National Electronic Fund Transfer which is round a clock service is shortly referred to as NEFT. The NEFT limit is a transaction limit for this mode of payment which is made available for every customer having a Savings or current account in any bank. The payment mode is secured and does give access to transactions of large amounts inside a secured line.
As per RBI guidelines there is no limit on NEFT transfer but the mode of transfer might make the difference. There are individual banks that possess the NEFT limit as per their banking guidelines but no such transaction limit is set by the Reserve Bank of India.
Types of NEFT Limit
NEFT has got three types of segregation which are based on the type of usage by the customer. If you wanted to use NEFT for your transaction, then you might need to go through these listed details about types of NEFT limit.
NEFT Daily Limit: the total amount you transfer in multiple transactions per day through NEFT will be recorded as NEFT daily limit. These limited various forms from 2 Lakhs to 10 Lakhs as per the banking norms. As every bank has got their own different daily limits assigned for the NEFT.
NEFT Minimum Limit: as per the reserve Bank of India guidelines the customer can transfer a minimum amount of 2 lakhs through NEFT transfer per day or per transaction in the day. This is a very basic limit that is given to every customer per day.
NEFT Maximum Limit: Bank does ask the customer to fix a limit for their NEFT transaction for the day and as well per transaction. These limits will be varying from commercial banks to domestic Banks, along with the type of customer to private banking to commercial banking.
Also check: HDFC NEFT Form
If any transaction submitted through any mode may process as per NEFT Timings only. If you want to do the transaction manually, then you want to fill out the form and submit in bank only.