Indian Military Veterans
While NEFT and RTGS money transfer
transactions can be made for limited hours every day, IMPS transactions are
available round the clock.
NEFT, RTGS or IMPS transaction: Top banks charge a fee of
Top banks today offer
multiple services that enable the customer to make a wire transfer, or online
money transfer. From net banking to phone banking, the customer today can
choose from a number of options. NEFT, RTGS and IMPS are three popular
facilities available today. Offered by most banks across the country today,
wire transfer or instant money transfer refers to a service provided by a bank
wherein the user can transfer funds, or money, from one account to another
through computer-based systems.
NEFT, RTGS and IMPS timings (schedule)
National Electronic
Funds Transfer (NEFT) transactions are settled in batches. Currently, top banks
offer more than 20 half-hourly batches on most days for making a money transfer
through NEFT. Unlike NEFT, RTGS or Real Time Gross Settlement transactions are
processed instantly, i.e. on a real-time basis. RTGS is meant for large value
transactions.
NEFT,
RTGS, IMPS money transfer timings
|
||
Money
transfer service
|
Weekday
|
Weekend
|
NEFT
|
Half-hourly
batches from 8:00 am to 7:00 pm (except second and fourth Saturday)
|
|
IMPS
|
Round
the clock – 24 hours
|
|
RTGS
|
8:00 am
to 4:30 pm
|
9:00 am
to 2:00 pm
|
The Reserve Bank of
India (RBI), which manages both NEFT and RTGS payments, offers a service window
to banks from 9:00 am to 4:30 pm on weekdays and from 9:00 am to 2:00 pm on
Saturdays for settlement at its end. The timings that the banks follow may vary
depending on the customer timings of the bank branches, according to the
central bank. Immediate Payment Service (IMPS) is an instant interbank
electronic fund transfer service managed by the NPCI or National Payments
Corporation of India.
NEFT, RTGS, IMPS
charges levied by top banks today
Top banks today charge
a fee ranging from Rs. 1
to Rs. 50 per transaction (plus GST) for the three money
transfer services (NEFT, RTGS and IMPS). These charges depend on the type of
money transfer and factors such as amount and time of transaction. The user may
choose one of these technologies as per his or her money transfer requirements.
State
Bank of India (SBI)
For transactions made
through net banking or mobile banking, SBI charges a fee of Rs. 1 (plus GST) per NEFT transaction of an amount up
to Rs. 10,000. For any such NEFT transfer of an amount between Rs. 10,000 and Rs. 1 lakh, SBI charges Rs. 2 (plus GST), and Rs. 3 (plus GST) per NEFT transaction for an amount
between Rs. 1 lakh and Rs. 2 lakh. For transfers above Rs. 2 lakh, SBI charges a fee of Rs. 5 (plus GST) per transaction. For RTGS transactions
made through net banking or mobile banking, SBI charges Rs. 5 per transaction for an amount between Rs. 2 lakh and Rs. 5 lakh. For an RTGS transfer above Rs. 5 lakh, the bank charges a fee of Rs. 10 per transaction, according to its website. For IMPS
transfer, the bank charges Rs. 5
plus GST for any transaction of an amount between Rs. 1,001 to Rs. 1 lakh. For an IMPS transaction from Rs. 1,00,001 to Rs. 2 lakh through net banking or online banking, SBI
charges a fee of Rs. 15
plus GST, it mentioned.
For transactions made through a bank branch, SBI charges a
fee of Rs. 2.5 (plus GST) per NEFT transaction up to Rs. 10,000, according to sbi.co.in. For an amount
between Rs.10,000 and Rs. 1
lakh, the bank charges Rs. 5
(plus GST) per transaction; Rs. 15
(plus GST) per transaction for an amount between Rs. 1 lakh and Rs. 2, and Rs. 25
(plus GST) per transaction for transactions above Rs. 2 lakh. For RTGS transfers, SBI charges a fee of Rs. 25 (plus GST) per transaction for an amount
between Rs. 2 lakh and Rs. 5 lakh. For an amount above Rs. 5 lakh, SBI charges a fee of Rs. 50 (plus GST) per transaction, according to its
website. SBI currently charges a fee of Rs. 1 (plus taxes) per transaction for money transfer of an
amount between Rs. 1,001
and Rs. 10,000 through IMPS. For an amount between Rs. 10,001 and Rs. 1 lakh, the bank charges a fee of Rs. 2 (plus taxes) per transaction. It charges a fee
of Rs. 3 (plus taxes) for an amount between Rs. 1,00,001 to Rs. 2 lakh.
