SBI NEFT transactions: Customers can make transactions from 8 am to 7 pm from Monday to Friday

Reserve Bank of India (RBI) decided to do away with charges levied on RTGS (real-time gross settlement) and NEFT (national electronic funds transfer) transactions. "Banks will be required, in turn, to pass these benefits to their customers. Instructions to banks in this regard will be issued within a week," the central bank said in a statement after announcing its monetary policy decision. Currently, banks levy a fee on NEFT and RTGS transactions and the fee varies from one bank to another. As per the guidelines issued by the RBI, banks will be asked to abolish or lower the fee they charge on NEFT and RTGS transactions.

Here's all you need to know about NEFT services provided by major banks such as State Bank of India (SBI), HDFC Bank and ICICI Bank:

State Bank of India

Timings: Customers can make NEFT transactions from 8 am to 7 pm from Monday to Friday. On Saturdays, one can transfer money using NEFT from 8 am to 1 pm.

Amount: Under SBI's retail internet banking, one can transfer a maximum of Rs. 10 lakh. However, there is no minimum limit.

Charges: SBI charges Rs. 2.50 for transactions up to Rs. 10,000, according to the SBI's website, onlinesbi.com.

Amount Existing Charges for Branch

(exclusive of tax) Rate for INB Channel

(exclusive of tax) Up to Rs 10,000 Rs 2.50 Rs 2 From Rs 10,001 to Rs 1 lakh Rs 5 Rs 4 Above Rs 1 lakh up to Rs 2 lakh Rs 15 Rs 12 Above Rs 2 lakh Rs 25 Rs 20 (Source: onlinesbi.com)

HDFC Bank

Timings: Customers can make NEFT transactions from 8 am to 6:30 pm from Monday to Saturday.

Amount: There is no minimum and maximum transfer limit according to the bank.

Charges: The private lender charges Rs. 2.50 for transactions up to Rs. 10,000, said HDFC Bank on its website, hdfcbank.com.

Amount Charges Up to Rs 10,000 Rs 2.50 + GST Above Rs 10,000 and up to Rs 1 lakh Rs 5 + GST Above Rs 1 lakh and up to Rs 2 lakh Rs 15 + GST Above Rs 2 lakh Rs 25 + GST (Source: hdfcbank.com)

ICICI Bank

Timings: Customers can make NEFT transactions from 8 am to 6:30 pm from Monday to Saturday.

Amount: Customers can transfer a maximum of Rs. 10 lakh using NEFT payments service, according to the bank. However, is no minimum limit.

Charges: The bank charges Rs. 2.50 for transactions up to Rs. 10,000, according to the lender's website, icicibank.com.

Amount Charges Amounts up to Rs 10,000 Rs 2.50 + GST Amounts above Rs 10,000 and up to Rs 1 lakh Rs 5 + GST Amounts above Rs 1 lakh and up to Rs 2 lakh Rs 15 + GST Amounts above Rs 2 lakh and up to Rs 5 lakh Rs 25 + GST Amounts above Rs 5 lakh and up to Rs 10 lakh Rs 25 + GST (Source: icicibank.com)

Earlier this month, timings for RTGS transactions were increased by one-and-a-half hours. The current timings for settlement of RTGS transactions are 6 pm.