State bank of India is one of the leading government banks in India. SBI is all made for the citizens of India for providing better banking facilities at fewer charges along with attractive interest rates on fixed deposits and the fewer interest rates on loans. SBI also offers fund transfer facility from both online and offline. It means you can transfer funds using your internet banking or via visiting the branch. However, the first option is the most convenient way for the customers so that they do not have to visit the branch.
Transferring funds is now common. Most of the business do prefer payments in accounts rather than taking in cash. It is also the most convenient way for sending the payment to anyone within the country. For example, if you want to send payment to Mumbai from Punjab then It is obvious you will not bring cash with you for the other party, you will only transfer the funds using various payment options offered by the bank. Apart from being the most convenient way for payments. It also has some charges. In this post, we will tell all the fees charged on fund transfer via your SBI bank account.
SBI Fund Transfer Options:
There are three options for transferring funds. The three options are commonly used while transferring funds online and offline. The three options are:
- IMPS
- NEFT
- RTGS
#1 SBI IMPS Fund Transfer:
IMPS is mostly used for instant money transfer. This option is only available to use through internet banking. In this option, the Beneficiary will receive funds instantly on their account after sending from the SBI bank account. The main benefit of using SBI IMPS fund transfer facility is you can transfer funds anytime from anywhere. The beneficiary activation will take 30 mins, and after that, It will be ready for transferring funds from your SBI bank account.
However, the limit of transferring funds is defined by every bank and so that you can transfer up to 2 lac at once to one beneficiary in the day after paying some charges.
The charges for transferring funds using IMPS are:
- Up to Rs 1000, the charges are zero.
- From rs 1000 to 1 Lac the charges are 5 Rs per transaction.
- From Rs 1 Lac to 2 Lac the charges are 15 Rs per transaction.
There are no other hidden charges for using internet banking and transferring funds.
How to Transfer?
It is easy. We have added the whole process in steps. Let’s have a look.
- First, you need to visit the official website of SBI bank.
- Go through the internet banking login page.
- Enter your customer ID and password.
- Submit and log in to your dashboard.
- Once logged in, find the option payments and then fund transfer.
- Click on add beneficiary.
- Enter all the details like account number, bank name, and IFSC code of Beneficiary and activate by verified the OTP sent to your registered mobile number.
- Wait for 30 mins and post verification of the Beneficiary. Go through the same page again and click on IMPS fund transfer.
- Select Beneficiary and put the amount and click on send.
- That’s it.
#2 SBI NEFT Fund Transfer:
The second option for transferring funds is via using NEFT as a payment option. NEFT stands for national electronic fund transfer. NEFT is another and most convenient option to transfer funds using one account to another within the country. You can use this option for fund transfer via Internet/Mobile banking or via visiting the bank branch. If you are using the internet and mobile banking, then you can transfer funds using NEFT after the beneficiary activation only, and on the other side, you need to carry cheque with you for the fund transfers.
Note: This is not an instant payment service. NEFT fund transfers usually take 5-10 hours of maximum to clear.
The charges for transferring funds via NEFT are:
- Up to Rs 10000, the charges are 2.5Rs per transaction.
- From Rs 10000 to 1 Lac, the charges are 5Rs per transaction.
- From Rs 1 Lac to Rs 2 Lac, the charges are 15Rs per transaction.
- For more than Rs 2 Lac, the charges are 25Rs per transaction.
How to transfer?
You can transfer funds using NEFT via two options either by internet banking or visiting the bank branch of SBI. Let me tell you the process for both procedures.
Via Bank:
- Visit the nearest branch of SBI along with the cheque.
- Write all the details of the beneficiary account on the backside of cheque and the name of account payee in front.
- Hand it over to the bank employee and you are done.
Via Internet Banking:
- Go through the login page of SBI internet banking.
- Enter Customer ID and password on the login page and click submit button.
- Move to the fund transfers option inside the dashboard.
- Add Beneficiary and post beneficiary activation, transfer the funds using NEFT as an option.
- The funds usually will be credited to the receiver account within 2 hours.
#3 SBI RTGS Fund Transfer:
This is the one time and instant funds transfer service from SBI bank. It stands for gross real-time service. All the payments more than 2 lac rs are processed at once. The thing is the transferred funds using this method cannot be revoked. There are two ways in which you can process an RTGS transfer, and that is via your bank or using Internet banking. The minimum amount which is required for transferring funds from the RTGS method in SBI is rs 2 lac.
The Charges for Transferring Funds via RTGS are:
The costs usually change upon the RTGS timings. Let me tell.
- From 9 AM to 12 PM and, for transferring amount from 2 Lac to 5 Lac is Rs 25 and, for transferring amount more than 5 Lac is 51 Rs.
- From 12 PM to 3:30 PM and, for transferring amount from 2 Lac to 5 Lac is Rs 26 and, for transferring amount more than 5 Lac is 52 Rs.
- From 3:30 PM to 4:30 PM and, for transferring amount from 2 Lac to 5 Lac is Rs 31 and, for transferring amount more than 5 Lac is 56 Rs.
How to Transfer?
We mention it earlier there are two ways to transfer funds using SBI RTGS service. The two methods consist of internet banking and via visiting the bank.
Via Bank:
- Ask for the RTGS form in your branch.
- Fill everything like all of the receiver account details correctly.
- Fill the amount and your account details as well.
- Attach with a cheque and hand it over to the bank representative.
- Within a few minutes, your funds will be transferred.
Via Internet banking:
- Log in to the SBI internet banking dashboard.
- Go through the payments and then fund transfer option.
- Add receiver account details and post beneficiary activated.
- Start sending the funds using RTGS mode.
- Enter the amount and click on send.
- That’s it.
Conclusion:
State bank of India is currently trying its best to provide better services among all other government banks in our nation. SBI is doing great not only in providing better banking facilities but also to provide any financial services from the government schemes. In this post, we have discussed the SBI fund transfers. How vital is fund transfer for everyone right now and what are the charges does bank take for this facility. Everything we have added in detail.
What did we learn?
