There are many various types of fund transfers nowadays. From a large amount to a few rupees, you can transfer anytime, wherever you are. Earlier, people used to go to the bank to transfer money through cheques. With the introduction of digital banking, you can now transfer money without visiting the bank. All the banks have embraced the new digital banking helping the customers to have smooth banking experiences. Here, in this article, we will discuss the different types of fund transfers, their limit and charges. The limit and charges depend on the limit set by each bank and the amount of transfer. 

 

Some of the fund transfer options provided by banks are IMPS, RTGS, NEFT, UPI, etc. Let’s pick up some of the major Indian banks and see the charges and the limits of each type of transaction. 

ICICI Bank IMPS charges

 

IMPS stands for Immediate Payment Service and it is a real-time electronic funds transfer system in India which allows customers to transfer money instantly from an account to another. IMPS enables secure transactions 24×7 throughout the year, including weekends and bank holidays, if the transfer is made online. It allows customers to transfer money with ease through mobile phones, internet banking, ATMs, or through bank branches. It can be even used for bill payments, and even merchant payments.

 

IMPS charges ICICI bank are set as follows on the basis of the amount of the transfer that is to be made. 

There are no IMPS charges when they carry out the transactions using digital banking portals like Internet banking or mobile banking. It’s the same with all the other banks. So, it is much better if you have access to internet banking or mobile banking portals. It will save you time, effort and money. 

IMPS Limit ICICI bank

 

For Savings Accounts:

 

For Current Accounts:

 

Please note: The RTGS charges mentioned above do not include GST. 

NEFT ICICI Timings and charges for Internet banking and iMobile

 

Customers can initiate transactions during 01:00 hrs – 19:00 hrs & 00:00 hrs – 01:00 hrs, excluding 2nd & 4th Saturdays, Sundays and bank holidays.

The NEFT limit set by ICICI bank is 

Minimum – ₹1, Maximum – ₹10 lakh or ₹1 crore. 

It is applicable for NRIs.

 

RTGS Charges and limit ICICI (Internet Banking and iMobile):

 

Customers can initiate RTGS transaction during this given hours:

01:00 hrs – 19:00 hrs, 19:00 hrs – 00:00 hrs, and 00:00 hrs – 01:00 hrs, excluding 2nd and 4th Saturdays, Sundays, and Bank holidays.

 

The transaction limit is 

Minimum – ₹2 lakh, Maximum – ₹10 lakh or ₹1 crore (based on customer segment). This is also applicable for NRIs.

 

CIB, InstaBIZ & API Banking NEFT:

 

The timing is similar to NEFT for transactions up to ₹10 lakh.

Limits are corporate-level, with transaction amounts depending on existing workflow, reaching up to ₹49 crore for InstaBIZ.

 

CIB, InstaBIZ & API Banking RTGS:

 

 

How to make online and offline transactions?

 

To make a transaction offline you have to visit the bank and take a form. Fill it properly with the required details such as your name, account number, recipient’s account number, amount of transaction, date, etc. and submit it to the bank. Another option is to download the form and submit it to the bank. For example, if you have an account in Kotak Mahindra Bank and you want to make an RTGS transaction, you can either visit the bank or download the Kotak RTGS form from its official website. 

 

Now, let’s go further and see the details of each transaction for Kotak Mahindra bank.

 

Kotak Mahindra Bank fund transfers

 

NEFT

You can carry out this transaction through internet banking, mobile banking and bank branches. 

During the hours from 12:30 am to 9:30 pm, transactions can be conducted within the existing limits. However, from 9:30 pm to 11:30 pm, there’s an extended window allowing transactions of up to Rs. 10,00,000. Between 11:30 pm to 12:30 am, no transactions can be initiated.

 

RTGS

RTGS Charges (excluding taxes) at Kotak Mahindra Bank for Different Account Types

 

Transaction Limit

Home Branch Charges

Net Banking/Mobile Banking Charges

Rs. 2 lakhs – Rs. 5 lakhs

Not available for Kotak 811 Limited Full KYC & Kotak 811 Lite

Free for all types

Above Rs. 5 lakhs

Rs. 20 for Kotak 811 Full KYC account

Rs. 40 for Kotak 811 Full KYC account

Timings for RTGS Transactions at Kotak Mahindra Bank:

 

RTGS Charges (excluding taxes) at Kotak Mahindra Bank for Different Account Types:

Transaction Limit

Home Branch Charges

Net Banking/Mobile Banking Charges

Rs. 2 lakhs – Rs. 5 lakhs

Not available for Kotak 811 Limited Full KYC & Kotak 811 Lite

Free for all types

Above Rs. 5 lakhs

Rs. 20 for Kotak 811 Full KYC account

Rs. 40 for Kotak 811 Full KYC account

Timings for RTGS Transactions at Kotak Mahindra Bank:

IMPS 

There are no charges for IMPS fund transfer. 

If you want to make the transactions online, you need to have access to the Internet banking or mobile banking portal. Follow this guideline to register yourself for Internet banking. 

 

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