The NEFT transfer limit defines the minimum and maximum amounts you can transfer using the National Electronic Funds Transfer (NEFT) system. NEFT is a widely used method for transferring funds electronically between bank accounts in India. Whether you're sending money for personal or business purposes, knowing the NEFT limits can help you manage your transactions efficiently.
NEFT transfer limit
The NEFT transfer limit varies depending on the minimum and maximum limits imposed by your bank. Understanding these limits ensures your transactions proceed smoothly, without unnecessary delays or issues.
Minimum NEFT fund transfer limit
Most banks in India allow you to transfer as little as ₹1. This makes NEFT accessible to individuals who need to make small payments, whether for personal reasons or smaller business transactions.
There is no mandatory minimum amount enforced by the system itself, allowing for more flexibility in your payments.
Maximum NEFT fund transfer limit
The maximum NEFT fund transfer limit can vary depending on the type of account you hold with the bank. For individual account holders, the limit often extends to ₹10 lakh per transaction. However, there is technically no upper limit imposed by the NEFT system itself.
Banks may set their own caps, especially for higher-value transfers, as part of their internal security protocols. For businesses and corporates, the upper limit may be higher, depending on the banking relationship and specific arrangements.
NEFT transfer timings
NEFT transfers are processed in half-hourly batches and are available 24x7 throughout the year, including on holidays. This ensures that transactions are processed promptly and efficiently, making NEFT a convenient option for both personal and business use.
Prior to December 2019, NEFT was only available during specific banking hours, which limited its convenience. Now, with round-the-clock availability, you can transfer funds at any time, with the assurance that they will be processed in the next available batch. Each batch runs every 30 minutes, ensuring timely credit to the beneficiary’s account.
NEFT transfer charges
One of the main advantages of NEFT is its affordability. Most banks charge minimal fees for NEFT transfers, especially for smaller amounts. Typically, charges can range as follows:
- For amounts up to ₹10,000: ₹2.50 + GST
- For amounts between ₹10,001 and ₹1 lakh: ₹5 + GST
- For amounts between ₹1,00,001 and ₹2 lakh: ₹15 + GST
- For amounts above ₹2 lakh: ₹25 + GST
However, these charges may vary slightly depending on the bank.
Axis Bank offers the added benefit of zero charges for NEFT transactions initiated via internet banking or mobile banking platforms, making the process even more cost-effective for Axis Bank customers.
Conclusion
The NEFT transfer limit is designed to offer flexibility and convenience, whether you're conductng small payments or large transactions. With minimal fees, 24x7 availability and no upper limit restrictions from the NEFT system, this mode of transfer is ideal for both personal and business use.
For a seamless transfer experience, consider using Axis Bank's NEFT services, which offer 24/7 availability with no extra charges when you transfer online via the mobile app or internet banking.
Also Read: Navigating digital payment methods: A look at Net Banking & UPI
FAQs
Can NEFT transfer limits be adjusted for high-value transactions?
Yes, NEFT transfer limits can be adjusted based on your banking relationship. For higher-value transactions, Axis Bank allows limit increases upon request, especially for corporate or premium account holders.
Are NEFT transfer limits different for different banks?
Yes, NEFT transfer limits can vary between banks. While the NEFT system itself does not impose strict limits, individual banks set their own minimum and maximum transfer amounts based on account types and security policies.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
