What is the maximum limit per transaction in NEFT?

From what I know as a businessman, the RBI has no transfer restriction for NEFT transactions. But banks could place some restrictions on their risk assessment with the board's agreement. So you must know what is the maximum limit per transaction in NEFT.

What is the maximum amount transfer through NEFT?

For NEFT fund transfers, there is no limit. But there are a number of requirements that you must meet. Following are a few of them:

• You would need to go to a bank that is a member of the NEFT network to complete transfers. 

• The only problem is that each transaction is limited to RS. 50,000 for this type of transfer.

• Online NEFT fund transfers are also available to users of net banking and mobile banking.

• The beneficiary must have a current or a savings bank account in order to access the NEFT payment technique or transfer.

• You can use NEFT even if you don't have a bank account.

• Now you know about the maximum NEFT transfer limit.

What fees are charged for NEFT transactions?

There are absolutely no fees for those who are the recipients of the transfer. Additionally, there are no NEFT fees associated with online transactions made through mobile or internet banking platforms. But, if you are the one starting the fund transfer, you will be required to pay additional fees to make it happen.

• For transactions up to Rs. 10,000 in transfers, the highest charge is Rs 2.50 (+ GST).

• For transactions over Rs. 10,000 but under Rs. 1 lakh, the highest charge is Rs. 5 (+ GST).

• For transactions over Rs. 1 lakh but under Rs. 2 lakh, the highest charge is Rs. 15 (+ GST).

• For transactions beyond Rs. 2 lakh, the highest charge is Rs. 25 (+ GST).

How to monitor NEFT transaction progress?

• The sender and the beneficiary can find out the status of the NEFT transaction by getting in touch with their particular bank's NEFT customer assistance centre.

• Customers can get information about each bank's NEFT CFC on the websites of their particular bank.

• If the customer wishes to monitor the transaction quickly, they must give the appropriate bank some information. It can be about the transaction, such as the date of the transaction, Unique Transaction Reference (UTR) number, etc.

Now you are aware of what is the maximum limit per transaction in NEFT.