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.
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The charge for amount upto to Rs 1 lakh is Rs 5 (+GST)
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The charge for amount above Rs 1 lakh to Rs 5 lakhs: Rs 15 (+GST)
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:
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Inward transactions are free of charge.
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Outward transactions are free when conducted via Mobile Banking or Net Banking. However, if processed through a branch, the fees are: Rs. 200,001 to Rs. 500,000 in transactions incur Rs. 25 per transaction, and transactions above Rs. 500,000 incur Rs. 50 per transaction.
For Current Accounts:
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Inward transactions are free.
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Outward transactions are free when conducted via Net Banking. However, if processed through a branch, the fees are: Rs. 1 to 5 Lakhs incur Rs. 25 per transaction, while transactions above Rs. 5 Lakhs incur Rs. 50 per transaction.
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:
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Timing is similar to RTGS for transactions up to ₹1 crore.
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Corporate-level limits, following existing workflow, reaching a maximum of ₹49 crore for InstaBIZ.
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
Timings for RTGS Transactions at Kotak Mahindra Bank:
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Days: Monday to Friday
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Time Slot: 8:00 am to 4:00 pm
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Saturday: 8:00 am to 12:00 pm
RTGS Charges (excluding taxes) at Kotak Mahindra Bank for Different Account Types:
Timings for RTGS Transactions at Kotak Mahindra Bank:
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Days: Monday to Friday
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Time Slot: 8:00 am to 4:00 pm
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Saturday: 8:00 am to 12:00 pm
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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Open the browser on your device and go to the official website of your bank.
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There will be an option for registration under the ‘Online Banking’ or ‘Login’ section.
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You have to enter some details like account number, card details, personal information, and the bank will send an OTP (One Time Password) to your registered mobile number for verification.
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After entering all those, set up a user ID and password. A strong password is suggested, it will be a combination of alphabets, numbers, and special characters for
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After registration, you can log in to your account using the newly created credentials.
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Most of the time the bank prompts users to set a security question and its answer to enable two-factor authentication, or link a registered device for extra security. Set something familiar to you as security questions and answers lest you should forget or get confused with it later. This is to help you recover your password.