SBI's Seamless Money Moves: Unveiling the Power of NEFT and RTGS Transactions

In this era of digitisation, online payment has become a priority for customers as it saves time and money. Users can choose any one of the various modes of payment depending upon the amount to be transferred, the time duration in which it should be credited to the receiver’s bank account, etc. NEFT and RTGS are two of the many methods of fund transfer available to the users. Both of these methods have their advantages and disadvantages; the user can decide which to choose depending on their requirements.

Understanding RTGS

Real-Time Gross Settlement (RTGS) is an electronic method of transferring funds where the funds get transferred in real-time. To initiate the transfer, you must have the IFSC code of the beneficiary’s bank, along with their name, their bank’s name, and account number. This is a secure system for funds transfer, and available on all days on a 24x7x365 basis. While the minimum amount you can transfer via RTGS is ₹2 Lakhs, there is no cap on the maximum amount set by the RBI.

SBI RTGS Charges 

SBI RTGS Limit 

SBI RTGS Timings 

 SBI RTGS Process

1. Online Mode:

•   Log into the SBI internet banking account with the help of a username and password.

•   Click on the tab “Payment Transfer”.

•   Choose the type of funds transfer, i.e. “Within SBI” or “Outside SBI”.

•   For funds transfer outside SBI, Click on “Funds Transfer” and then on “RTGS”.

•   Click on “Add Beneficiary” if not done earlier.

•   Provide the beneficiary’s information like name, IFSC Code, bank Account Number, etc.

•   Click on “Confirm” or “Add”.

•   Provide the OTP received on the mobile number registered to authenticate.

•   The beneficiary would then be added within the next 24 hours.

•   From the list of beneficiaries, choose the beneficiary to whom the funds are to be transferred.

•   Enter the amount and click on confirm. 

2. Offline Mode:

•   Visit the nearest RTGS-enabled bank.

•   Complete the SBI RTGS Form Fill part.

•   Enter the correct details as asked for.

•   Make a cheque and attach it along with the form.

•   Submit the form to the concerned bank representative.

•   The amount will then be debited from the bank account and transferred to the beneficiary’s bank account.

Details to be filled in the Funds Transfer Form

• The amount to be transferred

• Name and code of SBI Branch

• RTGS charges

• Name of the Account holder and contact details 

• Particulars of Beneficiary like name, bank, branch address, account type, account number, IFSC code, and mobile number

• Enter the mode of payment, i.e. through cheque, cash, or auto-debit from the bank account.

Understanding NEFT 

NEFT stands for National Electronic Fund Transfer. It is an electronic system used worldwide by banks. By NEFT, customers can transfer funds from one bank to another with a lot of ease. It was conceptualised by the Reserve Bank of India to help customers to transfer funds without any hassle. All NEFT transactions are done in batches and settled in 30-minute intervals.

SBI NEFT Timings

SBI NEFT Limit 

SBI NEFT Charges

SBI NEFT Process

1. SBI to Other Banks

•   Log in to the SBI Internet banking account with the help of a username and password.

•   Click on the tab “Payments & Transfers.”

•   Choose the type of funds transfer, i.e. “Within SBI” or “Outside SBI”.

•   For funds transfer outside SBI, Click on “Funds Transfer” and then on “NEFT”.

•   Click on “Add Beneficiary”.

•   Provide the beneficiary’s information like name, IFSC Code, bank Account Number, etc.

•   Click on “Confirm” or “Add”.

•   Provide the OTP received on the mobile number registered to authenticate.

•   The beneficiary would then be added within the next 24 hours.

•   From the list of beneficiaries, choose the beneficiary to whom the funds are to be transferred.

•   Select the scheduled time option to select the time at which funds are to be transferred– Pay Now, Schedule Later, and Standing Instruction.

•   Accept the Terms and Conditions.

•   Enter the transaction ID and password.

•   Enter the amount and click on confirm. 

2. SBI to SBI

•   Log into the SBI internet banking account with the help of a username and password.

•   Click on the tab “Payments & Transfers”

•   Choose the type of funds transfer, i.e. “Within SBI” or “Outside SBI”.

•   For funds transfer within SBI, Click on “Funds Transfer” and then on “NEFT”.

•   Click on “Add Beneficiary”.

•   Provide the beneficiary’s information like name, IFSC Code, bank Account Number, etc.

•   Click on “Confirm” or “Add”.

•   Provide the OTP received on the mobile number registered to authenticate.

•   The beneficiary would then be added within the next 24 hours.

•   Choose the beneficiary to whom the funds are to be transferred.

•   Enter the amount and click on confirm. 

3. Offline:

•   Visit the nearest NEFT-enabled bank.

•   Fill out the NEFT form either taken physically or downloaded from the SBI NEFT Form PDF.

•   Enter the correct details as asked for.

•   Make a cheque with the NEFT transaction amount and attach it along with the form.

•   After verification, submit the form to the concerned bank representative.

•   Once the request is completed, the amount will then be deducted from the bank account and transferred to the bank account of the beneficiary.