State Bank of India, the country’s largest bank, offers a range of services which can be availed by its customers both online and offline. Be it deposits or withdrawal, financial or non-financial transactions or any other service, SBI has made ample provisions for its customers. SBI NEFT service allows account holders to transfer funds from one account to another quite easily.
SBI Fund Transfer
An account holder can follow any of the following methods for transferring funds online:
NEFT full form is National Electronic Funds Transfer. It is an electronic fund transfer service through which an account holder can transfer funds from the bank account to another account in SBI or any other bank account, make credit card payments, pay bills, etc.
How does SBI NEFT Work?
SBI NEFT works on the Deferred Net Settlement basis in which the payment is settled in half-hourly batches. Transactions made once are settled in the next batch automatically. Transactions requested after the NEFT timings are settled in the first batch of the next bank working day.
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NEFT Fund Transfer from SBI Account to another SBI Account
You have to follow the following steps for NEFT fund transfer funds from one SBI account to another SBI account:
- Login to your SBI Netbanking account
- Select “Within SBI Transfer” option from the “Payments/Transfers” drop-down menu
- Select your account number, enter the amount and purpose of fund transfer
- Select the beneficiary account number, enter the payment schedule and click on the “Submit” button
- Check the details and click on the “Confirm” button
Your fund will be transferred to the beneficiary’s account and a confirmation will be displayed on the screen.
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How to transfer funds to another bank account through SBI NEFT?
SBI allows its account holders to transfer funds through online banking to bank accounts other than SBI accounts as well. You can follow the steps mentioned below to transfer funds easily to other bank accounts through SBI NEFT:
- Visit SBI internet banking login portal at https://retail.onlinesbi.com/retail/login.htm
- Enter your “Username” and “Password” and click on “Login”
- Select “Other Bank Transfer” from “Payments/Transfers” drop-down menu
- Tick on NEFT and click on “Proceed”
- Select the account number from which the fund has to be transferred. Enter the amount, purpose of the fund transfer and tick on the beneficiary account number
- Select the scheduled date of fund transfer, tick on “Terms and Conditions” and click on “Submit”
- Confirm the entries and if correct, click on the “Confirm” button
- Your SBI NEFT transfer will be complete and the amount will be transferred to the beneficiary account number
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Credit Card Bill Payment through SBI NEFT
Follow the steps mentioned below to pay credit card bills through SBI NEFT:
- Login to your SBI net banking portal
- Select the option “Credit Card (VISA) Bill Pay” from the “Payments/Transfers”
- Enter details in the space provided and submit the application
- You will now have to approve the request of adding the beneficiary
- Once added, you can make the payment directly as and when required.
SBI Credit Card Bill Payment through NEFT
An account holder can pay his SBI credit card bill online through NEFT as well. Here’s how to pay SBI NEFT credit card bill:
- Login to the netbanking account of your bank
- Add SBI card as the beneficiary under third-party transfer
- Enter the beneficiary IFSC code as SBIN00CARDS
- Enter the 16-digit card number in place of the account number
- Mention bank name as SBI CREDIT CARD – NEFT
- Fill the bank address as PAYMENT SYSTEMS GROUP, STATE BANK GITC, CBD BELAPUR, NAVI MUMBAI.
- Submit your application to complete the addition of the beneficiary
- Now you can directly make the payment of the credit card online through SBI
SBI NEFT Charges
An account holder has to pay a fee on making transactions through NEFT. The bank charges a fee on each and every transaction as per the table mentioned below:
|Transaction Amount||NEFT Charges for Branch||NEFT Charges for Net Banking|
|Up to ₹ 10,000||₹ 2.50||₹ 2|
|₹ 10,000 – ₹ 1 Lakh||₹ 5||₹ 4|
|₹ 1 Lakh – ₹ 2 Lakhs||₹ 15||₹ 12|
|Above ₹ 2 Lakhs||₹ 25||₹ 20|
* Charges are exclusive of GST
Read More: SBI NEFT Charges
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SBI NEFT Timings
Account holders can make NEFT fund transfers online or through the bank only when the service is active. NEFT timings are decided by the RBI. In case you make a payment after NEFT clearing hours, the request will be accepted by the bank but the amount will be transferred to the beneficiary’s account in the next NEFT batch only.
The list of NEFT timings is given below:
|Banking Days||NEFT Timings|
|Monday to Friday||8 am to 7 pm|
|Saturday||8 am to 7 pm (working Saturdays)|
|Sunday||Next Working Day|
|RBI Holidays||Next Working Day|
If an account holder makes a transaction between 8 am to 5:30 pm, the amount gets credited the same day. However, if the transaction is carried out in 6:30 pm and 7 pm batches, the amount may reflect in the beneficiary’s account on the same day or the next working day.
SBI NEFT Limit
An account holder can transfer funds in a specified range to other accounts. The amount is decided by the Reserve Bank of India. As per the present scenario, the SBI NEFT limit is mentioned below:
|Transaction||Minimum Limit||Maximum Limit|
|SBI NEFT||No Limit||₹ 10 Lakhs|
SBI NEFT Form
A person has to fill the SBI NEFT form in order to transfer funds by visiting the bank. He has to mention details such as account number, beneficiary account number, transfer amount, cash details, the signature of the remitter, mobile number, date of the transaction, etc. The form is free of cost and is available in the bank. The remitter has to submit this form along with the cash amount. The cashier returns a part of the form as the receipt to the remitter mentioning the transaction details.
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SBI NEFT Transaction Requirements
Following details have to be provided for making SBI NEFT transactions:
- 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
- Remitter’s account number from which the amount has to be transferred
SBI NEFT FAQs
How much time does it take for the amount to reflect in beneficiary’s account?
NEFT works on half-hourly batches. In case the person has transferred funds between 8 am and 5:30 pm, the amount will reflect in the beneficiary account the same day. In case the transfer is requested in the batch of 6:30 pm or 7 pm, the amount may reflect on the same day or the next working day.
What happens if the amount is not credited to the beneficiary’s account?
In case the amount is not credited to the beneficiary’s account, the amount is transferred to the remitter’s bank within 2 hours of the clearing batch. The bank then credits the amount to the remitter’s account.
Is IFSC code required for NEFT?
IFSC code is mandatory for NEFT transactions. In case of incorrect IFSC, the fund is not transferred to the beneficiary’s account.
Who should one contact in case of non-credit of funds in case of SBI NEFT transfer?
The remitter should immediately get in touch with the home branch in case the fund is not transferred to the beneficiary or delay in fund transfer.
Is NEFT available on Saturdays?
NEFT is available only on working Saturdays. In case of non-working Saturdays, the fund transfer request is processed in the first batch of the next working day.