Reserve Bank of India has fixed maximum charges for NEFT(National electronic fund transfer) transactions. NEFT transaction charges is differ from bank to bank in India. Customers need to confirm the charges for NEFT before filling the form.
NEFT is the transfer of funds between one account to other's bank account. NEFT transaction range is 1 to 2 Lakh rupees. Above this value RTGS will come into effect. Generally NEFT transactions charges vary bank to bank.
So RBI has fixed the maximum charges for the NEFT transaction according to the value of transactions. RBI has issued a circular no. 98 dated 13-07-2012 about the NEFT charges which is as follows.
DPSS CO (EPPD) /98/04.03.01/2012-13
Chief Executive Officer of all banks participating in NEFT
(exclusive of service tax)
|Amounts up to ` 10,000/-|
|Amounts from ` 10,001/- to ` 1 lakh|
|Amounts above ` 1 lakh up to ` 2 lakh|
|Amounts above ` 2 lakh|
General Manager & Officer-in-Charge