State Bank of India (SBI) offers a variety of financial services to its customers to meet their monetary needs since inception. Among several financial and non-financial services, SBI allows customers to transfer funds with National Electronic Funds Transfer or NEFT following the Reserve Bank of India (RBI) guidelines.
Keep reading to know about SBI NEFT charges, NEFT benefits, limitations, and steps to conduct the transfer.
What is NEFT?
National Electronic Funds Transfer (NEFT) was introduced by the Indian government in 2005 and is managed by the Reserve Bank of India. This system is one of the popular methods to ensure online and hassle-free transfer of money.
NEFT is aone-to-one payment facility and can occuronly between banks that offer NEFT transaction facilities. NEFT transactions do not happen in real time like UPI or card transactions. This means an NEFT transaction might take a few days to complete. Furthermore, banks will charge you anadditional NEFT fee rangingbetween Rs.2.5 to Rs.25. This charge might vary depending on the amount you transfer.
What is SBI NEFT?
State Bank of India (SBI) offers its customers an opportunity totransfer funds with the NEFT facility. This NEFT scheme is also managed and monitored by Reserve Bank of India channels. The bank processes this payment into half-hourly batches throughout the day. To go ahead with the fund transfer using NEFT, you must pay SBI NEFT charges.
SBI NEFT Charges 2024
Thetable below displaysSBI NEFT charges for 2024 associated with different amounts to make a fund transfer:
Transaction amount | NEFT charges (At bank branch) |
Upto to Rs.10,000 | Rs.2 + GST |
Between Rs.10,001- Rs.1 lakh | Rs.4 + GST |
Between Rs.1 lakh- Rs.2 lakh | Rs.12 + GST |
Above Rs. 2 lakh | Rs.20 + GST |
Note: There are no charges for SBI NEFT done through Netbanking or Mobile banking.
SBI NEFT Timing
Previously, RBI had set fixed timings for all banks to conduct money transfers through NEFT. Till 2019, one could use the SBI NEFT facility from 8:30 am to 6:30 pm on weekdays and from 8:30 am to 12 pm on Saturdays.
However,since 2020, the RBI made theNEFT facility accessible on a round-the-clock basis, i.e. 24/7 on all days. You can transfer money with SBI NEFT online or by visiting the bank. However, as banks remain closed on bank holidays, one cannot opt for an offline NEFT facility on those days.
Prerequisites of SBI NEFT Transaction
The points below highlight the prerequisites for successful NEFT transactions:
- Already added beneficiary and approvedby the bank. You can add a beneficiary by logging into SBI Netbanking and clicking on the ‘Add & Manage beneficiary’ option under the ‘Payments/ Transfers’ tab and entering the required details.
- The amount which you are planning to send.
- Your registered mobile number.
How to Make Transfers in NEFT SBI?
You can make NEFT fund transfers from one SBI bank to other SBI bank account and also to other banks. This facility allows you to gain access to simple and hassle-free fund transfers from any corner of India.
NEFT Payments from SBI to Other Banks
Here are the steps to transfer money from SBI to other banks using NEFT:
Step 1:Log in to the online portal of theState Bank of India or log in to the SBI Yono app with your credentials.
Step 2:Click on the ‘Payments/ Transfers’ option.
Step 3:On the next page, under the ‘Outside SBI’ section, click on ‘Other Bank Transfer’.
Step 4:Next, choose ‘NEFT’ to move ahead with next step.
Step 5:Choose the account from which you wish to make an NEFT transfer. You will also find a space for the amount you are planning to transfer. Enter the correct amount here to make a successful fund transfer.
Step 6:Select the beneficiary account for which you want to transfer money.
Step 7:Select a time when you wish to send the NEFT. Here, you can choose from three different options: scheduled later, pay now, and standing instruction.
Step 8:Read and accept the terms and conditions, verify all the entered information and click on ‘Send’.
Step 9:Finally, enter the transaction password sent to your mobile numberand select ‘Confirm'. After this, you can see a confirmation status on your screen as proof of a successful NEFT transaction.
Transferring Funds from SBI to SBI Bank
You can follow the steps below to make an NEFT transfer from one SBI account to another:
Step 1:Log in to theState Bank of India’s website or the SBI YONO application.
