- Every bank has a cap for transfer of funds online, and under Corona Virus, customers should run to banks if the threshold fixed by banks exceeds the amount required to be transferred. Banks fix the daily cap on transfer to avoid frauds. However, for transfers via NEFT and RTGS, there is no cap on the amount transferred.
- Transfer via Immediate Payment Service (IMPS) and Unified Payments Interface have a cap of Rs. 1 lack and Rs.1 lac respectively.
- RBI has now permitted banks to set their own upper ceiling on the NEFT and RTGS transactions based on their risk management and liquidity management. Banks have placed certain upper limits on their NEFT transactions application on RTGS holidays and Off-business hours after the 24×7 NEFT facility was introduced. SBI for example has a cap of Rs. 10 lacs on RTGS transactions and HDFC Bank has Rs. 25 lacs upper limit. Kotak Mahindra Bank has a per-beneficiary cap of Rs. 5 lacs and a per-day transaction limit of Rs. 10 lacs for NEFT transactions.
- In Federal Bank, using both mobile and internet banking channels viz RTGS, NEFT, IMPS, and UPI, customers under the Retail Sector can transfer up to a maximum of Rs. 20 lakh in a day. Also, a daily upper limit of Rs. 1 lac for retail mobile banking app has been fixed. Payments/transfers including NEFT up to this limit is permitted by the bank.
- The limit is said to vary depending on the customer segment, the tool used for transactions, and the channel. Some banks allow up to Rs. 25 lacs while others up to Rs. 10 lacs, meaning that in one bank the NEFT is limited to Rs. 2 lacs and multiple transactions for a total value of Rs. 25 lacs or third party transfer limit as chosen by the customers is allowed.
- Let apart through internet bank, customers can themselves put a cap on their transaction limits. Also banks permit through their Corporate Clients through their Corporate Channels to set their own limits without any restrictions.
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