Normally, the bank doesn’t charge any amount for smaller transactions but, if you make a transaction of a larger amount, the bank may charge some amount. The charges are different for different types of transactions and different amounts. Again, it will defer from bank to bank. Before making any transaction, it is better to know the charges, limit, and time taken so that we can go for the right transaction.
Some of the electronic fund transfers are given below:
- IMPS (Immediate Payment Service) which provides instant 24/7 interbank electronic fund transfers in India via mobile, internet banking, or ATMs.
- NEFT (National Electronic Funds Transfer) which allows electronic fund transfers between different banks in India, processed in hourly batches.
- RTGS (Real Time Gross Settlement) which enables instant and real-time fund transfers of higher amounts between banks without batch processing.
- UPI (Unified Payments Interface) which the most common type of transaction nowadays in all sections of the business. It offers real-time payments between bank accounts using smartphones, providing seamless transactions.
- ECS (Electronic Clearing Service): It facilitates periodic and repetitive transactions like salary payments or SIP deductions.
- ACH (Automated Clearing House) which manages bulk credit and debit transactions in batches, commonly used for direct deposits and payments.
- SWIFT (Society for Worldwide Interbank Financial Telecommunication): It handles international money transfers between banks globally.
Now let’s see the charges of some of the transactions set by different banks.
IMPS charges ICICI bank
ICICI Bank imposes IMPS charges based on the transaction amount conducted at their branch: Check out the following to know IMPS charges, ICICI bank.
For transfers up to Rs 1 lakh: Rs 5 (+GST)
Transfers above Rs 1 lakh up to Rs 5 lakhs: Rs 15 (+GST)
However, when customers opt for digital routes like internet banking or mobile banking, ICICI Bank doesn’t impose any IMPS charges, aligning with other scheduled commercial banks in India.
NEFT Charges for ICICI Bank
| Transaction Amount | NEFT Charges |
| Up to Rs. 10,000 | Rs. 2.25 + Applicable GST |
| Above Rs. 10,000 up to Rs. 1,00,000 | Rs. 4.75 + Applicable GST |
| Above Rs. 1,00,000 up to Rs. 2,00,000 | Rs. 14.75 + Applicable GST |
| Above Rs. 2,00,000 up to Rs. 10,00,000 | Rs. 24.75 + Applicable GST |
RTGS charges for ICICI Bank
Online Transactions
- Charges: No fees for initiating an RTGS transaction through ICICI Bank’s internet banking platform. Online transactions incur zero charges.
Offline Transactions (Branch-initiated)
- For transactions above Rs. 2 lakh and up to Rs. 5 lakh: Rs. 20 + GST per transaction
- For transactions above Rs. 5 lakh: Rs. 45 + GST per transaction
Transactions initiated through other online modes like iMobile app, Mera iMobile app, and Pockets app do not incur any charges for NEFT and RTGS.
SBI RTGS charges
The SBI RTGS charges are as follows:
NEFT Charges (excluding GST) based on Transaction Amount
| Transaction Amount | NEFT Charges |
| Up to Rs. 10,000 | Rs. 2 |
| Rs. 10,000 – Rs. 1 lakh | Rs. 5 |
| Rs. 1 lakh – Rs. 2 lakh | Rs. 15 |
| Above Rs. 2 lakhs | Rs. 2 |
SBI RTGS charges
The following are SBI RTGS charges set by the bank:
| Transaction Amount | SBI RTGS Charges |
| Rs 2 lakhs to Rs 5 lakhs | Rs 20 + GST |
| More than Rs 5 lakhs | Rs 40 + GST |
These charges are applicable only when the transaction is carried out at the branch through the SBI RTGS Form. If you use the online channel for RTGS transfers, there is no SBI RTGS charges applicable. As per the RBI guidelines, RBI removed the RTGS processing fee on 1st July, 2019. So, there are no processing charges for SBI RTGS transactions.
SBI RTGS limit
There is no upper limit for RTGS transactions and there is a minimum limit of 2 lakhs. So, you can go for this transfer option if you wish to transfer larger amount of money. If you wish to transfer lesser amount of money, you can go for SBI NEFT fund transfer. Let have a look at the details of SBI NEFT fund transfer.
SBI IMPS Fund transfer
IMPS stands for immediate payment service. It is for instant and real-time fund transfers which can be initiated anytime including weekends and holidays. IMPS allows customers to transfer funds instantly using their mobile phones, internet banking, or by visiting an SBI branch.
How to transfer fund through IMPS, RTGS, NEFT fund transfer option.
Online
- To make an IMPS, NEFT or RTGS fund transfer online, you should either log into your account through Internet banking portal or mobile banking portal.
- After logging in, go to ‘fund transfer’ option and you will find the transfer options mentioned above. Select whichever you want and tap on it.
- Then, enter the amount you wish to transfer. The bank may send you an OTP to authenticate the transaction. Enter the OTP and click ‘confirm’.
- Depending on the option you selected, some transaction may take time or some may be sent instantly.
To avail of Internet banking service, you need to register yourself for it. Follow these simple steps to register yourself for Internet banking services.
- Go to the official website of the bank wish to register with.
- There will be an option for registration under the ‘Online Banking’ or ‘Login’ section.
- You’ll be asked to enter details like account number, card details, personal information, and sometimes an OTP (One Time Password) sent to your registered mobile number for verification.
- Set up a user ID and password. Some banks might require a combination of alphabets, numbers, and special characters for a secure password.
- After registration, log in using the newly created credentials.
Banks often prompt users to set security questions, enable two-factor authentication, or link a registered device for added security. Do not forget the security questions and answers. It will help you recover your password in case you forget it.
