Bank of Maharashtra NEFT Charges and Timings
Bank of Maharashtra NEFT Charges and Timings
Bank of Maharashtra charges zero fees for NEFT transfers initiated through internet banking or Maha Mobile, in line with RBI’s directive to waive NEFT charges for customers. Branch-based NEFT transfers may carry a small service charge.
Bank of Maharashtra NEFT Charges
- Online NEFT (Maha Mobile and net banking): Free (Rs 0)
- Branch NEFT (up to Rs 10,000): Rs 2 + GST
- Branch NEFT (Rs 10,001 to Rs 1 lakh): Rs 4 + GST
- Branch NEFT (Rs 1 lakh to Rs 2 lakh): Rs 12 + GST
- Branch NEFT (above Rs 2 lakh): Rs 20 + GST
Always verify the latest charges with the official Bank of Maharashtra website or your branch as these may be revised.
NEFT Timings
As per RBI guidelines, NEFT now operates on a 24/7 basis, including Sundays and bank holidays. Transfers are processed in half-hourly batches throughout the day and night. Credit to the beneficiary account typically happens within 30 minutes to 2 hours.
How to Transfer Money via NEFT on Maha Mobile
- Log in to Maha Mobile and go to Fund Transfer.
- Select NEFT as the transfer mode.
- Add or select the beneficiary account (account number and IFSC code required).
- Enter the transfer amount and remarks (optional).
- Confirm with your UPI PIN or transaction password.
- An OTP verification may be required for new beneficiaries.
NEFT Transfer Limits
- There is no minimum or maximum limit set by RBI for NEFT transfers.
- Bank of Maharashtra may apply its own internal per-day limits for online NEFT. Check the latest limits in the Maha Mobile app or with customer care.
When to Use NEFT vs IMPS vs RTGS
- NEFT: Best for non-urgent, large or regular transfers; 24/7 but batch-processed.
- IMPS: Best for instant transfers any time; ideal for smaller urgent amounts.
- RTGS: Best for high-value transfers above Rs 2 lakh; real-time settlement.
FAQ
Does Bank of Maharashtra charge for NEFT on Sundays?
NEFT is now available 24/7 including Sundays. Online NEFT transfers are free at all times. Branch NEFT on Sundays may not be available as branches are closed.
How long does a Bank of Maharashtra NEFT transfer take?
NEFT is processed in 30-minute settlement batches. Most transfers are credited within 30 minutes to 2 hours of initiation, though peak-period processing can occasionally take longer.
Is there a daily NEFT limit for Bank of Maharashtra internet banking?
Yes, internal limits apply. Log in to Maha Mobile or net banking and check your profile settings for the current daily transfer limit, or contact customer care for clarification.
Key Takeaways
- Online NEFT via Maha Mobile or net banking is completely free.
- Branch NEFT carries charges from Rs 2 to Rs 20 + GST depending on the amount.
- NEFT operates 24/7 including holidays, with 30-minute batch processing.
- Credit typically reaches the beneficiary within 30 minutes to 2 hours.
- RBI has set no minimum or maximum limit for NEFT transfers.
