If you are managing your own payments and making online payments, National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS) are the most common methods to make online payments.
As the banks are giving you the facility of making payments online and transferring your funds in the blink of an eye, a fee is imperative. Different banks charge different sets of fees for different types of transactions.
State Bank of India (SBI)
Net banking
Amount up to Rs. 10,000
The fee charged – Rs. 1 (plus GST) per NEFT transaction
For amounts between Rs. 10,000 and Rs. 1 lakh
The fee charged – Rs. 2 (plus GST)
For amounts between Rs. 1 lakh and Rs. 2 lakh
The fee charged – Rs. 3 (plus GST)
For transfers above Rs. 2 lakh
The fee charged – Rs. 5 (plus GST) per transaction
Money transfer through RTGS
An amount between Rs. 2 lakh and Rs. 5 lakh
The fee charged – Rs. 5 (plus GST) per transaction
Amounts above Rs. 5 lakh
The fee charged – Rs. 10 per transaction
IMPS
Up to Rs. 1,000
No fee charges
Amounts between Rs. 1,001 and Rs. 10,000
The fee charged – Rs. 1 (plus taxes) per transaction
HDFC Bank levies fees on online transactions including RTGS and NEFT. However, it charges a fee if the transfers are made offline and at bank branches. Additionally, HDFC charges a fee for its IMPS transactions.
Amount up to 1 lakh
The fee charged: Rs. 5 plus GST
Amounts between Rs. 1 lakh and Rs. 2 lakh
The fee charged: Rs. 15 plus GST
ICICI Bank
Since ICICI has a huge database, it is quite likely you are a user of it. For RTGS and NEFT, ICICI Bank charges a stipulated fee.
NEFT
An amount of Rs. 10,000
The fee charged: Rs. 2.5 plus GST per transaction
For amounts between Rs. 10,000 and Rs. 1 lakh
The fee charged: Rs. 5 plus GST per transaction
For amounts between Rs. 1 lakh and Rs. 2 lakh
The fee charged: Rs. 15 plus GST per transaction
For amounts between Rs. 2 lakh and Rs. 10 lakh
The fee charged: Rs. 25 plus GST per transaction
RTGS
For amounts between Rs. 2 lakh and Rs. 5 lakh
The fee charged: Rs. 25 plus GST per transaction
For amounts between Rs. 5 lakh and Rs. 10 lakh
The fee charged: Rs. 50 plus GST per transaction
IMPS transfers
Amounts up to Rs. 1 lakh
The fee charged: Rs. 5 plus GST per transaction
For amounts between Rs. 1 lakh and Rs. 2 lakh
The fee charged: Rs. 15 plus GST per transaction
The charges by any bank are meagre but when one does multiple transactions, the cumulative amount could be surprising. Hence, keep a note of RTGS, NEFT and IMPS charges so that you make payments in your budget.
