Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • SBI Credit Card Bill Payment Through IMPS And NEFT

    A is the most exciting banking offer. One should know how to use it cleverly. If you default on payments, you shall be overburdened with late remittance fees and charges. This is the reason why most credit card users have begun using internet banking credit card payment options, including NEFT and IMPS. The payment facility of NEFT and IMPS is offered by all credit card issuers, including renowned banking institutions such as State Bank of India (SBI). The IMPS and NEFT payment platform offered by SBI is unique and competitive. The platform can be used by SBI and non-SBI credit card users.

    IMPS – The Simplest Internet Banking Payment Recipe

    The full form of IMPS is Immediate Payment Service. This is an electronic payment transfer system conceptualised by NPCI, which stands for National Payments Corporation of India. As on date, IMPS is the simplest digital fund transfer platform with greater accessibility. Though IMPS was proposed as a system for mobile fund transfer, it can still be used by the people, who have registered for mobile banking, to transfer funds online. Recently, most bill remitters have shifted towards the IMPS payment service owing to its simplicity and convenience.

    Participants Of An IMPS Payment Service

    • Payer: A payer is a person who makes payment. SBI and non-SBI credit card users are payers in this context.
    • Receiver: A receiver, also called as a beneficiary, is an individual or an entity to whom funds are transferred. SBI Bank is a beneficiary in this context. Non-SBI banks can also be beneficiaries.
    • Bank: A bank enables you to make online credit card payments. In this context, SBI is your banker.
    • National Financial Switch: National Financial Switch is a network that governs an IMPS transaction online.

    Why Use Sbi IMPS For Credit Card Payment

    Use the SBI IMPS payment facility to:

    • Transfer funds or make credit card payments instantly through multiple ways such as mobile phones, online banking, etc,
    • Make payments through a real-time platform that works 24 hours a day, 7 days a week and 365 days a year,
    • Pay not only SBI credit card bills but also mobile bills, utility bills, travel tickets, etc,
    • Safety, reliably and economically transfer funds or pay credit card bills, and
    • Join the growing network of SBI IMPS facility, which is faster, economic and user-friendly.

    How To Make An SBI IMPS Credit Card Payment

    • Login to the SBI online banking facility using Username and Password. You must be registered for online banking to avail this facility. If you have not used the internet banking facility earlier, internet banking credentials can be obtained online. You can also speak to the customer service representatives of SBI Bank, who can help you to login to the SBI online banking portal.
    • Once you have successfully logged-in to the SBI internet banking portal, click the ‘Continue To Login’ tab.
    • Locate the ‘Payment and Transfer’ tab, and click the same.
    • Once you clicked the ‘Payment and Transfer’ tab, you shall find the ‘IMPS’ tab and click the same.
    • An IMPS transaction requires you to submit either an MMID or an IFSC code. An MMID can be generated online, while an IFSC code shall be given by your banker.
    • Then provide necessary financial information such as your bank account, which needs to be debited, credit card number, the billing amount, the details of a beneficiary, MMID or IFSC code, contact number, etc.
    • Check for the accuracy of the information you have furnished. If all the details furnished by you are correct, click the ‘Confirm’ tab. You are done!
    • This way SBI or non-SBI credit card users remit credit card bills using the SBI IMPS online payment service.

    Note: If you have not added the beneficiaries for your account, you can do it online. SBIN00CARDS is the IFSC code for making SBI credit card bill payments.

    NEFT – An Online Platform For The Transfer Of Funds And Credit Card Bill Remittance

    Like IMPS, National Electronic Funds Transfer (NEFT) is also an electronic payment and fund transfer service, which processes interbank and intrabank transactions nationwide. The system processes transactions through electronic messages. Unlike RTGS, money shall not be transmitted on a real-time basis. Transactions are settled in 23 slots a day. Each slot lasts for 30 minutes. The NEFT payment facility is available between 8:00 a.m. and 7:30 p.m. on all working days, including 1st, 3rd and 5th Saturday of each month.

