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.