A credit card 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.
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.
Use the SBI IMPS payment facility to:
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.
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.
The following are a few steps to follow to make credit card payments using the SBI NEFT platform:
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.
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.
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.
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.
The IFSC code of your beneficiary can be obtained through the SBI online banking portal. You just need to furnish the necessary details.