There are two types of funds transfer in India including RTGS (Real time Gross Settlement) and NEFT (National Electronics Funds Transfer).
The limits and charges for funds transfer using both these systems are as follows
Limit on RTGS transfer
The RTGS system is meant for high value transactions with minimum amount permissible for remittance is Rs 2 lakh. There is no upper ceiling for RTGS transactions. As a result of successful RTGS transaction, the beneficiary branches receive the amount in real time as soon as it is transferred by the remitting bank. The beneficiary bank is required to credit the transferred funds into the beneficiary’s account within two hours of receiving the funds.
The following charges are applied for inward and outward transaction through RTGS.
Inward transactions: It is absolutely free and there are no charges applied
Outward transactions:
2 lakh to 5 lakh – Not exceeding Rs 25 per transaction
Above 5 lakh – Not exceeding Rs 50 per transaction
Limits of NEFT transfer
There are no minimum or maximum limit on the amount of funds to be transferred using NEFT.
The maximum limit for walk in customers under Indo-Nepal Remittance Facility Scheme is Rs 49,999.
Charges for NEFT transaction
Member banks participating in NEFT are not required to pay any service charges to RBI till 31 March 2011. Consequently, member banks have also pass on the benefit to their customers.
Inward transactions: There are no charges levied from beneficiaries at destination bank branches
Outward transactions: The charges applicable at originating bank branches are as follows:
Rs 1 lakh – not exceeding Rs 5 and service Tax
Rs 1 lakh – Rs 2 lakhs – not exceeding Rs 15 and service Tax
Above Rs 2 lakhs – not exceeding Rs 25 and service Tax
Visa Money Transfer Limit
In addition to the transfer of funds to bank accounts to any branch all over India using online banking, one can also transfer money from bank account to VISA Debit card or credit card issued in India. It is called as a VISA Money Transfer.
Visa Money Transfer is a fast and convenient mode of online money transfer as funds are credited to Payee’scard within 2 to 3 working days from date of origination of transfer. It is a suitable option than DD, cheques or pay orders.
The limit for VISA Money transfers is as follows
Per transaction limit – Rs 25,000
Per day Limit – Rs 50,000