State Bank Of India IMPS, NEFT Instant Money Transfer Services: Charges, Timings And Other Details

SBI or State Bank of India, the country's largest lender, offers instant money transfer facilities IMPS and NEFT. Immediate Payment Service or IMPS is an instant payments 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, wherein transactions are lined up and settled in batches. SBI 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: .IMPS.Timing: IMPS outward transactions are not available from 10:45 PM to 11.15 PM and IMPS inward transactions are available round the clock. However, there are no holiday restrictions on IMPS outward and inward 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 1 rupee plus GST on transactions valued from Rs 1,001 to Rs 10,000..table.imps1 { border-top: solid 1px #ccc; border-left: solid 1px #ccc; border-right: solid 1px #ccc; } table.imps1 th { background-color: #f5f5f5; padding: 5px 10px; border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; text-align: center; } table.imps1 td { border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; padding: 5px 10px; } table.imps1 th:last-child, table.imps1 td:last-child { border-right: 0; } @media only screen and (max-device-width: 480px) and (min-device-width: 320px) { table.imps1 { display: table; min-width: 280px; max-width: 100%; font-size: 14px; } table.imps1 th, table.imps1 td, table.imps1 th:nth-child(n+1), table.imps1 td:nth-child(n+1) { display: table-cell; line-height: normal; } } . Amount Charge Up to Rs 1,000 No Charges Rs.1001 to Rs 10,000 Rs 1 + GST Rs.10,001 to Rs 1,00,000 Rs 2 + GST Rs 1,00,001 to 2,00,000 Rs 3 + GST (Sorce: onlinesbi.com) .NEFT.Timing: NEFT operates in half hourly batches. 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. 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 retail internet banking, one can transfer a maximum of Rs 10 lakh using SBI NEFT service, according to the SBI portal. However, there is no minimum limit..Charges: SBI charges Rs 2.50 for transactions up to Rs 10,000..table.neft_1 { border-top: solid 1px #ccc; border-left: solid 1px #ccc; border-right: solid 1px #ccc; } table.neft_1 th { background-color: #f5f5f5; padding: 5px 10px; border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; text-align: center; } table.neft_1 td { border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; padding: 5px 10px; } table.neft_1 th:last-child, table.neft_1 td:last-child { border-right: 0; } @media only screen and (max-device-width: 480px) and (min-device-width: 320px) { table.neft_1 { display: table; min-width: 280px; max-width: 100%; font-size: 14px; } table.neft_1 th, table.neft_1 td, table.neft_1 th:nth-child(n+1), table.neft_1 td:nth-child(n+1) { display: table-cell; line-height: normal; } .scroll { overflow: auto; -webkit-overflow-scrolling: touch; } } . Amount (in Rs.) Existing Charges for Branch (exclusive of service tax) Rate for INB Channel (exclusive of service 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 - charge a fee ranging from Rs. 1 to Rs. 15 per IMPS transaction.

State Bank Of India IMPS, NEFT Instant Money Transfer Services: Charges, Timings And Other Details

NDTV Profit

NDTV Profit

Follow Us

DOWNLOAD THE APP