National Electronic Funds Transfer (NEFT) is a fund transfer system that allows an individual to transfer money from one bank’s account to another bank’s account within the country. This money transfer system has been adopted by almost all banks across India. It is a quick and reliable source to credit an amount to the beneficiary’s bank account without trouble.
SBI NEFT Transfer Duration
Among the top banks dynamically operating in the country, State Bank of India (SBI) holds the top spot. The bank has always been the first to implement different changes introduced by the RBI. With SBI NEFT, customers no longer need to have to stand in long queues outside ATM since the funds can be transferred online. This surely proves beneficial to save precious time of the user. NEFT operates on a Deferred Net Settlements basis as per which fund transfers are settled in batches as opposed to the continuous, individual settlement. Although, the fund transfer time does rely on a number of factors such as:
- Your bank account might have been frozen, resulting in a delay for the money to transport via Therefore, whenever your NEFT transaction isn’t processed on time, you should inform the concerned bank’s officials.
- For all the users using NEFT for the first time, always remember that the online transfer process moves in designated batches and not in a single go. Hence, the fund transfer time can fluctuate from 10 minutes to even half an hour.
SBI NEFT Timings during Corona Pandemic
Due to the nationwide lockdown imposed due to Coronavirus, State Bank of India has announced some changes in its operating hours, staff count, etc. The bank, until further notice, will function from 10:00 AM to 2:00 PM in some states, while in other states its timings have been marked from 10:30 AM to 4:30 PM.
National Electronic Fund Transfer (NEFT) service will be available at SBI branches from 8:00 AM to 7:00 PM every day except on 2nd & 4th Saturdays, Sundays and bank holidays.
Nonetheless, account holders can transfer funds using the NEFT system via SBI net-banking/Yono App online. As proposed by the Reserve Bank of India (RBI), banks will not impose any charges on transfer of funds online via NEFT system.
Banking services available at SBI Branch Offices
As per the directive of the Indian Banks Association (IBA), the bank will continue to provide essential services-
- Cash deposits/withdrawals
- Clearance of cheques
- Government transactions
However, some banking services have been waived temporarily-
- Loan processing and disbursal
- New credit card applications
- Passbook services
- Opening new bank account facilities
State Bank of India is encouraging account holders to use SBI net-banking services and SBI Yono Lite App to avail banking services. Some of the services offered are- transfer of funds between own accounts, third party transactions maintained at any branch of the bank, inter-bank transfers to accounts with other banks, etc.
SBI NEFT Timings & Related Details
If you are trying to send money using NEFT online fund transfer system, then always keep a track of its timings. This is important because the fund transfer activity is processed on the basis of the stated time slots. As per RBI, from July 10, 2017, the settlements of fund transfer requests in the NEFT system is half an hour.
Let us check a few vital SBI NEFT timing details and other important guidelines that can help to ensure a smooth money transfer experience.
- According to RBI, there are 23batches half-hourly settlement batches for every working day, i.e., Monday to Friday. As far as Saturdays are concerned, only 1st and 3rd Saturdays of every month, the settlement batches will run. Always remember that NEFT settlements cannot be made on Sundays.
- For weekdays, i.e., Monday to Friday, the NEFT settlement batches will run from 8.00 a.m. to 7.00 p.m. on a half-hourly basis. These time slots are important since they represent the NEFT timings SBI during which a person’s fund transfer request is sent to the beneficiary’s bank by the Reserve Bank of India.
SBI NEFT Facts & Specifics
In order to use the SBI NEFT banking service, one must be well aware of the fund transfer model, its charges and other facts. Some of the prominent pointers that should always be taken into consideration before making an NEFT transaction are:
- The minimum amount that can be moved through NEFT is Rs. 1. SBI doesn’t charge a single rupee below a transfer amount of Rs. 10,000.
- Under NEFT, there is no maximum transfer limit; however, for values above Rs.2,00,000
RTGS is counted as the preferred fund transfer option.
- Every individual transaction using this scheme is processed according to NEFT timings that are on a half-hourly basis.
- AnSBI account holder can transfer and receive funds without any hassle using NEFT. Apart from this, a non-customer is also allowed to deposit cash through NEFT which is restricted to a maximum of Rs. 50,000/- per transaction.
- NEFT money transfer scheme is termed as a secure and quick option for transferring money which can be accessed using your smartphones.
- A user must always keep in mind that only NEFT-enabled banks are allowed to send and receive money through this platform.
- The remitter should always manage important details such as account number, beneficiary name, IFSC code, account type, while making an NEFT transaction request.
Benefits of NEFT
Some of the NEFT benefits are given as follows:
- Hassle–free: If you wish to transfer funds sitting at home that gets completed within half-hour then NEFT is the best option. It is a hassle-free way to transfer funds at your convenience.
- Economical: NEFT is tagged as a flexible and affordable payment option. The SBI NEFT charges are very low and thus economical for their customers.
- Trustworthy: NEFT from SBI’s online platform is highly reliable. Its online platform safeguards your money through different layers of online security. These measures are implemented by other banks as well for facilitating more secure online transaction facility to customers; this, in turn, encourages people to support online banking with greater effect. RBI also has framed strong and effective norms that further ensure your money is transferred under a systematic arrangement.