Federal Bank NEFT Charges and Transfer Limits Guide

Federal Bank NEFT Charges and Transfer Limits Guide

Federal Bank NEFT transfers are free of charge when done through the FedMobile app or net banking, in line with RBI’s 2019 directive waiving NEFT fees for online channels. Branch-initiated NEFT transfers attract a nominal fee based on the transaction amount.

Federal Bank NEFT Charges (Branch)

• Up to Rs. 10,000: Rs. 2 + GST
• Rs. 10,001 to Rs. 1 lakh: Rs. 4 + GST
• Rs. 1 lakh to Rs. 2 lakh: Rs. 12 + GST
• Above Rs. 2 lakh: Rs. 20 + GST

These charges apply only to NEFT initiated at a Federal Bank branch. Online NEFT via FedMobile app or net banking is free.

NEFT Transfer Limits

• Minimum transfer amount: Rs. 1 (no minimum restriction)
• Maximum transfer amount: No upper limit per transaction for NEFT
• Daily limit (online): Depends on your account’s net banking transaction limit, typically up to Rs. 10 lakh per day for retail customers

NEFT Transfer Timings

NEFT is available 24 hours a day, 7 days a week, including Sundays and bank holidays, as per RBI’s 2019 round-the-clock NEFT launch. Transfers initiated online are processed in half-hourly batches and typically settle within 30 minutes to 2 hours.

How to Do NEFT via FedMobile App

1. Open FedMobile and log in.
2. Go to Fund Transfer and select NEFT.
3. Add the beneficiary with their account number, IFSC code, name, and bank name.
4. Enter the transfer amount and remarks.
5. Confirm with your MPIN or OTP.

FAQ

Is NEFT free for Federal Bank customers doing online transfers?

Yes, NEFT transfers through FedMobile app and Federal Bank net banking are completely free, as per RBI’s mandate from December 2019 removing charges on online NEFT.

How long does a Federal Bank NEFT transfer take to reach the recipient?

NEFT transfers are processed in half-hourly batches. Most transfers credit the recipient’s account within 30 minutes to 2 hours of initiation, depending on the receiving bank’s processing speed.

What details do I need to make a NEFT transfer?

You need the recipient’s full name, bank account number, IFSC code of their bank branch, and the transfer amount. The IFSC code is an 11-character alphanumeric code printed on cheque books and passbooks.

Key Takeaways

• NEFT via FedMobile app and net banking is free of charge.
• Branch-initiated NEFT charges range from Rs. 2 to Rs. 20 plus GST.
• NEFT is available 24×7 with half-hourly batch processing.
• No minimum or maximum transfer limit for NEFT.
• Keep the recipient’s IFSC code handy before initiating a transfer.