INSUBCONTINENT EXCLUSIVE:
SBI charges certain fee per transaction for these money transfer services, the bank said.State Bank of India (SBI) offers the facility of
Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) service for transfer of
funds, or money, from one account to another through computer-based systems
SBI also charges certain fee per transaction for these money transfer services
These charges depend on the type of money transfer and factors such as amount and time of transaction
Payment Service (IMPS) is an instant interbank electronic fund transfer service
The facility is available to all registered users of 'SBI Anywhere Personal' having transaction rights on one or more accounts, said
country's largest lender on its website- onlinesbi.com
This facility allows the customer to transfer funds on a 24x7 basis and 365 days of the year
However, the maximum amount that be transferred is Rs 2 lakh
This facility is available only via internet banking, the bank said
National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS).NoAmountCharge1Up to Rs.1000/-No Charges2Rs.1001 to Rs
10,000/-Rs.1/- + GST3Rs.10,001 to Rs 1,00,000/-Rs.2/- + GST4Rs 1,00,001 to 2,00,000/-Rs.3/- + GST(As mentioned on SBI's website-
for electronic transfer of funds from bank branch to any individual having an account with any other bank branch in the country
participating in this scheme
NEFT transactions are settled in batches
Reserve Bank of India (RBI) acts as the service provider and transfers the credit to other bank's account
Currently, NEFT operates in hourly batches on all working days including working Saturdays, noted SBI.Real Time Gross Settlement (RTGS) is a
system where the processing of funds transfer instructions takes place at the time they are received
The RTGS system is the fastest possible interbank money transfer facility available through secure banking channels in India, mentioned SBI
Under normal circumstances the beneficiary bank branch receives the funds in real time as soon as funds are transferred by the remitting
The beneficiary bank has to credit the beneficiary's account within two hours of receiving the funds transfer message, SBI
mentioned.Minimum/maximum amount for RTGS/NEFT transactions:Minimum / Maximum amount for RTGS / NEFT transactions under retail internet
bankingTypeMinimumMaximumRTGSRs
10 Lakhs(As mentioned on SBI's website- sbi.co.in)Minimum / Maximum amount for RTGS / NEFT transactions under corporate Internet