Step 2:Click on the ‘Payments/ Transfers’ option. On the next page, under the ‘Within SBI’ section, click on ‘Accounts of Others - Within SBI’.
Step 3:Select the account from where you wish to make a transfer.
Step 4:In the given space, enter the amount which you wish to transfer.
Step 5:Select your beneficiary account number, schedule a suitable time to transfer the amount and click submit.
Step 6:Read and accept the terms and conditions and enter your transaction password. Following this, you will receive a confirmation status after a successful NEFT transaction.
Offline SBI NEFT Transfer
Besides the above steps for online NEFT transfer, you can also opt for an offline transaction process, wherein you would need to visit the nearest SBI branch. Here, you will receive an NEFT/RTGS transfer form. Fill out this form by entering your details, such as the name and account numbers of yourself and your beneficiary.
You must also provide the IFSC code of the beneficiary bank and submit the form to bank officials after attaching a cheque. Following this, the bank officials will debit the amount from your account and transfer the same to the beneficiary's account.
Things to Know About SBI's NEFT and RTGS Transactions
Before moving ahead with this transaction process, you must know a few things about SBI NEFT charges and NEFT and RTGS in general. Here are certain things which you must keep in mind before opting for NEFT and RTGS transactions:
- There isnomaximum limit for SBI’s NEFT and RTGS transactions. The minimum limit for NEFT is Rs. 1 and RTGS transactions is Rs.2 lakh.
- TheSBI NEFT charges can range fromRs.2 to Rs.20 along with GST. These charges apply to transactions that happen within India.
- To go ahead with SBI NEFT and RTGS transactions, SBI will require information like beneficiary name, bank where you have an account, IFSC code and bank account number.
- SBI’s NEFT transactions may take two hours to complete. As opposed to this, RTGS transactions happen in real-time, making fund transfers quick.
Benefits of Making NEFT Payments
Here are a few benefits associated with NEFT payments that make it a better option if compared with the conventional methods:
- No minimum or maximum limit to transfer funds:SBI does not restrict your financial transaction with an upper limit. Therefore, you can transfer any amount using this feature. However, for every transaction, you would need to pay SBI Bank NEFT charges depending on your amount.
- Cost-effective:The associated processing and other charges for NEFT are very low. Additionally, there are no charges when NEFT is done through online mode. This makes NEFT a highly convenient way to transfer funds from one account to another.
- Simple and efficient: With SBI, you can experience a safe, hassle-free and efficient financial transaction with NEFT.
- Monitored by RBI: RBI regulates and monitors all financial transactions in India. Thus, it ensures secure financial transactions from one bank account to another using SBI NEFT.
Limitations of SBI NEFT Service
Besides the above benefits, here are a few limitations that you must know about SBI NEFT:
- You must pay SBI NEFT charges for every transaction done offline.
- To go ahead with an NEFT transaction, you must compulsorily add a beneficiary to send money in favour of a new account. This process can be time-consuming as it might take 6 hours to 24 hours before proceeding with the NEFT payment part.
- The SBI NEFT payment process happens in batches. This means the payment process might take two hours to be fully complete. In comparison to this, UPI, IMPS, and RTGS transactions are settled instantly.
How Do you Pay Your Credit Card Bill through the NEFT of SBI?
Below are the steps to know how to pay a credit card bill with SBI NEFT:
Step 1:Log in to theofficial portal of State Bank of India or the SBI Yono app with your credentials.
Step 2:Click on the ‘Payments/ Transfers’ option. On the next page, under the ‘Outside SBI’ section, click on ‘Credit Card (VISA) Bill Pay’.
Step 3:A new page will open; here, you must enter the required details to initiate this transaction process.
Step 4:Check the entered information and click on 'Submit'.
Step 5:Once done, you can move ahead with the payment process whenever required.
Both online and offline NEFT transactions are safe as the Reserve Bank of India closely regulates it. You can only make NEFT payments with the official portal or SBI app if you opt for online transactions. Also, you must pay SBI NEFT charges, which vary depending on the amount you are transferring.
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