SBI RTGS Charges

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SBI Transaction Charges

State bank of India has a large network of banking with numerous branches throughout the country. It offers its customers a variety of services such as SBI savings and current accounts, diverse loan options, credit cards, and investment products like mutual funds and fixed deposits. With a vast ATM network, insurance offerings, and wealth management services, SBI caters to various financial needs across India. Their online and mobile banking services provide convenient access to fund transfers, bill payments, and account management. There are several options to transfer fund such as RTGS, NEFT, IMPS, etc. Let’s discuss the charges, limit and process for these fund transfers.

SBI RTGS fund transfer

This is a convenient way to transfer fund. In this type of transaction the fund is credited instantly as it also says Real Time Gross Settlement. With this transaction, you don’t have to wait for the amount to be credited. 

SBI RTGS Charges

The following are the SBI RTGS charges set by the bank:

Transaction Amount SBI RTGS Charges
Rs 2 lakhs to Rs 5 lakhs Rs 20 + GST
More than Rs 5 lakhs Rs 40 + GST

These charges are applicable only when the transaction is carried out at the branch through the SBI RTGS Form. If you use the online channel for RTGS transfers, there is no SBI RTGS charges applicable. As per the RBI guidelines, RBI removed the RTGS processing fee on 1st July, 2019. So, there are no processing charges for SBI RTGS transactions.

SBI RTGS Limit

There is no upper limit for RTGS transactions and there is a minimum limit of 2 lakhs. So, you can go for this transfer option if you wish to transfer larger amount of money. If you wish to transfer lesser amount of money, you can go for SBI NEFT fund transfer. Let have a look at the details of SBI NEFT fund transfer.

SBI IMPS Fund Transfer

IMPS stands for immediate payment service. It is for instant and real-time fund transfers which can be initiated anytime including weekends and holidays. IMPS allows customers to transfer funds instantly using their mobile phones, internet banking, or by visiting an SBI branch. Many customers prefer this transfer option as it is a quick and secure transactions between accounts in different banks across India.

SBI IMPS Charges

SBI does not impose any charge for IMPS fund transfer. Some other banks like ICICI Bank charge some amount for IMPS fund transfer. Here is a list of ICICI bank IMPS charges for different amount.

Transfer Amount IMPS Charges per Transaction
Up to Rs. 10,000 Rs. 5
Up to Rs. 10,000  to Rs. 1 lakh Rs. 5
Up to Rs. 1 lakh to Rs. 2 lakh Rs. 1

 

SBI NEFT Fund Transfer

NEFT fund transfer is a hassle-free electronic fund transfers service. It allows customers to transfer funds securely to other bank accounts across India timely. NEFT transactions can be easily initiated through SBI’s online banking portals, mobile apps, or by visiting an SBI branch.

SBI NEFT Charges

This table outlines the charges applicable for fund transfers based on different transaction amounts.

Transaction Amount Transaction Fee
Below Rs. 10,000 Rs. 2.5
Rs. 10,000 – Rs. 1 lakh Rs. 5
Rs. 1 lakh – Rs. 2 lakhs Rs. 15
Above Rs. 2 lakhs Rs. 25

 

SBI NEFT Limit

The maximum limit for SBI NEFT fund transfer is 10 lakhs per transaction for retail customers and Rs. 25 lakhs per transaction for corporate customers. At an SBI branch, NEFT transactions have different limits depending on the branch and the customer’s relationship with the bank. However, the general limit ranged from Rs. 2 lakhs to Rs. 25 lakhs per transaction.

How to transfer fund through IMPS, RTGS, NEFT fund transfer option.

Online

  • To make an IMPS, NEFT or RTGS fund transfer online, you should either log into your account through Internet banking portal or mobile banking portal.
  • After logging in, go to ‘fund transfer’ option and you will find the transfer options mentioned above. Select whichever you want and tap on it.
  • Then, enter the amount you wish to transfer. The bank may send you an OTP to authenticate the transaction. Enter the OTP and click ‘confirm’.
  • Depending on the option you selected, some transaction may take time or some may be sent instantly.

To avail of Internet banking service, you need to register yourself for it. Follow these simple steps to register yourself for Internet banking services.

  • Go to the official website of the bank wish to register with.
  • There will be an option for registration under the ‘Online Banking’ or ‘Login’ section.
  • You’ll be asked to enter details like account number, card details, personal information, and sometimes an OTP (One Time Password) sent to your registered mobile number for verification.
  • Set up a user ID and password. Some banks might require a combination of alphabets, numbers, and special characters for a secure password.
  • After registration, log in using the newly created credentials.
  • Banks often prompt users to set security questions, enable two-factor authentication, or link a registered device for added security. Don not forget the security questions and answers. It will help you recover your password in case you forget it. 

Offline

To make an offline fund transfer, visit the nearest bank branch and ask for a fund transfer form according to the options you like. Fill up the form with all the necessary details and submit it to the bank staff. After verification and approval from the bank, the amount will be transferred to the other account. As mentioned above, some transaction may take time or some may be sent instantly depending on the option you selected.

Let’s also have a look on other fund transfer options.

Fund Transfer Through UPI Apps

This is one of the most popular and common fund transfer option nowadays. As the world is shifting into a cashless economy, people are going for UPI app fund transfer. It is handy and convenient to use even for buying a small thing from a store or paying friends and family. Here is how you can make a fund transfer using UPI apps. 

  1. First download and install a UPI app available on your app store. Some common apps in used are Gpay, PhonePe, Paytm, etc. You can use any of them.
  2. Link you bank account with the app and set it up by providing your details and creating a pin code.
  3. For this, you should have a mobile number link to your bank account. 
  4. To transfer money, you can either search people by their phone number or you can also enter their account number and IFSC code. 
  5. After selecting the recipient, enter the amount you wish to transfer, enter the pin and tap confirm. 
  6. The amount will be sent instantly. It has no fund transfer charge. However, this option has some upper limit. It depends on the bank which is linked with your app.

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