SBI (State Bank of India) offers instant money transfer facilities such as IMPS and NEFT. IMPS or Immediate Payment Service is an instant payment service that enables round-the-clock money transfer through the use of mobile app, mobile banking or internet banking. NEFT or National Electronic Funds Transfer works on a deferred net settlement basis, where transactions are settled in batches, according to State Bank of India's internet banking portal, onlinesbi.com. SBI, the country's largest lender, also charges a certain amount from their customers for NEFT and IMPS transactions.
Here's everything you need to know about SBI's IMPS and NEFT services:
State Bank of India (SBI) IMPS
Timing: SBI's IMPS inward and outward transactions are available round-the-clock. There are no holiday restrictions on IMPS inward and outward transactions, according to SBI's internet banking website, onlinesbi.com.
Amount: The maximum amount that can be transferred through IMPS is Rs. 2 lakh. However, there is no prescribed limit for the minimum amount allowed to make an IMPS transaction.
Charges: SBI charges Rs 1 rupee plus GST on transactions d from Rs. 1,001 to Rs. 10,000.
| Amount Slab | Proposed IMPS Charges | Commission Amount debited from customer + GST |
|---|---|---|
| Rs. 0 - 1,000 | NIL | No Charges |
| Rs. 1,001 - 10,000 | Rs 2 | Rs 2.36 |
| Rs. 10,001 - 25,000 | Rs 2 | Rs 2.36 |
| Rs. 25,001 - 1,00,000 | Rs 5 | Rs 5.90 |
| Rs. 1,00,001 - 2,00,000 | Rs 10 | Rs 11.80 |
(Source: onlinesbi.com)
State Bank of India NEFT
Timing: NEFT operates in half hourly batches and there are twenty three settlements from 8 am to 7 pm on all working days including working Saturdays. Therefore, the beneficiary can expect to get the credit for the transactions put through between 8 am to 5.30 pm on all working days on the same day, said SBI. For transactions settled in the 6.30 and 7 pm batches on all working days, the customer will receive the amount either on the same day or on the next working day.
Amount: Under SBI's retail internet banking, one can transfer a maximum of Rs. 10 lakh, according to the lender's website. However, there is no minimum limit.
Charges: SBI charges Rs. 2.50 for transactions up to Rs. 10,000.
| Amount (in Rs.) | Existing Charges for Branch (exclusive of tax) | Rate for INB Channel (exclusive of tax) |
|---|---|---|
| Upto Rs.10,000 | Rs 2.50 | Rs 2 |
| From 10,001 to 1 lakh | Rs 5 | Rs 4 |
| Above 1 lakh up to 2 lakh | Rs 15 | Rs 12 |
| Above 2 lakh | Rs 25 | Rs 20 |
(Source: onlinesbi.com)
Private sector lenders such as HDFC Bank and ICICI Bank also offer NEFT and IMPS facilities.
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