With the advancement of technology, it has become much easier to transfer money from one bank to another. Currently, two systems are known for electronic bank transfer, NEFT and RTGS. Let us know that both of these have been launched by the Reserve Bank of India (RBI).
Also Read – How Much Do You Know About NEFT
|Transaction amount||The fee|
|Up to ₹ 10,000||₹ 2|
|₹ 10,000 to ₹ 1 Lakh||₹ 5|
|₹ 1 to ₹ 2 Lakh||₹ 15|
|More than ₹ 2 lakhs||₹ 25|
- In India, each bank providing NEFT service for electronic fund transfer demands a fixed fee. SBI charges on NEFT transactions as per the amount being transferred. The fee can be seen on the bank’s official website
Recently, changes have been made in SBI NEFT charges for internet banking or mobile banking to promote digital transactions. For transfer of up to Rs 10,000 by NEFT through the internet or mobile banking, a fee of Rs 2.50 is charged.
Also, for NEFT transactions ranging from Rs 10,000 to Rs 1 lakh, the customer will have to pay Rs 5. Similarly, for transfers ranging from Rs 1 lakh to Rs 2 lakh, the bank will charge Rs 25 for NEFT transactions of more than Rs 2 lakh.
What is SBI NEFT?
In India, NEFT started in November 2005, and has since helped individuals, firms, and corporates fund transfer electronically. Fund transfer by NEFT does not transfer funds at the same time as RTGS (Real Time Gross Settlement) provides this facility.
NEFT has to withdraw batches every half an hour, in which the applications for fund transfers have come in the last half-hour, those transfers are completed. State Bank of India (SBI) is one of the earliest players of India’s largest banking and financial services companies, who actively participated in the successful launch of NEFT service.
SBI NEFT Facts –
SBI talks about NEFT charges, transactions, and service models, which you can easily understand and transfer funds.
- There are time limit restrictions for NEFT transfers. NEFT has to take batches every half an hour, in which the applications for fund transfers have come in the last half-hour, those transfers are completed.
- A minimum amount of Rs.1 can be transferred by NEFT. SBI NEFT charges do not apply to amounts below Rs 10,000
- There is no maximum transfer limit; However, the transfer of funds over Rs 2,00,000 is usually preferred by RTGS.
- Bank account holders can easily transfer and receive money using NEFT. Apart from this, non-customers can also deposit money up to Rs. 50,000 / – per transaction through NEFT.
- The NEFT system is considered to be safe, simple, and reliable for online fund transfer
- It is important to note that through NEFT you can make transactions in the same banks which use NEFT.
- NEFT transaction requires information of account number, name, account type, IFSC code, etc. to whom you want to send money.
Benefits of SBI NEFT service –
Low fees – NEFT is considered economical. SBI NEFT charges are low, and recently reduced
Highly Trusted – SBI’s NEFT service is highly reliable when it comes to paying or receiving money over the Internet. Not just SBI, but many other banks in India are regulated under the norms set by the Reserve Bank, and therefore, you can rely on internet banking facility to be satisfactorily secure.
SBI NEFT service limits –
We trust this online service, but still, it has some drawbacks, due to which only limited people can avail of this facility. Let us know the shortcomings of SBI’s NEFT service:
A little technical – if we see, NEFT transfer in India has a major drawback, its difficult technical process, which cannot be successfully understood for everyone. A person with less knowledge of computer or internet may face problem to access internet banking account.
The danger in online payment – However, most banks in India take appropriate steps to secure NEFT transactions. But there are possibilities that if you are using an unsecured browser, then your personal information may be leaked to a hacker.
Related Questions –
Questions :- If NEFT that if the transaction by the beneficiary can not be in the account, then the sender of the money is returned?
Answer: Yes, within a period of 2 hours during which the transaction was processed will be returned. Further, as soon as the amount is received by the remitting bank, it will be credited to the sender’s account.
Questions :- Is the customer informed about SBI NEFT charges while making the transaction?
Answer: Every time you make an online transfer of more than Rs 10,000, a certain SBI NEFT fee will be deducted from the account.