National Electronic Funds Transfer (NEFT) is one of the easiest ways to fund transfer both online internet banking and bank branches. RBI keep updating charges, limits and timings for banks and customer convenience. Check the table below for New NEFT timings 2018-19.
New NEFT Timing 2018 – 19
NEFT is regulated by the Reserve Bank of India and now being used by more than 200 banks in India. New timings for the NEFT are same for all banks set by RBI, however each bank set their timings according to their own arrangements. NEFT is run in 23 batches between 8 AM to 7 PM every day except Sunday, 2nd / 4th Saturday of the month and bank holidays.
|TRANSACTION DAYS||NEFT TIMINGS|
|All bank working days||8:00 AM to 7:00 PM|
What are NEFT Charges?
A cap on charges levied on NEFT transaction is set by RBI. It is a variable amount depending upon fund being transferred via NEFT. Here is the chart of NEFT charges for 2018 – 2019 below:
|TRANSACTION AMOUNT||NEFT Charges|
|Fund Transfer up to Rs 10,000||Up to ₹ 2.50 + Applicable GST|
|Fund Transfer above Rs 10,000 and up to Rs 1 lakh||Up to ₹ 5 + Applicable GST|
|Fund Transfer above Rs 1 lakh and up to Rs 2 lakh||Up to ₹ 15 + Applicable GST|
|Fund Transfer above Rs 2 lakh||Up to ₹ 25 + Applicable GST|
What is NEFT Limit?
Although there is no minimum and maximum limit set by RBI on NEFT transactions however your bank may have set maximum limit. You may contact your bank for more details on NEFT limits.