SBI (State Bank of India) offers instant money transfer facilities such as IMPS and NEFT. IMPS or Immediate Payment Service is an instant payment service that enables round-the-clock money transfer through the use of mobile app, mobile banking or internet banking. NEFT or National Electronic Funds Transfer works on a deferred net settlement basis, where transactions are settled in batches, according to State Bank of India's internet banking portal, onlinesbi.com. SBI, the country's largest lender, also charges a certain amount from their customers for NEFT and IMPS transactions.
Here's everything you need to know about SBI's IMPS and NEFT services:
State Bank of India (SBI) IMPS
Timing: SBI's IMPS inward and outward transactions are available round-the-clock. There are no holiday restrictions on IMPS inward and outward transactions, according to SBI's internet banking website, onlinesbi.com.
Amount: The maximum amount that can be transferred through IMPS is Rs. 2 lakh. However, there is no prescribed limit for the minimum amount allowed to make an IMPS transaction.
Charges: SBI charges Rs 1 rupee plus GST on transactions valued from Rs. 1,001 to Rs. 10,000.
|Amount Slab||Proposed IMPS Charges||Commission Amount debited from customer + GST|
|Rs. 0 - 1,000||NIL||No Charges|
|Rs. 1,001 - 10,000||Rs 2||Rs 2.36|
|Rs. 10,001 - 25,000||Rs 2||Rs 2.36|
|Rs. 25,001 - 1,00,000||Rs 5||Rs 5.90|
|Rs. 1,00,001 - 2,00,000||Rs 10||Rs 11.80|
State Bank of India NEFT
Timing: NEFT operates in half hourly batches and there are twenty three settlements from 8 am to 7 pm on all working days including working Saturdays. Therefore, the beneficiary can expect to get the credit for the transactions put through between 8 am to 5.30 pm on all working days on the same day, said SBI. For transactions settled in the 6.30 and 7 pm batches on all working days, the customer will receive the amount either on the same day or on the next working day.
Amount: Under SBI's retail internet banking, one can transfer a maximum of Rs. 10 lakh, according to the lender's website. However, there is no minimum limit.
Charges: SBI charges Rs. 2.50 for transactions up to Rs. 10,000.
|Amount (in Rs.)||Existing Charges for Branch (exclusive of tax)||Rate for INB Channel (exclusive of tax)|
|Upto Rs.10,000||Rs 2.50||Rs 2|
|From 10,001 to 1 lakh||Rs 5||Rs 4|
|Above 1 lakh up to 2 lakh||Rs 15||Rs 12|
|Above 2 lakh||Rs 25||Rs 20|
Private sector lenders such as HDFC Bank and ICICI Bank also offer NEFT and IMPS facilities.
Election Results for Lok Sabha Election 2019 will be out on May 23. Get the latest election news and live updates on ndtv.com/elections. Catch all the action on NDTV Live. Like us on Facebook or follow us on Twitter and Instagram for news updates from each of the 543 parliamentary seats for the election 2019