INSUBCONTINENT EXCLUSIVE:
fee ranging from Rs 1 to Rs 50 plus GST per transaction for money transfer services NEFT and RTGS
The charges depend on factors such as the type, amount and timing of transaction, according to the bank's corporate website - sbi.co.in -
and internet banking website - onlinesbi.com
Electronic- or e-fund transfer refers to transfer of money from one bank account to another bank account through computer-based systems
National Electronic Funds Transfer works on a deferred net settlement basis, wherein transactions are lined up and executed in batches
scheduled at pre-determined intervals
and maximum RTGS transaction limits at Rs 2 lakh and Rs 5 lakh respectively
For NEFT transactions, there is no minimum limit defined by the bank, while SBI allows a maximum transaction size of Rs 5 lakh, according to
as funds are transferred by the remitting bank, according to SBI
"The beneficiary bank has to credit the beneficiary's account within two hours of receiving the funds transfer message," SBI explains
SBI currently offers eleven settlements - on an hourly basis - from 9 am to 7 pm on weekdays and working Saturdays for NEFT transactions
These settlements are available at 9:00 am, 10:00 am, 11:00 am, 12:00 noon, 1:00 pm, 2:00 pm, 3:00 pm, 4:00 pm, 5:00 pm, 6:00 pm and 7:00
pm.NEFT and RTGS transactions are sent to the RBI in the following schedule:RTGSDayStart TimeEnd TimeMonday to Working Saturday9:00 hrs16:00
account via NEFT or RTGS returns to the remitter's account only "if the beneficiary's bank is unable to credit the beneficiary's account for
In such a case, the beneficiary bank returns the money to the remitting bank within two hours, according to SBI
transfer via NEFT/RTGS: For requesting electronic money transfer, a remitter has to furnish details such as the amount, the remitter's
account number, names of the beneficiary as well as the bank where his or her account is located, the beneficiary's account number and the
out RTGS and NEFT transactions.Online transactions (through net banking or mobile banking)RTGS chargesAmountCharges per Transaction for
between Rs 2 lakh and Rs 5 lakh, SBI charges a fee of Rs 5 plus GST per transaction
For NEFT, SBI charges Rs 1 plus GST for every transaction up to Rs 10,000, and Rs 2 plus GST for that between Rs 10,000 and Rs 1 lakh,
GST(Source: sbi.co.in)For RTGS transactions between Rs 2 lakh and Rs 5 lakh, the bank charges Rs 25 plus GST per transaction, and Rs 50 plus
For NEFT, SBI charges a fee ranging from Rs 2.5 to Rs 25 plus GST per transaction, depending on the amount of transaction
"The charges are applicable only to transactions originated and payable within India," says SBI.
