Need To Make An Online Money Transfer? SBI Charges, Transaction Limits Compared
SBI or State Bank of India, the country's largest lender, charges a fee ranging from Rs 1 to Rs 50 per transaction for money transfer through NEFT and RTGS. Electronic or wire transfer of funds refers to transfer of money from one bank account to another carried out online. NEFT - or National Electronic Funds Transfer - and RTGS - or Real Time Gross Settlement - are two such platforms of money transfer available today. The fee levied by SBI for NEFT and RTGS transactions varies depending upon the amount of money to be transfered and mode of transfer (online or through branch), according to the bank's corporate website - sbi.co.in.
SBI levies a fee of Rs 1-5 per transaction, excluding GST (goods and services tax), for NEFT transfers made through net banking or mobile banking. For NEFT transactions made by way of visit to a branch, the banking major charges a fee of Rs 2.5-25 per transaction (excluding GST), according to the SBI portal.
For RTGS transactions made through net banking or mobile banking, State Bank of India charges a fee of Rs 5-10 per transaction (excluding GST), according to its website. For such transactions made from bank branches, SBI charges a fee of Rs 25-50 (excluding GST) per transaction, according to the SBI website.
Here's a comparison of the charges levied by SBI for NEFT transactions of different amounts conducted from net banking or mobile banking:
| NEFT transaction through net banking/mobile banking (exclusive of GST) | |
|---|---|
| Up to Rs 10,000 | Rs 1 |
| Above Rs 10,000 up to Rs 1 lakh | Rs 2 |
| Above Rs 1 lakh up to Rs 2 lakh | Rs 3 |
| Above Rs 2 lakh | Rs 5 |
| (Source: sbi.co.in) | |
Here's a comparison of the charges levied by SBI for NEFT transactions of different amounts conducted from a bank branch:
| NEFT transactions at branches (exclusive of GST) | |
|---|---|
| Up to Rs 10,000 | Rs 2.5 |
| Above Rs 10,000 up to Rs 1 lakh | Rs 5 |
| Above Rs 1 lakh up to Rs 2 lakh | Rs 15 |
| Above Rs 2 lakh | Rs 25 |
| (Source: sbi.co.in) | |
Here's a comparison of the charges levied by SBI for RTGS transactions of different amounts conducted from net banking or mobile banking:
| RTGS transactions through net banking/mobile banking (exclusive of GST) | |
|---|---|
| Rs 2 lakh to Rs 5 lakh | Rs 5 |
| Above Rs 5 lakh | Rs 10 |
| (Source: sbi.co.in) | |
Here's a comparison of the charges levied by SBI for RTGS transactions of different amounts conducted from a bank branch:
| RTGS transactions at branches (exclusive of GST) | |
|---|---|
| Rs 2 lakh to Rs 5 lakh | Rs 25 |
| Above Rs 5 lakh | Rs 50 |
| (Source: sbi.co.in) | |
In case of NEFT and RTGS payments initiated through a bank branch, State Bank of India said
the charges are applicable "only to transactions originated and payable" within the country.