SBI or State Bank of India charges a fee of up to Rs 25 per transaction for money transfers through payments system NEFT. National Electronic Funds Transfer (NEFT), a payments system maintained by the Reserve Bank of India, enables account holders to send and receive money electronically from one account to another, between same or different banks. SBI charges a fee ranging from Rs 2.5 to Rs 25 per transaction (excluding taxes) for NEFT transfers from a bank branch, according to its corporate website - sbi.co.in. (Also read: SBI Instant Money Transfer service - How to send money to anyone through SBI debit card)
Here are some important details about SBI's timings, charges and transaction limits for NEFT transfers:
National Electronic Funds Transfer (NEFT) timings
In NEFT, settlements of fund transfer requests are done on a half-hourly basis. There are twenty three half-hourly settlement batches run from 8 am to 7 pm on all working days of a week, except second and fourth Saturdays of a month, according to the RBI.
State Bank of India (SBI) NEFT transaction limits
SBI has divided its NEFT charges on factors such as timing, amount and mode of transaction. For example, the country's largest bank charges a fee up to Rs 5 (plus taxes) per NEFT transaction carried out through internet or mobile banking, and up to Rs 25 (plus taxes) per NEFT transaction carried out by visiting a bank branch.
State Bank of India NEFT charges
NEFT transactions at bank branches
State Bank of India charges a fee of 1 rupee per transaction (excluding GST) for NEFT transactions up to Rs 10,000 through net banking or mobile banking, according to its website. For transactions between Rs 10,000 and Rs 1 lakh, the bank charges a fee of Rs 2 per transaction, and Rs 3 per transaction for those between Rs 1 lakh and Rs 2 lakh.
|Amount of NEFT transaction||Charges per NEFT transaction through branches (in rupees excluding taxes)|
|Up to Rs 10,000||2.5|
|Above Rs 10,000 and up to Rs 1 lakh||5|
|Above Rs 1 lakh and up to Rs 2 lakh||15|
|Above Rs 2 lakh||25|
For NEFT transactions above Rs 2 lakh through net banking or mobile banking, ít charges a fee of Rs 5 (plus GST) per transaction, according to the SBI website.
NEFT transactions through mobile banking/net banking
For NEFT transactions carried out at State Bank of India branches, a fee of Rs 2.5-25 per transaction (exclusive of GST) is charged from the customer by the lender.
|Amount of NEFT transaction||Charges per NEFT transaction through net banking/mobile banking (in rupees excluding taxes)|
|Up to Rs 10,000||1|
|Above Rs 10,000 and up to Rs 1 lakh||2|
|Above Rs 1 lakh and up to Rs 2 lakh||3|
|Above Rs 2 lakh||5|
For NEFT transactions up to Rs 10,000 at branches, SBI charges a fee of Rs 2.5 per transaction (excluding GST); Rs 5 per transaction for amounts between Rs 10,000 and Rs 1 lakh; Rs 15 per transaction for amounts between Rs 1 lakh and Rs 2 lakh, and Rs 25 per transaction for amounts above Rs 2 lakh, according to the SBI website.