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Find out the latest NEFT charges levied by digibank
In this digital age of online shopping and same-day deliveries, Indian banks offer several methods of same day money transfers, whether it is inter or intra-bank fund transfers. You can transfer funds into beneficiary accounts via methods like NEFT, IMPS, RTGS, etc. Let us talk about NEFT and NEFT transaction charges.
National Electronic Fund Transfer (NEFT) is a payment system operated by the Reserve Bank of India. A PAN-India facility, NEFT allows the speedy transfer of funds between bank accounts across India. Funds are typically credited into beneficiary accounts within 30 minutes. NEFT aims to facilitate efficient, reliable, and secure online and offline fund transfers.
If you are wondering, 'is there any NEFT transfer charges ', you should know that charges apply based on whether you choose the online or offline fund transfer method.
The RBI levies no charges from member banks for NEFT Transactions. Banks are advised by the RBI not to impose any charges for online NEFT Transactions made from a Savings Account. Therefore, NEFT Transactions made via internet banking and mobile banking with DBS digibank app are free of charge. Additionally, there is no upper limit on the fund transfer amount for online NEFT transactions.
You can transfer funds via NEFT by visiting your nearest DBS Branch and filling the NEFT form. The maximum NEFT bank charges levied on NEFT Transactions made at bank branches are as follows:
Maximum Transaction Amount
NEFT Transaction Charges
Up to INR 10,000
Up to INR 2.50 + GST
INR 10,000 up to INR 1 lakh
Up to INR 5.00 + GST
INR 1 lakh up to INR 2 lakh
Up to INR 15.00 + GST
Over INR 2 lakh
Up to INR 25.00 + GST
The above NEFT transfer charges are as per RBI guidelines. Note that you can make an NEFT cash transfer without holding a bank account. Simply visit the NEFT-enabled bank branch and fill an NEFT transfer form. You can transfer a maximum amount of INR 50,000 per transaction through this method.
Transaction Amount
INR 10,000 and below
INR 2.50 + GST
Above INR 10,000 up to INR 1 Lakh
INR 5.00 + GST
Above INR 1 Lakh up to INR 2 Lakh
INR 15.00 + GST
Above INR 2 Lakh up to INR 5 Lakh
INR 25.00 + GST
Above INR 5 Lakh up to INR 10 Lakh
NEFT transfers are a convenient way to send funds from your account to any NEFT-enabled bank across India. You can complete a transfer either online using net banking or mobile banking, or offline by visiting your bank branch.
Making an NEFT transfer is simple and can be done quickly through your bank’s mobile app or internet banking platform.
Step 1: Sign in to your bank’s net banking or mobile platform with your credentials.
Step 2: Navigate to ‘Fund Transfer’ or ‘Payments’ section and select NEFT as the mode.
Step 3: If it’s a new payee, enter the name, account number, IFSC code, and confirm with OTP, otherwise choose from your existing list.
Step 4: Enter the transfer amount and, if required, add a remark for reference.
Step 5: Before finalizing the transfer review all details to ensure accuracy, proceed to authorize the transfer with OTP/ transaction PIN, and note the transaction reference number.
You can also make NEFT transfers by visiting your bank branch and following these steps:
Step 1: Collect an NEFT transfer form (challan) from the counter.
Step 2: Fill in beneficiary details such as name, bank name, branch, IFSC code, and account number.
Step 3: Mention transfer amount and your own account details clearly.
Step 4: Submit the form along with the amount (cash or cheque, depending on your bank’s rules)
Step 5: Bank processes the NEFT request and provides you with a transaction reference/ acknowledgement slip.
Individuals: Anybody with a savings or current account of an NEFT-enabled bank is eligible to remit funds.
Companies and Corporations: Firms can use NEFT to send money to their customers, suppliers, or for any other business reason.
Cash depositors: People without a bank account can also make an NEFT transfer by crediting cash in a participating bank's branch.
When planning a fund transfer, it helps to know when the transaction will be processed, how the settlement takes place, and whether there are any limits on the amount you can send. The NEFT system is designed to offer flexibility and convenience, but certain guidelines apply.
The National Electronic Funds Transfer (NEFT) system is available 24x7, including Sundays and public holidays. Transactions are cleared in half-hourly batches throughout the day, ensuring faster and more frequent settlements than before.
Once a transfer request is initiated, it is queued for the next batch. Funds are typically credited to the beneficiary’s account within two hours of being processed. This system ensures both reliability and transparency in fund movement.
Note: Online NEFT transfers made through digital banking platforms such as the DBS digibank app are often free of charge, while branch-based NEFT requests may attract nominal service fee
It’s important to be aware of the reasons for NEFT transactions failure. Some of the key reasons for transaction failures are:
In the majority of the cases, failed NEFT transactions are automatically reversed and the money credited back to the sender's account within two to three working days.
The National Electronic Funds Transfer (NEFT) system through DBS Bank’s savings bank account offers a range of advantages designed for speed, convenience, and reliability. Below are the key features and benefits for customers:
NEFT is a reliable and convenient way to transfer funds across banks in India. Understanding potential failures, limits, and charges helps ensure smooth transactions. Whether you are transferring small or large amounts, planning ahead reduces delays and errors. Experience seamless banking with DBS Bank and Open Bank Account Online to earn attractive interest rates of up to 5.5% p.a while enjoying secure and fast transactions.
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.
