SBI offers National Electronic Funds Transfer or NEFT services for all of its clients through internet banking. NEFT could be used to transfer funds from a bank account to another bank account and also to pay bills and more. It is a fast and speedy method to make fund transfers across the country.
Here is a table that talks about the different charges to make fund transfers.
Less than Rs. 10,000
Higher than Rs. 10,000 - Rs. 1 lakh
Higher than Rs. 1 lakh to Rs. 2 lakh
Higher than Rs. 2 lakhs
Here are the different types of NEFT payments and the methods to get them done:
a) You need to log in to the SBI internet banking account.
b) After you log into the portal, you will have to click on payments and transfers.
c) There are two options for the transfer of funds - within SBI and Outside SBI. You will have to choose the right type of transaction.
d) In order to do the NEFT transaction outside of SBI, which means to other banks. Now, click on the interbank beneficiary option and select EFT and proceed.
e) Choose the account from where you want to do the NEFT transfer, and key the sum that needs to be transferred in the amount column.
f) Select the beneficiary account information, the account number, name, bank's name, and limit.
g) Choose the beneficiary account number and select the scheduled option to which time the fund needs to be sent. There are three different options you can choose from and they are - pay now, scheduled later, and standing instruction.
h) Accept the terms and the conditions - enter the transaction password and submit it.
i) Verify the information that has been provided and click on confirm. This is the last step, and the confirmation of the status of the transaction will be displayed on the screen.
When you are making an account transfer for the very first time, it is important to remember that you will have to enter the profile password and submit the very same. It is also completely necessary to create a transaction password. You will also have to add the beneficiary in order to initiate the fund transfer.
When you click on the pay now option, your money will be transferred soon. In the schedule, you will choose a date that needs to be transferred. If the payment needs to be made a lot later, then you can choose the standing instruction.
Here is the procedure to transfer funds from one SBI to another through NEFT:
a) Log in to the SBI internet portal.
b) You will have to click on the payments or transfer option and then Accounts of Others under the 'Within SBI' tab.
c) Choose the account from where you want the transfer to be made.
d) Enter the amount that you want to transfer to the other account.
e) Choose the beneficiary account number, and then select the scheduled option on what time you want the transfer to be made.
f) Choose the beneficiary information and click on submit.
g) Accept the terms and enter the transaction password and then click on the submit option.
h) Verify the information and then click on confirm. This is the last step of the transaction, and your transaction's success will be displayed.
You will be required to have the following before making a transaction of NEFT:
There are several benefits of making payments through NEFT, and they are:
a) SBI gives a safe and effective NEFT experience for its clients. It is quite simple and easy to use and transfer funds from one account to another.
b) The processing fee and charges are very low in the case of NEFT payments, and it is very easy to send funds. It is one of the most cost-effective ways of transfer.
c) All of the NEFT payments are regulated by RBI, which makes it one of the most secure and reliable sources to use.
d) There is no upper or lower limit on the amount of money that can be transferred through this channel.
Here is the step-by-step procedure on how to pay the credit card bill with NEFT:
a) Log in to the net banking of the account on SBI from your laptop or your mobile phone.
b) In order to pay the bill on your credit card, you will be asked to add your credit card. The credit card needs to be added as a beneficiary to initiate the payment of a bill. This option is available under the option of a third party.
c) You will be asked to give the IFSC code of your credit card.
d) In order to proceed, you will need to give the 16-digit SBI credit card number of the account number.
e) You will be asked the name of the bank and the address of the credit card company or the bank.
f) You will have to click on the submit option to complete the payment procedure.
There are no service charges for NEFT payment, but there are transaction fees.
The transaction fee for Rs. 10,000 or below that is Rs.2/-.
NEFT payments can be made 24/7 for the customers of any Indian bank.
Yes, the amount will be remitted into the payer's account within a period of 2 hours.
No, there is no lower limit.