NEFT is National Electronic Funds Transfer. The Reserve Bank of India owns and runs it. Your bank sends the instruction into a batch. RBI settles that batch. The other bank then credits the account. It is not one-rupee-at-a-time like RTGS. It is near real time, one batch at a time. People use it for salary, for a vendor payment, and for a transfer they want on a future date.
RBI made NEFT available 24x7 from 16 December 2019, including Sundays and bank holidays. There are 48 half-hour batches in a day. The beneficiary’s bank should credit the account, or return the money, within 2 hours of the batch that carried the payment. That clock is in the NEFT FAQ, which RBI last updated on 2 September 2024.
RBI sets no minimum and no maximum for an ordinary transfer from a bank account. Your bank can still cap what you send, if its board has approved the cap. A person who does not have an account can deposit cash for an NEFT, and that cash transfer is limited to ₹50,000 a transaction. You need the other person’s account number and the IFSC of their branch. NEFT credits the account number you typed. Read it twice.
What you can be charged
From 1 July 2019, RBI stopped charging banks for processing NEFT. From 1 January 2020, a savings-account customer pays nothing for an NEFT that starts online, on internet banking or in the bank’s app. Inward NEFT, the credit into the receiving account, is free.
Other outward NEFT, such as a slip at the branch, may be charged. RBI’s cap, before GST, is the most the originating bank may take. Up to ₹10,000, the cap is ₹2.50. Above that, up to ₹1,00,000, it is ₹5. Above ₹1,00,000 and up to ₹2,00,000, it is ₹15. Above ₹2,00,000, it is ₹25. The FAQ says “plus applicable GST”. It does not fix the GST rate on this page. A bank may charge less. It may not charge more than the cap.
If the credit or the return is late, the bank pays penal interest at the repo rate plus 2 percentage points, for the days of delay. The bank does this on its own. You do not file a claim first. The repo rate moves. The current one is on RBI policy rates.
If it goes wrong
Complain to your bank with the UTR, the reference number on the receipt. The NEFT FAQ says that if the bank has not resolved it within 30 days, you may use the Reserve Bank Integrated Ombudsman. From December 2024, banks were told to show you the name on the account before you send. They had to offer that look-up by 1 April 2025. The credit still follows the account number if you go ahead.
The payments guide compares NEFT with RTGS, IMPS and UPI. Money you will not need this week can sit in a fixed deposit. The FD calculator and the RD calculator are that saving, not the transfer itself. The FD and RD guide is the comparison between those products.
Questions
Is NEFT available on a Sunday?
Yes. RBI made NEFT available 24x7 from 16 December 2019, including holidays. There are 48 half-hour batches. The other bank should credit the account, or return the money, within 2 hours of the batch.
Is there a minimum amount for NEFT?
RBI sets no minimum and no maximum for an ordinary NEFT from an account. Your bank may set a cap, with its board’s approval. RTGS, not NEFT, has a floor of ₹2,00,000. A cash NEFT by someone with no account is capped at ₹50,000.
Do I pay for NEFT from a savings account?
Not if you start it online. From 1 January 2020, banks must not charge a savings-account customer for NEFT through internet banking or the bank’s app. A branch transfer can still be charged, up to RBI’s caps. Inward NEFT is free.
Sources
Figures checked 31 Oct 2026.