SBI or State Bank of India, the country's largest lender, offers instant money transfer facilities IMPS and NEFT. Immediate Payment Service or IMPS is an instant payments 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, wherein transactions are lined up and settled in batches. SBI 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:
Timing: IMPS outward transactions are not available from 10:45 PM to 11.15 PM and IMPS inward transactions are available round the clock. However, there are no holiday restrictions on IMPS outward and inward 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 1 rupee plus GST on transactions valued from Rs 1,001 to Rs 10,000.
|Up to Rs 1,000||No Charges|
|Rs.1001 to Rs 10,000||Rs 1 + GST|
|Rs.10,001 to Rs 1,00,000||Rs 2 + GST|
|Rs 1,00,001 to 2,00,000||Rs 3 + GST|
Timing: NEFT operates in half hourly batches. 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. 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 retail internet banking, one can transfer a maximum of Rs 10 lakh using SBI NEFT service, according to the SBI portal. 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 service tax)||Rate for INB Channel (exclusive of service 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 - charge a fee ranging from Rs. 1 to Rs. 15 per IMPS transaction.
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.