IDFC First Bank NEFT Charges and Transfer Guide
IDFC First Bank NEFT Charges and Transfer Guide
IDFC First Bank charges zero fees for NEFT transfers made through net banking or the IDFC FIRST Bank app, under its Zero Fee Banking model. Branch-based NEFT transfers may attract standard RBI-prescribed charges.
NEFT Charges at IDFC First Bank
- Online (app or net banking): Free
- Branch-initiated NEFT: As per RBI guidelines (Rs 2 to Rs 25 depending on the amount)
RBI removed charges on online NEFT in 2019 and directed banks to pass on the benefit to customers. IDFC First Bank complies with this and additionally waives charges on branch NEFT for Zero Fee Banking account holders in many cases. Check your account’s schedule of charges to confirm.
NEFT Transfer Limits
- Minimum: Rs 1
- Maximum per transaction: No upper limit set by RBI, but your bank may apply daily limits based on account type.
How to Do NEFT via the IDFC FIRST Bank App
- Log in to the IDFC FIRST Bank app.
- Tap Transfer and select NEFT.
- Add the beneficiary’s account number, IFSC code, and name.
- Enter the transfer amount and confirm with OTP or MPIN.
NEFT Processing Time
NEFT runs on an hourly batch settlement basis, 24×7 including weekends. Transfers made after banking hours are processed in the next available batch. Money typically reaches the beneficiary within 30 minutes to 2 hours.
Key Takeaways
- NEFT via the app or net banking is free on IDFC First Bank Zero Fee Banking accounts.
- Branch NEFT may carry small charges per RBI slabs.
- NEFT operates 24×7 in hourly batches since December 2019.
- No upper transaction limit is set by RBI.
FAQ
What is the difference between NEFT and IMPS?
NEFT processes transfers in hourly batches while IMPS is real-time, 24×7. For urgent transfers, IMPS is faster. NEFT is better for non-urgent, larger transfers where you want batch confirmation.
Can I cancel an NEFT transfer after submitting it?
Once a NEFT instruction is submitted, it is difficult to cancel if it has already been queued for the next batch. Contact customer care immediately at 1800 10 888 if you need to attempt a recall.
Is there a daily limit for NEFT transfers online?
IDFC First Bank sets transaction limits based on account type. Typically, online NEFT limits start at Rs 5 lakh per day for standard accounts. Contact the bank for exact limits on your account.
