NEFT Charges: SBI, HDFC, ICICI and Axis Bank Comparison

NEFT charges in India depend mainly on the bank, the payment channel, the account type, and the transaction amount. The simple answer is: online NEFT is generally free for savings bank account customers, but branch-assisted NEFT can still have slab-wise charges.

For businesses, this distinction matters. A finance team making online transfers via internet banking may see a different cost structure from a team using branch-assisted transfers, current accounts, bulk workflows, or special banking arrangements. Always verify the latest fee schedule with your bank before building NEFT into recurring payment or reconciliation processes.

What Are NEFT Charges?

NEFT charges are fees that may apply when money is transferred through the National Electronic Funds Transfer system. NEFT is a centralised payment system owned and operated by the Reserve Bank of India (RBI), and it is used for bank-to-bank fund transfers across India.

RBI does not levy NEFT processing charges on member banks. RBI also says banks have been advised not to levy charges on savings bank account holders for NEFT transfers initiated online. However, RBI allows capped customer charges for other outward NEFT transactions if banks choose to levy them.

That is why the practical answer is not simply “NEFT is free” or “NEFT is chargeable.” The charge depends on how the transfer is made.

Is Online NEFT Free?

For savings bank account customers, online NEFT is generally free under RBI guidance. This applies to NEFT transfers initiated through online channels such as internet banking or mobile banking, subject to the customer’s bank and account terms.

Branch-assisted NEFT is different. When a customer visits a bank branch and asks the branch to initiate the NEFT transfer, banks may charge slab-wise fees. These charges are usually linked to the transaction amount and may attract GST.

NEFT Charges By Channel: Online Vs Branch-Assisted

The main difference is the channel used to initiate the transaction.

For business users, the account type is important. Current account, corporate internet banking, cash-based remittances, salary packages, and special variants may have separate rules or waivers.

SBI NEFT Charges

SBI’s service charge schedule, updated as of 30 September 2024, shows NEFT and RTGS through Net Banking, Mobile Banking, and YONO as free.

For branch-originated NEFT customer transactions, SBI lists the following charges:

SBI also notes that NEFT/RTGS charges are waived for some current account variants and salary package account categories. Businesses should check the applicable account variant before estimating costs.

HDFC Bank NEFT Charges

HDFC Bank states that NEFT transactions done online are free for the covered retail savings, salary, non-resident, managed, and non-managed individual customer categories.

For NEFT done through HDFC bank branches, the bank lists charges effective 1 August 2025:

HDFC Bank notes that these charges do not include GST. Businesses should verify whether their account category, relationship type, or corporate banking setup changes the applicable schedule.

ICICI Bank NEFT Charges

ICICI Bank’s charges, limits, and NEFT timings page says NEFT and RTGS transactions initiated through online modes such as net banking, iMobile app, Pockets, and InstaBIZ are nil.

For NEFT at the branch, ICICI Bank lists the following charges:

The page places NEFT, RTGS, and IMPS details in one charges table, so teams should review the latest table carefully before using it for policy or accounting decisions.

Axis Bank NEFT Charges

Axis Bank’s current NEFT page says there are no charges for NEFT transactions. The same page also states that NEFT has no minimum or maximum limit under the system, while cash-based remittances and Indo-Nepal remittances have a Rs 50,000 per-transaction limit.

Axis Bank also publishes availability and channel details for retail internet banking, mobile banking, and corporate internet banking. Businesses using Axis Bank should still check account-level limits, channel limits, and any corporate banking terms before assuming a transfer workflow is cost-free in every case.

NEFT Charges Comparison Table

RBI Maximum Charge Caps For NEFT

RBI caps the maximum charges that originating banks may levy for outward NEFT transactions other than the online savings-account transfers covered by RBI’s no-charge guidance. RBI’s caps are:

These are caps, not necessarily the exact charge every bank applies. A bank may charge less, waive charges for specific channels, or provide account-level waivers.

NEFT Timings And Settlement Context

RBI says NEFT is available 24x7x365 and operates in batches at half-hourly intervals. RBI also says a beneficiary account should generally be credited within two hours of the batch settlement.

This timing is useful for planning, but it is not the same as a guaranteed business settlement workflow. If a finance team depends on NEFT for vendor payments, refunds, collections, or internal transfers, it should track transaction reference numbers, bank cut-offs where relevant, failed or returned transfers, and reconciliation entries.

NEFT vs IMPS vs RTGS At a High Level

NEFT is commonly used for bank transfers where batch settlement is acceptable. IMPS is used for immediate fund transfer through participating banks and channels. RTGS is generally used for larger-value real-time gross settlement transfers.

For businesses, the right choice depends on the amount, urgency, channel, bank support, transaction limits, fee schedule, reconciliation needs, and beneficiary expectations. NEFT may be suitable for planned transfers, while IMPS or RTGS may be considered when speed or transaction size is the main requirement.

Why Businesses Should Verify Bank Charges Before Using NEFT In Workflows

Businesses often look at NEFT as a low-cost bank transfer method. That can be true in many online scenarios, but it should still be validated before a workflow is finalised.

Check these points before using NEFT in an operating process:

• Whether the transfer will be initiated online, through mobile banking, through corporate internet banking, or at a branch.
• Whether the account is savings, current, corporate, salary, NRI, or another variant.
• Whether the bank applies waivers for specific account categories.
• Whether GST applies to the charge.
• Whether there are transaction limits at the account, user beneficiary, or channel level.
• Whether NEFT timing works for the intended payment or reconciliation process.
• Whether the latest bank schedule has changed after the source date used by the team.

This is especially important for finance teams that handle recurring vendor payments, marketplaces, partner payouts, customer refunds, or high-volume operational transfers.

How PayU Can Help Businesses Manage Digital Payments

NEFT charges are bank charges, and PayU does not control bank NEFT pricing, RBI rules, or a bank’s account-level fee schedule. Businesses should verify NEFT charges directly with their bank.

PayU fits into the broader digital payments workflow for businesses that need to collect and manage payments from customers. PayU helps businesses accept online and offline payments across payment modes such as cards, net banking, UPI, wallets, EMI, BNPL, and QR. PayU’s payment products also support merchant workflows around checkout, refunds, settlements, reporting, integrations, and reconciliation.

For a business, the practical task is to look at the full payment operation, not only the transfer fee. NEFT may be one part of finance operations, while customer collections may need checkout coverage, multiple payment modes, developer integration, payment reporting, and operational controls. Merchants should verify current PayU pricing, eligibility, product availability, and setup requirements on PayU’s latest pages before implementation.

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