SBI or State Bank of India - the country's largest bank - is a member of multiple payments systems. From National Electronic Funds Transfer (NEFT) to Immediate Payment Service (IMPS) and Real-Time Gross Settlement (RTGS), SBI customers can remit funds using one of these payments systems. NEFT operates on a deferred net settlement basis, meaning the transactions are settled in batches as opposed to the continuous, individual settlement in RTGS, according to SBI's corporate website, sbi.co.in. In RTGS, the processing of funds transfer instructions takes place at the time they are received (real time).
SBI or State Bank of India - the country's largest bank - is a member of multiple payments systems. From National Electronic Funds Transfer (NEFT) to Immediate Payment Service (IMPS) and Real-Time Gross Settlement (RTGS), SBI customers can remit funds using one of these payments systems. NEFT operates on a deferred net settlement basis, meaning the transactions are settled in batches as opposed to the continuous, individual settlement in RTGS, according to SBI's corporate website, sbi.co.in. In RTGS, the processing of funds transfer instructions takes place at the time they are received (real time).
SBI or State Bank of India - the country's largest bank - is a member of multiple payments systems. From National Electronic Funds Transfer (NEFT) to Immediate Payment Service (IMPS) and Real-Time Gross Settlement (RTGS), SBI customers can remit funds using one of these payments systems. NEFT operates on a deferred net settlement basis, meaning the transactions are settled in batches as opposed to the continuous, individual settlement in RTGS, according to SBI's corporate website, sbi.co.in. In RTGS, the processing of funds transfer instructions takes place at the time they are received (real time).
Here's a comparison of the timings and charges applicable to SBI fund transfer services (SBI online banking) through payments systems such as National Electronic Funds Transfer (NEFT) and Immediate Payment Service (IMPS):
Timings
NEFT timings
SBI has listed the following timings for the settlement of NEFT transactions (in batches):
* Settlements on weekdays at hourly intervals from 8:00 am to 7:00 pm
* Settlements on Saturdays at hourly intervals from 8:00 am to 1:00 pm
IMPS timings
IMPS inward and outward transactions are available 24X7, without any holiday restrictions, according to SBI's internet banking portal, onlinesbi.com.
RTGS timings
SBI has listed the following schedule for sending RTGS transactions to the RBI:
Charges
NEFT charges
For transactions at branches:
For transactions through net banking/mobile banking:
RTGS charges
For transactions at branches:
For transactions through net banking/mobile banking:
IMPS charges
For transactions at branches:
For transactions through net banking/mobile banking:
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