3: An account holder has two options available: Within SBI and outside SBI. Select one among the two.

Step 4: To make a NEFT transaction Outside SBI, click on the “Inter Bank Beneficiary” option and then select “NEFT”. 

Step 5: Click on “Proceed”. 

Step 6: Select the account from which NEFT transaction is to be made and the amount which is to be transferred.

Step 7: Select the beneficiary details like Account number, Account-holder’s name, bank name and the amount to be transferred.

Step 8: Now schedule the transaction i.e. the time when the transaction is to made. There are 3 options: Pay Now, Pay Later or Standing instruction.

Step 9: After accepting the terms and conditions, enter the transaction password and then click “Submit”.

Step 10: Now click on “Confirm”. 

Note: If the NEFT is made for the first time, “Profile password” is required for the same. Also, it is mandatory to create a “Transaction Password”. 

Transfer funds via NEFT from SBI to another SBI branch

Step 1: Login to the SBI net banking account.

Step 2: Then, go to the “Payment transfer” option and choose “Accounts of others” under the tab “Within SBI”.

Step 3: Select the account from which NEFT transaction is to be made and the amount which is to be transferred.

Step 4: Select the beneficiary details like Account number, Account-holder’s name, bank name and the amount to be transferred.

Step 5: Now schedule the transaction i.e. the time when the transaction is to made. There are 3 options: Pay Now, Pay Later or Standing instruction.

Step 6: After selecting the details of the beneficiary, click on “Submit”.

Step 7: Now click on “Confirm”.

Transfer funds via Axis bank NEFT service

Step 1: Login to the Axis bank net banking account with the help of username and password.

Step 2: Go to the tab “Other bank Account” and then enter the beneficiary details like beneficiary name, account number, IFSC code and branch name.

Step 3: Enter the transaction password and then click on “Submit” to proceed.

Step 4: Click on the “Activate beneficiary” to complete the transaction.

For NEFT transactions an account holder must be ready with certain things so as to proceed with NEFT. Let’s understand what all the rquirements that need to be fulfilled for making a NEFT transaction.

Requirements for a SBI NEFT Transaction

  • Registered mobile number of the sender of the funds.
  • IFSC Code of payee’s bank.
  • Account details of the payee like name of the payee, account number of the payee, name of the bank and the amount to be transferred.

Requirements for a AXIS Bank NEFT Transaction

  • Beneficiary’s bank account number
  • Payee’s name
  • IFSC Code

NEFT Charges

Account holders who opt for NEFT via online, debit cards or credit cards or via offline methods do attract charges. These charges depend vary bank to bank. Also, there is no need to pay for charges while recieving funds via NEFT.

Let’s know NEFT charges of some banks

SBI NEFT Charges

Following are the NEFT charges for SBI NEFT for all the customers in 2022:

Amount Charges
More than INR 2,00,000  INR 25
More than INR 1,00,000 to INR 200000 INR 15
More than 10,000 to INR 1,00,000 INR 5
Upto 10,000 INR 2.5

AXIS Bank NEFT Charges

Amount Charges
Upto INR 10,000 INR 2.50
From INR 10,000 to INR 1,00,000 INR 5
From INR 1,00,00 to INR 2,00,000 INR 15
Above INR 200,000 INR 25

NEFT Timings

NEFT service is available 24*7 and 365 days in a year. This takes place in a time lot of every 30 minutes all over the day. Let’s take up examples of some banks to understand it in a better way.

SBI NEFT timings

SBI NEFT Timings (Weekdays)  08:00 AM to 07:00 PM
SBI NEFT Timings (Working Saturdays) 08:00 AM to 01:00 PM

AXIS bank NEFT Charges and timings

Type of transfer NEFT IMPS RTGS
Speed of settlement Half hourly Real time Real time
Maximum transfer value No Limit INR 2,00,000 No limit
Minimum transfer value No limit No Limit INR 2,00,000
Charges
  • Up to Rs.10,000 – Rs.2.50
  • Above Rs.10,000 to Rs.1 lakh – Rs.5
  • Above Rs.1 lakh to Rs.2 lakhs – Rs.15
  • Above Rs.2 lakhs – Rs.25
  • Up to Rs. 1,000 – Rs. 2.50
  • Rs. 1,000 to Rs. 1 lakh – Rs. 5 
  • Rs. 1 lakh to Rs. 2 lakhs – Rs. 15
No Charges
Timings 24*7, 365 days 24*7, 365 days 07:00 am IST – 6 pm IST (in weekdays and working Saturday)

Questions to ask:

  • What are the benefits of SBI NEFT?

  • Simple, reliable and efficient process of NEFT.
  • Cost effective
  • No limit on the transaction amount
  • RBI regulated
  • What are the limitations of Axis Bank NEFT?

Following are some of the limitations which customers might face while using Axis Bank NEFT in India:

  • This service is available only during the working hours of the bank.
  • This service cannot be availed on weekends and on bank holidays.
  • If we compare NEFT with IMPS, NEFT is quite slower as IMPS is Immediate payment service in which funds get transferred spontaneously.
  • What is the difference between imps NEFT and RTGS?

NEFT is method used to transfer funds 24×7, on the other hand RTGS can only be done during the bank’s working hours. The amount that can be transferred through NEFT is different from that of RTGS because RTGS is mainly meant for large scale transactions and NEFT transfer does not require a minimum amount.

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