Banking

SBI Fund Transfer – Latest IMPS, NEFT and RTGS Charges

State Bank of India which is one of the country’s largest bank, charges its account holders a certain amount of fee for money transfers. The charges for making fund transfer vary, depending on various aspects such as the amount of money which is being transacted and time of the transaction, as per stated in the website of sbi.co.in. The multiple modes of money transfer are:

  • NEFT also is known as National Electronic Funds Transfer.
  • RTGS is also known as Real-Time Gross Settlement.
  • IMPS also knew as Immediate Payment Service

 NEFT and RTGS are specifically electronic payment transaction mode, which allows fund transfer between two accounts even if they are in different banks inside the country. Another money transfer service IMPS can be carried out through mobile phones or via internet banking. This particular service helps to transfer money to the beneficiary’s account as soon as a fund transfer request is made through a mobile phone or internet banking. The IMPS service is available at any time of the day including holidays.

SBI IMPS Charges, Limit Amount and Timings:

SBI’s IMPS or immediate payment service transactions allows transaction up to Rs. 1,000 and includes no additional charges. This can be found on onlinesbi.com as well. An IMP is a mode of electronic money transfer from one account to another across banks on an immediate basis which became effective from October 15, 2017, and simultaneously SBI lowered its service charges on IMPS transactions by a havoc percentage of 80 percent. SBI has divided the exact charges applicable on IMPS transactions in four different sections.

IMPS transactions up to Rs. One thousand do not include any charges as per SBI’s revised rules; however, IMPS transactions from Rs. 1,001 to Rs. Ten thousand attract a charge of Rs. 1 plus taxes, also according to SBI. Therefore, making a fund transfer from Rs. 10,001 to Rs. 1,00,000 through IMPS will attract a minimal charge of Rs. 2 per transaction as per said in the website of SBI. So, summing up to an IMPS transfer for Rs. 1,00,001 to Rs. 2,00,000 will cost you a charge of Rs. Three on every transaction.

SBI NEFT Charges, Limit Amount and Timings:

sbi-neftFor Transaction Made at Bank Branches:

SBI charges its customers for making fund transfer via NEFT or National Electronic Funds Transfer based on money. In this category also, SBI has four separate ranges based on which it charges applies ranging from Rs. 2.5-Rs. 25 per transaction. If you  transfer money up to Rs. 10,000 via  this method, the bank will charge a fee of Rs. 2.50 per transaction, according to SBI’s offical website. If a NEFT transaction is made  up to Rs. 1.00 lakh, SBI charges a price of Rs. 5 per transaction. For purchases made more than  Rs. 1 lakh and Rs. 2 lakh, SBI generally charges Rs. 15 per transaction. For such transactions amounting above Rs. 2 lakh, SBI charges Rs. 25, according to its website – sbi.co.in.

For Transactions Made Online:

SBI charges Re one plus GST per NEFT transaction of up to Rs. Ten thousand when made online, using the bank’s internet banking facility, according to SBI website onlinesbi.com. However if you transact an amount smewhere between the range of  Rs. 10,000 and Rs. 1 lakh, the bank will charge Rs. 2 along with GST per transaction. For Rs. 2 lakh to Rs. 5 lakh they cost Rs. Five along with GST (Goods and Service Tax). For abobe Rs. 5 lakh they charge Rs. 10 along with GST (Goods and Service Tax).

SBI RTGS Charges, Limit Amount and Timings:

For Transactions Made Through Offline Method:

SBI will charge an amount between Rs. 25 and Rs. 56 for wvery transaction via RTGS also known as Real Time Gross Settlement mode, depending on the amount and time of operation, according to the official website. These include RTGS transactions within SBI as well as inter-bank transactions, it noted. For making RTGS transfers amounting to Rs. 2 lakh-Rs. 5 lakh between 9:00 am and 12:00 pm, SBI charges a fee of Rs. 25 per transaction, according to the SBI website sbi.co.in.

For purchases above Rs. 5 lakh during the same hours, the bank charges Rs. 51 per trade, it noted. If a transaction is made between 12:00 pm to 3:30 pm, the bank will charge Rs. 26 for each such online transaction of Rs. 2 lakh-Rs. 5 lakh, according to the bank rules. Similarly, for every RTGS transaction above Rs. 5 lakh during the above stated  hours costs Rs. 52, it added. But if a RTGS transfers of Rs. 2 lakh-Rs. 5 lakh is made after 3:30 pm till 4:30 pm ,on weekdays. The bank will charge Rs. 31 per transaction,  For purchases above Rs. 5 lakh during the same hours, the bank charges Rs. 56 per trade, it noted.

For Transactions Made Online:

SBI charges Rs. Five along with GST for every RTGS transaction of Rs. 2 lakh to Rs. 5 lakh when made online, using the bank’s e service portal, as stated in its website onlinesbi.com. When such RTGS transactions above Rs. 5 lakh, the bank charges Rs. 10 plus GST per transaction, it noted.

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