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NEFT vs RTGS transfer | NEFT , RTGS transfer limit, commission charges, timings | Net-banking FAQ

NEFT RTGS transfer


 NEFT :

  • NEFT stands for National Electronic Fund Transfer
  • Funds will be transferred to the credit account with the other participating Bank using RBI's NEFT service.
  • RBI (Reserve Bank of India) acts as the service provider and transfers the credit to the other bank's account.


RTGS :

  • RTGS stands for Real Time Gross Settlement. The RTGS system facilitates electronic transfer of funds from accounts in one bank to another bank on a real time and gross settlement basis.
  • The RTGS transfer method is the fastest possible inter-bank money transfer facility available through secure banking channels in India.




What is the minimum transaction limit for RTGS money transfer ?

The minimum amount for RTGS transfer is 200,000 INR , ie, 2 Lakh Indian Rupees.

What is the maximum transaction limit for RTGS fund transfer?

Ther is no maximum transaction limit for RTGS fund transfer.

What is the commission / service charges for RTGS transaction?

There is no service charges for incoming transaction in RTGS
For outward transaction,
2 Laks to 5 Lakh INR → Service charge is 30 INR + service tax
Above 5 Lakh INR → Service charge is 55 INR + service tax

What is the minimum transaction limit for NEFT transfer?

Even-though there is no specific minimum transfer limit in NEFT, the banks usually set The MINIMUM transfer amount of the NEFT payment as INR 100

What is the maximum transaction limit for NEFT transfer?

There is no specific maximum transaction limit in NEFT, as per RBI guidelines.

What is the timing for NEFT in weekdays, Sunday ?

During weekdays, NEFT transfer will operate from 8 am to 7 pm
During Saturday, NEFT transfer will operate from 7 am to 1 pm , as 6 settlements.
NEFT will not work on Sundays.

What is the commission / service charges for NEFT transaction?

There is no service charges for incoming transaction in NEFT
For outward transaction,
Upto 10,000 INR → Service charge is 2.50 INR + service tax
10,,000 to 1 Lakh INR → Service charge is 5 INR + service tax
1 Lakh to 2 Lakh INR → Service charge is 15 INR + service tax
Above 2 Lakh INR → Service charge is 25 INR + service tax

How much time it will take in NEFT transfer to another bank?

During weekdays, NEFT will be done within 2 hours in operating hours (8 am to 7 PM)
During Sunday, NEFT will not operate. It will be done on Monday.