The following table contains the subject limits:

    FAT16     FAT32
    NTFS

    Maximum File Size     232 - 1 bytes     232 - 1 bytes
    264 bytes - 1 KB (Theoretical)
    244 bytes - 64 KB (Implementation)

    Maximum Volume Size     4 GB     32 GB
    264 allocation units (Theoretical)
    232 allocation units (Implementation)    

    Clusters per Volume     65,535 Max.         65,527 - 4,177,918    
    264 (Theoretical)
    232 (Implementation)

    Maximum Files per Volume         216     222 (~4 million)
    232 - 1

NOTE: See default allocation unit sizes.

NOTE: The current practical limit for an NTFS volume is 2 terabytes (232 * 512 byte sectors) because the industry standard partition table maximum is 232 sectors.