Fund transfers are part of the financial system which is required by individuals and businesses both. In India, the economic setup has evolved over the past two decades to present a reliable and efficient arrangement that ensures safety along with a surety of quick money transfer.
How is it possible? Online banking has successfully established itself in the Indian financial system. This step was taken by the sole governing financial body, that is, the Reserve Bank of India. It formulated two efficient schemes that have enhanced over the years to attract a large share of the nation’s population. National Electronic Funds Transfer (NEFT) is one of the major schemes which serves as a fast and reliable source to credit a beneficiary’s account. Considering this particular internet banking technique, a significant share of individuals, firms, and corporates can transfer funds electronically over the web from their bank branch to any other individual, firm or corporate holding an account with a bank branch which falls under the NEFT scheme within the country.
Offline SBI NEFT Form
NEFT and RTGS both have been a huge hit in India primarily with the introduction of mobile banking, which permits the customer to transfer funds using their smart phones anytime and anywhere. Did you know NEFT system can be accessed at the bank branch? This does come as a shocker for most individuals since a large share of the customer population aren’t aware of this fact. State Bank of India has been the leading financial and banking service company in the country for many years. The bank was among the first providers for offline NEFT fund transfer where one can always visit the branch in person and put a request. Everything is managed through an SBI NEFT form which has to be filled first.
SBI NEFT Form Important Details
Several people do prefer the offline NEFT facility for quick fund transfer since they are reluctant to use the service online considering threat or fraud. Also, the elderly, as well as meagerly educated population in India, prefers visiting the bank premises for transferring money. At SBI, you only need to pick up the SBI NEFT form which would hold all the necessary details related to the fund transfer. Here are some of the valuable pointers related to SBI’s offline NEFT system.
- The remitter needs to maintain information such as bank account details from which the amount needs to be transferred, account number of the beneficiary, fund transfer amount and IFSC code of beneficiary bank. Everything has to be written on the SBI NEFT form which would be later handed over to the bank official who would punch in the details onto his/her system for making the transaction proceed over the online platform.
- It is important to ensure that the destination bank branch along with the remitting bank branch is listed among the sphere of the NEFT network.
- In order to access instantaneous or real-time settlement for transferring funds, the action should be made successful using the RTGS facility.
- For fund transfers of over Rs. 2 lakhs using the offline route, the banking customer needs to attach a cheque leaflet in addition to the SBI NEFT form or RTGS form for finishing the process. In cases when the customer isn’t carrying a cheque book for making the request for fund transfer using NEFT or RTGS facility, the bank usually provides a temporary cheque book.
- It is important to know that charges for NEFT fund transfer transactions via offline route vary from bank to bank, since the Reserve Bank of India hasn’t set any fixed charges for such transactions. At SBI, NEFT transactions for a lower transfer value of up to Rs. 1 lakh the remitter isn’t required to pay any sort of fee. For higher fund transfer values, the charges usually fall anywhere between Rs.5- Rs 50 considering RTGS transaction.
SBI NEFT Transfer Timings
Once you have filled the SBI NEFT form and handed it over to the bank official for punching the details onto the system, the transfer time is calculated from this moment onwards. NEFT transfer is available 24×7 for 365 days. In general, the usual time of NEFT transfer is close to 1 hour. However, there are chances for the time to extend to 2-3 hours or can drop down to only 10-20 minutes. You should surely gain knowledge about the RBI slots and guideline connected to NEFT transfer which can assist you in sending money without much hassle.
- NEFT system is available on all days of the year, including holidays.
- The Reserve Bank of India has scheduled 48 batches fixed for every day regarding NEFT settlement. The settlement of first batch will commence after 00:30 hours and the last batch will end at 00:00 hours.
- NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks.
- These batch timings are the slots during which a person’s transfer request is forwarded to the beneficiary’s bank through the RBI.
Offline NEFT fund transfer option offered by SBI and other banks can always be considered under different situations. The process isn’t that tiresome if you manage all the necessary details ready to be filled in the SBI NEFT form. Always keep track of the RBI time slots as well as transfer charges before accessing a NEFT request.