SBI IMPS transactions
up to Rs. 1,000 are free, according to the bank’s website. This
is applicable to both IMPS transactions requested from a bank branch and those
through online banking (mobile or net).
HDFC
Bank
HDFC Bank currently
charges no fee for NEFT and RTGS transactions made online, according to its
website.
For transfers done
through a bank branch, HDFC Bank charges a fee of Rs. 2.5 plus GST per NEFT transaction of amount up to Rs. 10,000. For NEFT transfer of an amount between Rs. 10,000 and Rs. 1 lakh, HDFC Bank charges Rs. 5 plus GST per transaction. For an amount between Rs. 1 lakh and Rs. 2 lakh, it charges Rs. 15 plus GST per transaction, and Rs. 25 plus GST per transaction for an amount above Rs. 2 lakh, according to its website. For RTGS transfers,
HDFC Bank charges a fee of Rs. 25
plus GST per transaction between Rs. 2 lakh and Rs. 5 lakh. For transactions above Rs. 5 lakh, it charges Rs. 50 plus GST per transaction.
HDFC Bank levies a fee
of Rs. 5 plus GST per IMPS transaction of an amount up to 1
lakh. For an amount between Rs. 1
lakh and Rs. 2 lakh, the bank charges a fee of Rs. 15 plus GST, according to its website.
ICICI Bank
ICICI Bank charges a
fee of Rs. 2.5 plus GST per transaction for money transfer of an
amount of Rs. 10,000 through NEFT. For an amount between Rs. 10,000 and Rs. 1 lakh, ICICI Bank charges a fee of Rs. 5 plus GST per transaction. It charges a fee of Rs. 15 plus GST per NEFT transaction of an amount
between Rs. 1 lakh and Rs. 2 lakh, and Rs. 25 plus GST per transaction for an amount between Rs. 2 lakh and Rs. 10 lakh, according to its website, ICICIBank.com. ICICI
Bank levies a fee of Rs. 25
plus GST per RTGS transaction of an amount between Rs. 2 lakh and Rs. 5 lakh done on its website. For an amount between Rs. 5 lakh and Rs. 10 lakh, the bank charges Rs. 50 plus GST per RTGS transaction. For IMPS transfers,
ICICI Bank charges a fee of Rs. 5
plus GST per transaction for an amount up to Rs. 1 lakh. For an amount between Rs. 1 lakh and Rs. 2 lakh, the bank levies Rs. 15 plus GST per transaction.
Punjab
National Bank (PNB)
For NEFT, PNB charges
a fee of Rs. 2.5 plus GST per transaction for an amount up to Rs.10,000. It charges Rs. 5 plus GST per transaction for an amount between Rs. 10,000 and Rs. 1 lakh, Rs. 15 plus GST per transaction for an amount between Rs. 1 lakh and Rs. 2 lakh, and Rs. 25 plus GST per transaction for an amount above Rs. 2 lakh, according to its website, pnbindia.in.
For RTGS, PNB charges
a fee ranging from Rs. 25
to Rs. 30 plus GST per transaction for an amount between Rs. 2 lakh to Rs. 5 lakh depending on the time of transaction. For
example, from 8:00 am to 11:00 am, the bank charges a fee of Rs. 25 plus GST per transaction. For an RTGS transfer of
the same amount requested between 11:00 am and 1:00 pm, the bank charges a fee
of Rs. 27 plus GST per transaction. For IMPS transfers, PNB
charges a fee of Rs. 5
plus GST per transaction for an amount up to Rs. 1 lakh, according to its website.
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