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SBI NEFT

SBI NEFT Details

SBI NEFT is the inter-banking facility based on Deferred Net settlement under which transactions are credited in hourly batches for all the requests received in 30 minutes.

SBI NEFT Transfer Modes Offline- Bank Branch
Online- Mobile/ Net Banking
SBI Fund Transfer Limit Bank Branch- No Limit
Mobile/ Internet Banking- ₹10 Lakhs
SBI Fund Transfer Charges Mobile/Internet Banking- Nil
Bank Branch- Upto ₹10,000 - ₹2 + GST, Above ₹10,000 and upto ₹1 lakh - ₹4 + GST, Above ₹1 lakh and upto ₹2 lakh - ₹12 + GST, Above ₹2 lakh - ₹20 + GST
SBI Fund Transfer Timings 8 AM to 7 PM, Monday to Saturday
Apply for Savings Account

SBI National Electronics Fund Transfer - SBI NEFT

SBI, which is one the leading Public Sector Bank also provides an electronic method of fund transfer through internet banking by various modes such as NEFT, RTGS and IMPS. If you want to transfer funds through SBI NEFT, you need to have required bank details, including the IFSC code of the recipient's Bank. There is no cap on the minimum and maximum amounts of funds that can be transferred. However, in cases when there is in-person cash-based remittance within India, the maximum cap is ₹ 50,000.

How Does SBI NEFT Work?

SBI NEFT or National Electronic Funds Transfer is the inter-banking facility maintained under RBI to transfer funds within the country. It is based on Deferred Net settlement which means the amount is credited in hourly batches along with the other payments for all the requests received in 30 minutes.

How to Transfer Funds through SBI NEFT to Another Bank Account?

To transfer funds through SBI NEFT to another bank account, you need to follow the below-mentioned steps:

  • Firstly, log in your SBI Net Banking Portal by using your User Name and Password.
  • On the next page, verify all the details and click on "Confirm".
  • Now, select the account from which the funds need to be transferred.
  • Now, under the "Payments/Transfer" tab, choose the appropriate fund transfer option.
  • After verifying all the details, check the terms and conditions box and click on "Submit".
  • Finally, enter the password sent to the registered mobile number and click on "Confirm". You will now receive the confirmation message on your screen.
  • Next, enter the amount, purpose of the transfer and also choose the beneficiary account for transferring the money.
  • On the next page, now choose the type of transaction and click on "Proceed".

How to Pay Credit Card Bill Payment Through SBI NEFT?

To make credit card bill payment through SBI NEFT, follow the below-mentioned steps:

  • Firstly log in to the internet banking account by entering your user name and password.
  • Add your credit card as the beneficiary to make the credit card bill payment. You can find this option under third party transfer.
  • Now, provide the IFSC code of the credit card and enter the 16-digit SBI Credit Card number in place of the account number.
  • Next, enter the bank name and enter the bank address of the credit card company/bank and click the submit button to make payment.

SBI NEFT Fees & Charges

There are no transfer charges to receive money through NEFT. However, the person doing the transactions may have to bear certain charges depending on the Bank. The NEFT money transfer facility is available for NRE/ NRO accounts in the country.

Transaction Type NEFT Charges
Mobile and Internet Banking Nil
Bank Branch Upto ₹10,000 - ₹2 + GST, Above ₹10,000 and upto ₹1 lakh - ₹4 + GST, Above ₹1 lakh and upto ₹2 lakh - ₹12 + GST, Above ₹2 lakh - ₹20 + GST

Required Details to Proceed NEFT Transaction

To transfer funds through SBI NEFT, you would require the following details.

  • Name of the beneficiary
  • Amount to be transferred
  • Customer’s account number
  • Name of the beneficiary’s Bank
  • IFSC code of the Bank’s branch
  • Account number of the person making the payment.

SBI NEFT Timings

You can transfer funds through SBI through mobile/internet banking or by visiting the bank branch. The users can transfer funds through NEFT, as mentioned below:

Banking Days NEFT Timings
Monday to Friday & Working Saturday 8 AM to 7 PM, Monday to Saturday

SBI NEFT Limits

As per the RBI guidelines, there is no cap on minimum amount and maximum for fund transfer through SBI NEFT. However, you can transfer up to ₹ 10 Lakhs on SBI NEFT, through SBI Internet Banking.

Benefits of Using SBI NEFT

The system of NEFT fund transfer provides the following features and benefits for fund transfer to the customers:

  • NEFT Limit: There is no minimum limit for fund transfer under NEFT.
  • Transfer Modes: You can transfer funds through NEFT by offline and online methods. To transfer funds offline, you need to visit the bank, and you can also transfer funds through net banking.
  • No risk: As all NEFT transactions in India are regulated by the RBI, hence making it a highly reliable channel.
  • Reliable and efficient process: It is very easy and convenient to transfer funds through SBI NEFT.
  • Cost-effective: The processing fee and charges are very low for SBI NEFT and hence is one of the most common channels to send funds.

FAQs

What is the charge for SBI NEFT?

If you want to transfer funds through SBI NEFT, you need to bear charges based on your transaction amount. While the charges for NEFT fund transfer through mobile/internet banking are Nil, you need to bear transaction charges of Upto ₹10,000 - ₹2 + GST, Above ₹10,000 and upto ₹1 lakh - ₹4 + GST, Above ₹1 lakh and upto ₹2 lakh - ₹12 + GST, Above ₹2 lakh - ₹20 + GST, if you want to do NEFT fund transfer through SBI branch.

What is NEFT transfer in SBI?

SBI, which is one of the leading Public Sector Bank, provides an electronic method of fund transfer based on deferred net settlement wherein the amount is credited in hourly batches along with the other payments for all the requests received in 30 minutes.

How much time does it take for NEFT transfer in SBI?

All transactions done through SBI NEFT are credited in hourly batches. So all requests received in 30 minutes are credited together.

How much money can be transferred through SBI NEFT in a day?

There is no limit for the minimum and maximum amount that can be transferred through SBI NEFT.


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