Need To Make A Fund Transfer From Your SBI Account? Here Are Your Options

Need To Make A Fund Transfer From Your SBI Account? Here Are Your Options

SBI or State Bank of India – the country’s largest bank – is a member of multiple payments systems. From National Electronic Funds Transfer (NEFT) to Immediate Payment Service (IMPS) and Real-Time Gross Settlement (RTGS), SBI customers can remit funds using one of these payments systems. NEFT operates on a deferred net settlement basis, meaning the transactions are settled in batches as opposed to the continuous, individual settlement in RTGS, according to SBI’s corporate website, sbi.co.in. In RTGS, the processing of funds transfer instructions takes place at the time they are received (real time).

Here’s a comparison of the timings and charges applicable to SBI fund transfer services (SBI online banking) through payments systems such as National Electronic Funds Transfer (NEFT) and Immediate Payment Service (IMPS):
Timings

Loading...

NEFT timings

SBI has listed the following timings for the settlement of NEFT transactions (in batches):

* Settlements on weekdays at hourly intervals from 8:00 am to 7:00 pm

* Settlements on Saturdays at hourly intervals from 8:00 am to 1:00 pm

RBI settlement timings
Day Start time End time
Monday to Friday 08:00 hrs 19:00 hrs
Saturday 08:00 hrs 01:00 hrs

IMPS timings

IMPS inward and outward transactions are available 24X7, without any holiday restrictions, according to SBI’s internet banking portal, onlinesbi.com.

RTGS timings

SBI has listed the following schedule for sending RTGS transactions to the RBI:

RBI settlement timings for transactions (other than interbank transactions)
Day Start time End time
Monday to Friday 08:00 hrs 16:30 hrs
Saturday 08:00 hrs 02:00 hrs

Charges

NEFT charges

For transactions at branches:

Transaction amount Charges (excluding taxes)
Up to Rs. 10,000 Rs. 2.50
Above Rs. 10,000 up to Rs. 1.00 lakh Rs. 5
Above Rs. 1.00 lakh up to Rs. 2.00 lakh Rs. 15
Above Rs. 2.00 lakh Rs. 25

or transactions through net banking/mobile banking:

Transaction amount Charges (excluding taxes)
Up to Rs. 10,000 Rs. 1
Above Rs. 10,000 up to Rs. 1.00 lakh Rs. 2
Above Rs. 1.00 lakh up to Rs. 2.00 lakh Rs. 3
Above Rs. 2.00 lakh Rs. 5

RTGS charges

For transactions at branches:

Transaction amount Charges (excluding taxes)
Up to Rs. 1,000 Nil
From Rs. 1,001 to Rs. 1,00,000 Rs. 5
From Rs. 1,00,001 to Rs. 2,00,000 Rs. 15

For transactions through net banking/mobile banking:

Transaction amount Charges (excluding taxes)
Rs. 2.00 lakh to Rs. 5.00 lakh Rs. 5
Above Rs. 5.00 lakh Rs. 10

IMPS charges

For transactions at branches:

Transaction amount Charges (excluding taxes)
Up to Rs. 1,000 Free
From Rs. 1,001 to Rs. 10,000 Rs. 1
From Rs. 10,001 to Rs. 1,00,000 Rs. 2
From Rs. 1,00,001 to Rs. 2,00,000 Rs. 3

For transactions through net banking/mobile banking:

Transaction amount Charges (excluding taxes)
Up to Rs. 1,000 Nil
From Rs. 1,001 to Rs. 1,00,000 Rs. 5
From Rs. 1,00,001 to Rs. 2,00,000 Rs. 15

 

Source:- ndtv

Share:
Loading...