NEFT: NEFT Meaning | Charges | Limit | Complete Details

Written by Sravan

Updated on:

Normally to transfer money from one person to another person, we use UPI’s like PhonePe, Google Pay, PayTM etc., But with those apps we can transfer upto Rs.1,00,000/- per day.

Whereas if you want to transfer more than Rs.1,00,000/- per day, then, we need to use NEFT, RTGS & IMPS Transfer modes in Banking.

In this article, we will discuss about one of the transfer mode of NEFT completely.

Let’s get started..!!

NEFT Meaning & NEFT full form

The NEFT full form is “National Electronic Funds Transfer”.

In case if you want to transfer money electronically from one bank account to another bank account. i.e. Inter-Bank fund transfer.

It was started in November 2005 and maintained by Reserve Bank of India (RBI).
Simply, If you want to transfer money from SBI to another bank of ICICI, Union Bank, HDFC you can use this mode of transfer of funds.

NEFT Timings

Is there any timings to make NEFT transaction ?

Up to the year 2019, there was a standard time to make NEFT Transfer but from the year 2020 onwards there is no specific time slot to make NEFT transfer.

Simply, Now you can make NEFT transfer at any time. i.e.24 x 7

NEFT Limit

The NEFT Transaction limits changes from Bank to Bank.

SBI
In case of State Bank of India (SBI), the NEFT transfer limits Under Retail Internet Banking are as follows.

Minimum Limit (Per Transaction)
There is no minimum limit to make NEFT transfer. It means you can transfer from even Rs.1/- onwards.

Maximum Limit (Per Transaction)
The Maximum amount limit to make NEFT transfer Under Retail Internet Banking is Rs.10,00,000/-.

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NEFT Transfer charges

Online
If you make NEFT Online transfer either Internet Banking or Mobile Banking, then there be Zero charges. It’s Free only.

Offline
Whereas, if you visit the bank and you wish to make NEFT Transfer by filling the respective Form, then the transfer mode will be offline.

SBI Offline Charges for NEFT Transfer

When it will be Credited ?

The NEFT processsing time changes from Bank to Bank.

In case of State Bank of India, It will NEFT transactions for every 30 minutes on batches wise. The number of times NEFT processed in SBI will be as follows

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Author is a Qualified CMA with rich industry experience for more than 6 years. He is an All India Ranker (AIR-101) in CMA and also a Semi-Qualified Chartered Accountant having a quite good experience in teaching the subjects of Accounting and Costing to the commerce aspirants.

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