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Overview of NEFT/RTGS/IMPS Charges at SBI

Sbi Neft Rtgs Imps

NEFT: SBI Home Branch

Transaction Limit and Charges

Transaction Amount 

NEFT Charges (excluding GST)

Up to Rs 10,000

Rs. 2

Rs. 10,000 – Rs. 1 lakh

Rs. 5

Rs. Rs. 1 lakh – Rs. 1=2 lakh

Rs. 15

Above Rs. 2 lakhs

Rs. 25

There is no charge for NEFT done at SBI online through the YONO app, internet banking and mobile banking.

Timings

Days

Time Slot

Monday - Saturday

8.00 am to 7.00 pm

NEFT services not available on bank holidays, including, 2nd and 4th Saturday

RTGS: SBI Home Branch

Transaction Amount

RTGS Charges (excluding GST)

Rs. 2 lakhs – Rs. 5 lakhs

Rs. 25

Above Rs. 5 lakhs

Rs. 50

There is no charge for RTGS done at SBI online through the YONO app, internet banking and mobile banking.

Timings

Days

Time Slot

Monday – Saturday

8.00 am to 4.30 pm

RTGS services not available on 2nd and 4th Saturday

IMPS: SBI Home Branch

IMPS service at SBI is free of charge.

Timings: 24/7 service including bank holiday

Online Fund Transfers at SBI

State Bank of India gives its customers various modes to transfer their money in a secure and convenient manner from one account to another. This electronic transfer mode is governed by the guidelines of the Reserve Bank of India.

NEFT at SBI

NEFT is an electronic payment fund transfer controlled by the Reserve Bank of India to transfer funds easily from one bank account to another. NEFT facility at SBI can also be used for your credit card bills. SBI customers can get the benefit of NEFT transfer by visiting the bank branch, internet banking, YONO app or mobile banking.

Steps for SBI NEFT Fund Transfer

  • Login on State Bank of India internet banking portal with username and password
  • Select the ‘Payments Transfers’ tab 
  • Two fund transfer options available: Within SBI and Outside SBI. 
  • Select the required option 
  • For fund transfer outside SBI, select the ‘Inter-Bank Beneficiary’ tab, select ‘NEFT’, and select the ‘Proceed’ tab
  • Type in the amount
  • Key in the beneficiary details correctly like name, account type etc.
  • Select beneficiary account number and select ‘Select a schedule option’ for selecting the time of transfer of funds (3 options are available: ‘Pay Now, ‘Schedule Later’, or ‘Standing Instruction’)
  • Select terms and conditions, key in transaction password and select the ‘Submit’ option
  •  After checking all particulars, click ‘Confirm’. 

If you want to undertake NEFT transfer for an SBI beneficiary account, then under Step 4 select “Within SBI”. Follow steps 5-10 as stated above for the rest of the transactions.

RTGS at SBI

RTGS real-time fund transfer system enables a bank customer to transfer funds to their account to a beneficiary account within the same bank branch or an RTGS enabled bank within India. This framework is regulated solely by the Reserve Bank of India.

SBI has given its customers the option of doing RTGS through offline mode by filling the RTGS form at their home branch or through the online mode through internet banking, YONO app or mobile making.

SBI RTGS Form to be submitted at Branch

State Bank of India RTGS form can be filled through branch visit or the same can be downloaded from the bank portal. Below particulars are required to be filled.

  • Amount to be transferred
  • State Bank of India branch name and code
  • RTGS charges
  • Account holder name and contact details 
  • Beneficiary particulars like name, bank, branch address, account type, account number, IFSC code and mobile number
  • Enter how the transfer to be made, i.e. through cash, cheque or direct debit from the bank account with relevant particulars
  • Sign the form and submit it 

Steps - SBI Online RTGS Fund Transfer

  • Login on State Bank of India internet banking portal with username and password
  • Select the ‘Payments Transfers’ tab 
  • Two fund transfer options available: Within SBI and Outside SBI. 
  • Select the required option 
  • For fund transfer outside SBI, select the ‘Inter-Bank Beneficiary’ tab, select ‘RTGS’, and select the ‘Proceed’ tab
  • Type in the amount
  • Key in the beneficiary details correctly like name, account type etc.
  • Select beneficiary account number
  • Select terms and conditions, key in transaction password and select the ‘Submit’ option
  • Enter OTP 
  • After checking all particulars, click ‘Confirm’.

IMPS at SBI

IMPS is an instant money transfer facility made available by most of the leading banks across India wherein you can transfer funds from your home bank account immediately to the beneficiary bank account. SBI offers IMPS facility 24/7 365 days irrespective of any bank or public holidays. IMPS can be only be done at SBI using internet banking or mobile banking.  SBI does not levy any IMPS charges for its customers availing the facility.

To avail IMPS facility at SBI, the below criteria have to be met 

  • SBI should first register their mobile numbers with the bank
  • Customers should ensure that a valid MMID is linked to SBI primary bank account
  • Valid MPIN is required to transfer funds from one account to another

Steps to transfer funds via IMPS

SBI IMPS using MMID

  • Log in to the SBI portal with username and password  
  • Click on the “Payments Transfer” tab
  • Click the ‘IMPS Funds Transfer’ tab
  • Click the Funds Transfer tab
  • Click ‘Person to Person’  through MMID
  • Provide MMID and mobile number
  • Type amount and select ‘Submit’
  • Check details and select ‘Confirm’
  • OTP received can be used to authenticate and complete the transaction

SBI IMPS using IFSC

  • Log in to the State Bank of India bank website with username and password 
  • Click on the “Payments Transfer” tab
  • Click the ‘IMPS Funds Transfer’ tab
  • Click the Funds Transfer’ tab
  • Click ‘Person to Account’ Using IFSC  
  • Select beneficiary to whom funds to be transferred
  • Key in the amount and confirm the transaction
  • On successful initiation of transfer, confirmation will be received from the State Bank of India via SMS

About RTGS/NEFT/IMPS at SBI

The world has taken digital strides over the past few years across various streams. The Covid-19 pandemic has also seen people opting for digital mediums to stay safe and carry on their work. The advent of digital mediums has also made the banking sector adopt technologies like NEFT/RTGS/IMPS for various day-to-day banking activities. Customers can now carry out such transactions from the ease and comfort of their homes or offices.

State Bank of India (SBI), the leading nationalized bank in India is also an Indian Multinational which has its headquarters in Mumbai. SBI has various products to offer to its wide customer base which includes National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS). Customers can avail of these facilities at SBI by vising its branch, internet banking, YONO app or through SBI mobile banking app.

The important features of NEFT/RTGS/IMPS at SBI are stated below for the benefit of its customers.

FAQs

1. Is the IMPS facility available to all customers of SBI?

IMPS facility is available to all customers of SBI who have their registered their mobile numbers with the bank.

2. Which is faster: NEFT or RTGS?

RTGS is a faster form of money transfer for transactions of Rs. 2 lakhs and above, with a time limit of 30 minutes for funds to be transferred to the beneficiary account. NEFT transaction is undertaken for transactions below Rs. 2 lakhs and is done in lots so takes around 2- 3 hours for the money to get transferred.

3. Is NEFT/RTGS mode of money transfer safe?

RTGS/NEFT money transfer mechanism is governed by the Reserve Bank of India and is a totally safe and secure way to transfer funds.

4. How many NEFT transactions can be done in a day?

There is no limit on the number of NEFT transactions that be done in a day. However, the timings of SBI would need to be followed to undertake NEFT transaction.

5. Can I avail of IMPS transfer through the SBI branch?

IMPS facility is only available through SBI mobile banking and internet banking

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