    Prime Features Of SBI NEFT

    • SBI Bank does not restrict the minimum and the maximum funds, which can be transferred using NEFT. You can process up to Rs.50, 000 per transaction in India.
    • Funds can be transferred through NRO and NRE accounts in India.
    • SBI Bank levies no charges on beneficiaries for inward transactions.
    • The SBI NEFT payment facility is preferred over other traditional payment methods such as Demand Drafts (DDs) and cheques.
    • SBI Bank processes credit card bill payments within 1-2 working days.
    • Needless to say, the NEFT platform offered by SBI is faster, convenient, and more importantly user-friendly.

    How To Make SBI And Non-SBI Credit Card Payment Using The SBI NEFT Platform

    The following are a few steps to follow to make credit card payments using the SBI NEFT platform:

    • This facility is only available to internet banking users. Be sure to be registered for the SBI internet banking facility. You can do it online within a few minutes.
    • Login to the SBI internet banking portal providing your password and username. In case of a third party transfer, an SBI card must be added as a beneficiary.
    • Furnish your 16-digit SBI credit card number.
    • Furnish your banker name, which should be SBI CREDIT CARD – NEFT.
    • Furnish bank address, which should be Payment Systems Group, State Bank GITC, CBD, Belapur, Navi Mumbai.

    Time Required To Process An SBI NEFT Transaction

    The time required to process an SBI NEFT transaction is less compared to other bankers. Transactions are settled within 3 business hours. It does not exceed 1 business day.

    NEFT vs IMPS

    Both NEFT and IMPS are electronic fund transfer and bill payment platforms, but they differ slightly. In case of IMPS, payments are processed instantly whereas an NEFT transaction takes 1-2 business days to process. The IMPS service is accessible 24 hours a day, seven days a week and 365 days a year, but this is not the case with the NEFT service. The IMPS service is freely available whereas the NEFT service is free up to a certain extent.

    FAQs on SBI Credit Card Bill Payment Through IMPS and NEFT

    1. What is the full form of MMID?

      The full form of MMID is Mobile Money Identification Number. It is a 7-digit number. The bank offering the facility of IMPS is represented through the first 4 digits of MMID.

    2. What is the process of adding beneficiaries for an SBI IMPS facility?

      First, you need to login to the internet banking portal of SBI Bank. Once you have logged-in, you will find a tab called ‘Profile’ and then you have to click ‘Manage Beneficiary’ tab. Click the ‘IMPS Beneficiary’ button and provide necessary details. Finally, you have to authenticate the initiative by submitting One Time Password (OTP) sent to your registered mobile number.

    3. How much money can I transfer through NEFT?

      SBI Bank allows you transfer up to Rs.10 lakh under the retail online banking and up to Rs.50 lakh under the corporate online banking.

    4. How do I find the IFSC code of my beneficiary?

      The IFSC code of your beneficiary can be obtained through the SBI online banking portal. You just need to furnish the necessary details.

    5. Do all bank branches in India offer the facility of NEFT funds transfer?

      If you want to become a part of the network of NEFT funds transfer, the branch will need to be NEFT-enabled. As of today, there are 220 banks that offer the facility of NEFT.

    6. Is there a limit on how much I can transfer via NEFT?

      No, there is no limit on the amount that you can transfer with the NEFT facility.

    7. What happens if I enter the wrong IFSC?

      The payment will be made to the branch of whose the IFSC has been provided. If you give the wrong IFSC, the payment will be transferred to that branch. You will have to contact the branch and then settle the issue.

    8. What is the processing fee/service charges levied for NEFT transactions?

      The charges that are applicable on NEFT transfers will be based on the rules and regulations of the bank

    9. How long does it to take for the NEFT payment to get reflected in my SBI credit card account?

      The payment amount will be credited to your SBI credit card within 3 hours.


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