The NEFT facilitates the transfer of funds electronically from one customer’s account to another’s account between NEFT participant bank branches in India.
It offers an efficient, secure, economic, reliable and expeditious solution of funds transfer. The NEFT system, in contrast with RTGS System, settles in batches at different intervals.
While RTGS is used for high value transactions (above INR 2 Lakh), NEFT can be used for any amount, inclusive of paisa component.
Customers have the option of choosing and originating remittances through either NEFT or RTGS of RBI
|Transfer of Funds|
|Through RTGS (Charges as per RBI guidelines) w.e.f. 15.11.2010|
|Rs. 2 To 5 lakhs||Rs.25 per transaction||Rs.25 per transaction *|
|*||Additional Charge of Rs. 5/- over the above charges will be levied for Transaction request received after 15.00 Hrs and processed in RTGS batch after 15.40 Hrs w.e.f - 01 / 10 / 2011|
|Up to Rs.10,000/-
>> For BBK Account Holder
>> For Other Applicants
|Free Rs.5/- Per transaction||Free Rs.5/- Per transaction|
|up to 1 lakhs||Rs.5/- per transaction||Rs.5/- per transaction|
|Above Rs. 1 lakh to Rs.2 lakhs||Rs.15/- per transaction||Rs.15/- per transaction|
|Above Rs.2 Lakhs||Rs.25/- per transaction||Rs.25/- per transaction|
|Remittance request above Rs.10,000/- attracts same charges for Account Holders and Non-account holder applicant.|