Close Menu
    Finance

    Fund Transfer Through Internet Banking

    Albert AbbottBy No Comments6 Mins Read

    Internet banking offers several convenient ways to transfer funds. You can initiate internal account transfers between your own accounts, send money to another account within the same bank, or transfer funds to accounts at different banks using inter-bank transfers. The options include NEFT (National Electronic Funds Transfer) for standard transfers, RTGS (Real-Time Gross Settlement) for high-value real-time transactions, IMPS (Immediate Payment Service) for instant transfers 24/7, and UPI (Unified Payments Interface) for quick transfers using UPI IDs. Additionally, internet banking allows you to pay bills, recharge mobiles, manage investments, and even send money internationally, depending on your bank’s services. For RTGS transactions, there will be some charges. Different banks have different charges. In this article, we will discuss the SBI RTGS charges and how to transfer fund through the options mentioned above.

    SBI RTGS fund transfer 

    RTGS stands for Real-Time Gross Settlement. It is a system used for electronic fund transfer in India. In an RTGS transaction, the transfer of funds between two banks occurs in real-time, meaning it’s almost instantaneous and irrevocable

    Steps to transfer fund 

    1. Go to SBI official website and log in to your account using your login credentials that is your user ID and password. For this you need to register for the internet banking service first.
    2. After you log in successfully, you will see options like ‘my profile’, My accounts’, ‘Fund Transfer’, ‘Cards’, ‘Loans’, etc. After successfully logging in, you have to the “Fund Transfer” option. The exact location of this option may vary depending on the internet banking portal’s design.
    3. There would be again some options of transfer type such as NEFT, RTGS, IMPS, etc. Within the fund transfer section, select “RTGS” as the mode of transfer.
    4. Provide the beneficiary’s details, including their name, bank account number, bank name, branch, and the IFSC of the beneficiary bank. It is very important to double-check these details for accuracy.
    5. Specify the amount you want to transfer through RTGS.
    6. Check carefully all the entered details, including the beneficiary’s information and the transfer amount.
    7. SBI’s internet banking typically uses multi-factor authentication for security. You have to enter an OTP sent to your registered mobile number. If your mobile number is not already registered, you should do it.
    8. After the transfer is confirmed, the money will be debited from your SBI account and credited to the beneficiary’s account in real-time, as RTGS transactions are settled immediately.
    9. And, you will receive a transaction confirmation via email or SMS.

    SBI RTGS charge

    The State Bank of India (SBI) imposes specific charges for RTGS transactions, which depend on the transaction amount and the mode of initiation. When customers conduct an RTGS transaction through a branch using the SBI RTGS Form, the following charges apply:

    • For transaction amounts ranging from Rs 2 lakhs to Rs 5 lakhs, customers are charged Rs 20 plus applicable GST.
    • For transactions exceeding Rs 5 lakhs, the charge is Rs 40 plus applicable GST.

    However, if customers opt for the online channel to perform RTGS transfers, SBI does not levy any RTGS charges. Additionally, there are no processing fees for RTGS transactions, in line with the RBI guidelines, which waived off the RTGS processing fee on July 1, 2019. This means that online RTGS transactions conducted through SBI’s internet banking platform do not incur any additional charges.

    SBI NEFT Transfer

    1. Go to SBI official website and log in to your account using your login credentials that is your user ID and password. For this you need to register for the internet banking service first.
    2. After you log in successfully, you will see options like ‘my profile’, My accounts’, ‘Fund Transfer’, ‘Cards’, ‘Loans’, etc. After you logged in, navigate to the “Fund Transfer” or “Payments/Transfers” section. The exact location of this option may vary depending on the internet banking portal’s design.
    3. There would be again some options of transfer type such as NEFT, RTGS, IMPS, etc. Within the fund transfer section, select “NEFT” as the mode of transfer.
    4. Provide the beneficiary’s details, including their name, bank account number, bank name, branch, and the IFSC of the beneficiary bank.
    5. Specify the amount you want to transfer through NEFT
    6. Check carefully all the entered details, including the beneficiary’s information and the transfer amount.
    7. Then, you have to enter an OTP sent to your registered mobile number or use other authentication methods.
    8. Then, click ‘confirm’ and the money will be debited from your SBI account. You will also receive a transaction confirmation via email or SMS to our registered mobile number.

    How to download SBI NEFT form?

    • Go to SBI’s official website.
    • Look for “Downloads” or “Forms.”
    • Search for the NEFT form link.
    • Click to download the form in your device in PDF format.
    • Save the PDF form for printing
    • Print the NEFT form on an A4-sized sheet.
    • Fill in all required details.
    • Go to your nearest SBI branch.
    • Hand in the duly filled and signed form.

    How to fill SBI NEFT form

    The SBI NEFT form consists of two sections: the Counterfoil (Customer Copy) and the Bank Copy. You are required to fill out both sections with specific details.

    Counterfoil or Customer Copy:

    • Your branch name (applicant’s branch).
    • Beneficiary’s details, including account number, name, bank name, branch name, and IFSC code.
    • The amount to be transferred.
    • Your name and your account details.
    • Your beneficiary’s details, including their name, bank name, branch name, IFSC, and account number.

    Bank Copy:

    • The SBI branch name where you are conducting the transaction.
    • The date of the transaction.
    • Beneficiary’s details, which include their account number, name, bank name, branch name, and IFSC.
    • The amount to be transferred, both in words and figures, along with any applicable commission or SBI NEFT charges.
    • The signature of the Applicant, which is the person sending the funds.

    SBI IMPS Fund Transfer

    Using SBI Online Banking:

    • Log in to your SBI account.
    • Go to the “Funds Transfer” section.
    • Choose “IMPS” as the transfer method.
    • If needed, add the recipient’s details.
    • Fill in recipient’s account, amount, and remarks.
    • Double-check details for accuracy.
    • Verify with OTP or authentication method.
    • The funds will transfer in real-time.

    Using SBI Mobile App:

    • Launch the SBI mobile banking app.
    • Sign in with your mobile banking credentials that is your User ID and password.
    • Find the “Funds Transfer” section.
    • Choose “IMPS” for immediate transfers.
    • If necessary, add recipient’s details.
    • Fill in account, amount, and remarks.
    • Double-check details.
    • Verify with OTP or biometric.
    • The IMPS transfer will process immediately.