This limit is based on an analysis of transaction data and the risk policies of the bank," he said.Īdhil Shetty, CEO of BankBazaar said the limits vary depending on the customer segment, the tool used for the transaction and the channel. “We have set a daily upper cap limit of ₹10 lakh for our retail mobile banking application FedMobile and our customers can do payments or transfers, including NEFTs up to this limit on a daily basis. “Our retail customers can transfer up to a maximum of ₹20 lakh in a day using both mobile and internet banking channels via RTGS, NEFT, IMPS and UPI," said Jithesh P V, deputy vice-president and head digital, Federal Bank. Kotak Mahindra Bank has a per-beneficiary cap of ₹5 lakh and a per-day transaction limit of ₹10 lakh for NEFT transactions. ![]() State Bank of India, for example, has a cap of ₹10 lakh on RTGS transactions whereas HDFC Bank has a ₹25 lakh upper limit. Banks have placed certain special upper limits on their NEFT transactions applicable on RTGS holidays and off-business hours since the introduction of 24/7 NEFT facility," said Sahil Arora, director at. “RBI has given banks the freedom to set their own upper ceiling on NEFT and RTGS transactions based on their risk and liquidity management. ![]() Experts said another reason for having a cap could be to lower the bank’s liquidity risk.
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