NEFT (National Electronic Funds Transfer) is a widely used electronic payment system in India that allows individuals and businesses to transfer funds seamlessly between bank accounts. Whether you are paying bills, making business transactions, or sending money to family, understanding the NEFT amount transfer limit is essential.
In this article, we will explore the maximum limits for NEFT transactions, the available timings, and the convenience it offers.
Amount transfer limit on NEFT
When it comes to NEFT, there are no fixed limits imposed by the Reserve Bank of India (RBI) on the minimum or maximum amount you can transfer.
Here is what you need to know:
1. Minimum amount:
You can transfer as low as Re. 1 using NEFT. Whether it is a small payment or a significant transaction, NEFT accommodates all amounts.
2. Maximum amount:
The RBI has not set any specific transfer limit for NEFT. However, individual banks may impose their own limits based on risk perception and operational considerations. As a result:
- Some banks allow higher transaction limits, such as Rs. 2 lakh per transaction.
- Others may have more flexible limits, allowing you to transfer larger amounts.
3. Risk perception:
Banks assess the risk associated with each transaction. Factors like the customer’s relationship with the bank, the purpose of the transfer, and the account type influence the allowed transaction limit.
Timings for NEFT transfer
NEFT operates during specific hours, ensuring timely and efficient fund transfers:
1. Online transfer (7 am to 7 pm on RBI working days):
- During these hours, the maximum amount of funds that can be transferred per day is as per the customer’s TPT (Third Party Transfer) limit.
- The TPT limit varies across banks but typically ranges up to Rs. 50 lakhs.
2. After-hours and holidays (7 pm to 7 am on working days, including 2nd & 4th Saturdays and Sundays):
- During these times, a maximum of Rs. 2.00 lakhs per transaction can be transferred, subject to the TPT limit.
- You can transfer multiples of Rs. 2 lakhs up to the chosen TPT limit (maximum up to Rs. 50 lakhs).
3. New beneficiary limit:
- For security reasons, most banks allow you to transfer money up to Rs. 50,000/- only to a newly added beneficiary (in full or parts) during the first 24 hours after adding them.
Charges on NEFT transactions
National Electronic Funds Transfer (NEFT) is a popular method for transferring funds between bank accounts in India. As of January 2020, the Reserve Bank of India (RBI) has waived NEFT charges for online transactions through internet banking and mobile apps to promote digital payments. However, charges may apply for NEFT transactions conducted at bank branches. Typically, these charges range from Rs. 2.50 to Rs. 25 plus GST, depending on the transaction amount. It is essential to check with your specific bank for their fee structure, as these charges can vary. Always consider using online banking to benefit from the waived fees and convenience.
Important information for NEFT fund transfers
NEFT (National Electronic Funds Transfer) allows for secure and efficient electronic fund transfers between banks in India. It operates in half-hourly batches, enabling same-day or next-day settlement. To initiate an NEFT transfer, you need the recipient’s name, bank account number, bank branch, and IFSC code. NEFT transactions can be done via internet banking, mobile banking, or at bank branches. There is no minimum transfer limit, but the maximum limit is determined by the bank’s policies. Transactions can be done 24/7, including holidays. Ensure accurate details to avoid delays or failures, and always check transaction status for confirmation.
Conclusion
NEFT provides a convenient and secure way to transfer funds across accounts. Whether you are making regular payments or handling large transactions, NEFT’s flexibility ensures smooth money transfers. So go ahead, explore the NEFT advantage, and manage your finances with ease.
