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Need To Make A Fund Transfer From Your SBI Account? Here Are Your Options

SBI online banking: State Bank of India customers can remit funds using one of payments systems such as National Electronic Funds Transfer (NEFT).

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Need To Make A Fund Transfer From Your SBI Account? Here Are Your Options

SBI online net banking: State Bank of India is a member of payments systems such as NEFT and IMPS


SBI or State Bank of India - the country's largest bank - is a member of multiple payments systems. From National Electronic Funds Transfer (NEFT) to Immediate Payment Service (IMPS) and Real-Time Gross Settlement (RTGS), SBI customers can remit funds using one of these payments systems. NEFT operates on a deferred net settlement basis, meaning the transactions are settled in batches as opposed to the continuous, individual settlement in RTGS, according to SBI's corporate website, sbi.co.in. In RTGS, the processing of funds transfer instructions takes place at the time they are received (real time).

Here's a comparison of the timings and charges applicable to SBI fund transfer services (SBI online banking) through payments systems such as National Electronic Funds Transfer (NEFT) and Immediate Payment Service (IMPS):

Timings

NEFT timings

SBI has listed the following timings for the settlement of NEFT transactions (in batches):

* Settlements on weekdays at hourly intervals from 8:00 am to 7:00 pm

* Settlements on Saturdays at hourly intervals from 8:00 am to 1:00 pm

RBI settlement timings
DayStart timeEnd time
Monday to Friday08:00 hrs19:00 hrs
Saturday08:00 hrs01:00 hrs
(Source: sbi.co.in)

IMPS timings

IMPS inward and outward transactions are available 24X7, without any holiday restrictions, according to SBI's internet banking portal, onlinesbi.com.

RTGS timings

SBI has listed the following schedule for sending RTGS transactions to the RBI:

RBI settlement timings for transactions (other than interbank transactions)
DayStart timeEnd time
Monday to Friday08:00 hrs16:30 hrs
Saturday08:00 hrs02:00 hrs
(Source: sbi.co.in)

(Also read: All you need to know about SBI basic account | small account | savings plus account)

Charges

NEFT charges

For transactions at branches:

Transaction amountCharges (excluding taxes)
Up to Rs 10,000Rs 2.50
Above Rs 10,000 up to Rs 1.00 lakhRs 5
Above Rs 1.00 lakh up to Rs 2.00 lakhRs 15
Above Rs 2.00 lakhRs 25
(Source: sbi.co.in)

For transactions through net banking/mobile banking:

Transaction amountCharges (excluding taxes)
Up to Rs 10,000Rs 1
Above Rs 10,000 up to Rs 1.00 lakhRs 2
Above Rs 1.00 lakh up to Rs 2.00 lakhRs 3
Above Rs 2.00 lakhRs 5
(Source: sbi.co.in)

RTGS charges

For transactions at branches:

Transaction amountCharges (excluding taxes)
Up to Rs 1,000Nil
From Rs 1,001 to Rs 1,00,000Rs 5
From Rs 1,00,001 to Rs 2,00,000Rs 15
(Source: sbi.co.in)

For transactions through net banking/mobile banking:

Transaction amountCharges (excluding taxes)
Rs 2.00 lakh to Rs 5.00 lakhRs 5
Above Rs 5.00 lakhRs 10
(Source: sbi.co.in)

IMPS charges

For transactions at branches:

Transaction amountCharges (excluding taxes)
Up to Rs 1,000Free
From Rs 1,001 to Rs 10,000Rs 1
From Rs 10,001 to Rs 1,00,000Rs 2
From Rs 1,00,001 to Rs 2,00,000Rs 3
(Source: sbi.co.in)

For transactions through net banking/mobile banking:

Transaction amountCharges (excluding taxes)
Up to Rs 1,000Nil
From Rs 1,001 to Rs 1,00,000Rs 5
From Rs 1,00,001 to Rs 2,00,000Rs 15
(Source: sbi.co.in)

(Also read: ATM charges levied by State Bank of India, other major lenders)

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