The State Bank of India (SBI) offers National Electronics Funds Transfer (NEFT) services for all customers through internet banking. NEFT can be used to transfer funds from one bank account to another and also to pay credit card bills, etc. NEFT is a speedy, hassle-free and convenient method to transfer funds across the country.
How to Transfer Funds through NEFT from SBI to another Bank
Step1: Log on to the SBI internet banking account
Step 2: After logging in, click on the ‘Payments Transfers’ option
Step 3: There are two options for fund transfer: Within SBI and Outside SBI. Choose the appropriate type of transaction.
Step 4: To do a NEFT transaction outside SBI, click on the ‘Inter-Bank Beneficiary’ option, choose ‘NEFT’, and click on proceed
Step 5: Select the account from which you want to do the NEFT transfer, key in the sum to be transferred in the ‘Amount’ column.
Step 6: Choose the beneficiary account details such as Account No, Beneficiary Name, Bank Name, and Limit (which is nothing but the amount to be transferred)
Step 7: Select the beneficiary account number and choose the ‘Select a schedule option’ to select at what time the fund needs to be sent. There are 3 options one can choose from: ‘Pay Now’, ‘Schedule Later’, or ‘Standing Instruction’.
Step 8: Accept the terms and conditions, enter the transaction password and click on the ‘Submit’ option
Step 9: Verify the details and click on ‘Confirm’. This is the final step and the confirmation of the status of the transaction will be displayed on the screen.
Please note that if you are making an account transfer for the first time, you will have to enter your ‘Profile Password’ and submit the same. It is also mandatory to create a ‘Transaction Password’. One will also have to add the beneficiary in order to initiate the fund transfer.
If you click on the ‘Pay Now’ option, money will be transferred as soon as possible. Under the ‘Schedule Later’ option, choose the date on which you want the transfer to be made. If you want to make the payment at a much later date, say in the next month or next few months, you can choose the ‘Standing Instruction’ option.
How to Transfer Funds through NEFT from SBI to another SBI Branch
Step 1: Log on to the SBI internet banking account
Step 2: Click on the ‘Payments/Transfers’ option and choose ‘Accounts of Others’ under the ‘Within SBI’ tab
Step 3: Select the account from which the transfer should be made
Step 4: Enter the amount that needs to be transferred
Step 5: Select the beneficiary account number and choose the ‘Select a schedule option’ to select at what time the fund needs to be sent. There are 3 options one can choose from: ‘Pay Now’, ‘Schedule Later’, or ‘Standing Instruction’
Step 6: Select the beneficiary details and click ‘Submit’
Step 7: Accept the terms and conditions, enter the transaction password and click on the ‘Submit’ option
Step 8: Verify the details and click on ‘Confirm’. This is the final step and the confirmation of the status of the transaction will be displayed on the screen
How to Pay Credit Card Bill through SBI NEFT
Step1: Log on to the internet banking account from your PC, mobile or tablet
Step 2: To pay your credit card bill, it is required to add your credit card. The card should be added as a beneficiary to initiate bill payment. This option is available under third party transfer
Step 3: Provide the IFSC code of the credit card
Step 4: To proceed, key in the 16-digit SBI Credit Card number in place of the account number
Step 5: Key in the bank name and enter the bank address of the credit card company/bank
Step 7: Click the submit button to finish the payment process
Details Required to Carry Out for a NEFT Transaction
- Registered mobile number of the sender or remitter of funds
- IFSC code of the payee’s bank
- Account details of the payee: name of payee as it is in bank account, account number of the payee, name of bank
- The amount to be sent
Fees and Charges for SBI NEFT
|Transaction Amount||Transaction Fee|
|More than Rs.2 lakh||Rs.25|
|More than Rs.1 lakh to Rs.2 lakh||Rs.15|
|More than Rs.10,000 to Rs.1 lakh||Rs.5|
|Up to 10,000||Rs.2.5|
Timing for SBI NEFT
All NEFT transactions are processed by SBI from 8 a.m. to 7 p.m. on weekdays and from 8a.m. to 1 p.m. on Saturdays.
Benefits of SBI NEFT
- Simple, reliable and efficient process: SBI offers a safe and effective NEFT experience for customers. IT is very easy and convenient to transfer funds through this system.
- Cost effective: The processing fee and charges are very low for NEFT and hence it is a very convenient channel to send funds. SBI offers one of the most cost-effective NEFT fee charges.
- Regulated by Reserve Bank of India (RBI): All NEFT transactions in India are regulated by the RBI, hence making it a highly reliable channel.
- No minimum or maximum limit: SBI has no upper limit on the amount of money that can be transferred through NEFT transactions.
Things to know about SBI’s NEFT and RTGS transactions
State Bank of India, the country’s largest lender offers its customers many benefits and a variety of facilities in a bid to provide a smooth banking experience. Here, we take a look at certain things that SBI customers need to know about Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT), both of which are inter-bank transfer systems maintained by the Reserve Bank of India.
- While NEFT works on deferred net settlement basis which is carried out in batches scheduled at pre-determined intervals, RTGS enables processing of funds on a real-time basis.
- There is no minimum transaction limit for NEFT while the maximum limit is Rs.5 lakh. As for RTGS, the minimum and maximum amount limit is Rs.2 lakh and Rs.5 lakh.
- When one uses NEFT or RTGS facilities to transfer funds, the money transferred is returned to the remitter’s account if the beneficiary’s bank is unable to credit the amount in the beneficiary’s account for any reason.
- To transfer funds using NEFT or RTGS, the remitter has to furnish details such as the amount, account number, name of the beneficiary, bank where his/her account is located, beneficiary’s account number and the IFSC code of the beneficiary’s bank branch needs to be provided.
- The amount charged by SBI for RTGS transactions carried out through net banking or mobile banking ranges from Rs.5 to Rs.10 plus GST while for NEFT transactions, the amount charged is in the range of Rs.1 to Rs.5 plus GST. For NEFT and RTGS transactions carried out at bank branches, the amount by the bank ranges from as low as Rs.2.50 to Rs.50 plus GST. It needs to be mentioned that the charges are applicable only for transactions that are originated and payable within the country.
Limitations of SBI NEFT
- Not as fast as Immediate Payment Service (IMPS): NEFT, unfortunately, is IMPS not as fast as IMPS. One has to wait for a long time until the bank processes the transactions in specified batches.
- Cannot use NEFT on holidays: NEFT service is only available on working days and these transactions will not be processed on other days. Hence it is very difficult for customers who want to send funds on an emergency basis.
- Works only from 8 a.m. to 7 p.m.: All SBI NEFT transactions will only be processed during working hours, which is from 8 a.m. to 7 p.m.
FAQ's of SBI NEFT
1. What is NEFT?
NEFT is an abbreviation for National Electronics Funds Transfer. This facility allows the customer/account holder to send funds from one bank to another. The service is provided by the Reserve Bank of India (RBI).
2. Do funds get transferred instantly through NEFT?
All transfers made through NEFT will be done only during the working hours of the bank. The transfer will be carried out in batches and hence may not be on an instant basis.
3. What is the minimum or maximum limit on NEFT transactions?
There is no minimum or maximum limit on NEFT transactions.
4. When will the payee (a person to whom funds are sent) receive the funds transferred through NEFT?
It usually takes not more than 30 minutes to process NEFT transactions. Banks have to mandatorily credit the amount to the payee within this time period.
5. In case the money is not received or credited to the payee’s account, will the sender get his/her money back?
If there is any error in a NEFT transaction and the money is not credited, it will be refunded.
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