ICICI Bank NEFT charges, rules, timings: All you need to know
National Electronic Funds Transfer or NEFT is a nation-wide payment system which facilitates one-to-one funds transfer.
National Electronic Funds Transfer or NEFT is a nation-wide payment system which facilitates one-to-one funds transfer. Under this scheme, individuals can transfer funds electronically to any individual with a bank account with any bank. The bank should be a participant of the scheme. The bank customers can now transfer money from anywhere using this mode of online transaction. The customers just have to know certain details like bank account number, bank IFSC code, and name for the online transaction to be done. ICICI Bank customers can transfer money to the account of any person with an account in the same bank or any other bank.
If the transaction is within the same bank network then the transaction takes less time compared to recipient with other bank's account. The customers of ICICI Bank can do NEFT through various modes such as internet banking, iMobile, m.dot, Pockets, and icicibankpay.
NEFT transaction charges:
For amounts up to Rs 10,000: Rs 2.50 plus applicable GST
For amounts above Rs 10,000 and up to Rs 1 lakh: Rs 5 plus applicable GST
For amounts above Rs 1 lakh and up to Rs 2 lakh: Rs 15 plus applicable GST
For amounts above Rs 2 lakh and up to Rs 5 lakh: Rs 25 plus applicable GST
For amounts above Rs 5 lakh and up to Rs 10 lakh: Rs 25 plus applicable GST
NEFT transaction timings:
The ICICI bank customers can use this service to transfer money from Monday to Saturday (except second and 4th Saturday) between 8 am and 6:30 pm.
NEFT is the convenient mode of transaction. A customer can add a beneficiary for making payments. If a customer has already transferred money, next time it becomes easier to transfer money.