People use different types of fund transfers. Some transfer funds electronically between accounts within the same bank or across different banks using online banking portals or apps. Services like PayPal, Google Pay, and Apple Pay facilitate online payments and money transfers between individuals and businesses. One of the newest mode of fund transfer in use now is digital currency transactions via online exchanges or wallets, allowing users to send cryptocurrencies like Bitcoin or Ethereum to others globally. All these fund transfer systems differ according to their features and usage. In this article, we will discuss electronic fund transfers like NEFT, RTGS, IMPS etc.

Let’s take State Bank of India and see how all these fund transfer systems works.

SBI NEFT fund transfer, limit and charges

NEFT fund transfer is an electronic fund transfers service. It is a secured way of fund transfer which allows the customers to send money from an account to another bank accounts across India timely. We can make NEFT transactions easily through SBI's online banking portals, mobile apps, or by visiting an SBI branch, whichever is convenient for you.

SBI charges a certain amount for NEFT transactions depending on the amount of transaction. Have a look at the table below:

Limit

SBI sets the maximum limit for SBI NEFT fund transfer at 10 lakhs per transaction for retail customers and Rs. 25 lakhs per transaction for corporate customers. Sometimes, NEFT transactions might have different limits depending on the branch. However, the general limit ranges from Rs. 2 lakhs to Rs. 25 lakhs per transaction.

Steps for NEFT fund transfer

Offline

To make an NEFT fund transfer offline, visit the nearest bank branch and ask for an NEFT fund transfer form or you can also download SBI NEFT form pdf from the bank’s official website. Fill up the form with all the necessary details such as your name, date, account number, account number of the recipient, etc. Then, submit it to the bank staff. After the form is verified and approved by the bank, the amount will be transferred to the other account.

Online

➢If you want to make an NEFT fund transfer online, you should log into your account. You can use Internet banking portal or mobile banking portal according to your choice.

➢After logging in, go to ‘fund transfer’ option and you will find the transfer options mentioned above. Select NEFT.

➢Then, you have to enter the amount to be transfer. You will get an OTP sent to your mobile number which is registered with the bank. This is to authenticate the transaction. Enter that OTP and then, click ‘confirm’.

➢Now, the fund will be transferred. It may take some time for the amount to be reflected on the recipient’s account.

SBI RTGS fund transfer

This is also a convenient way of fund transfer which allows customers to send money instantly as it also says Real Time Gross Settlement. That means you don’t have to wait for the amount to be credited, it will be done in a moment.

SBI RTGS charges

Like NEFT fund transfer, SBI has set some amount of charges for RTGS as well. The following table provides the limit set by the bank:

SBI RTGS limit

SBI sets no upper limit for RTGS transactions and there is a minimum limit of 2 lakhs. So, this mode of fund transfer is quite convenient for business persons who wish to transfer larger amount of money.

SBI IMPS 

SBI's IMPS service stands for Immediate Payment Service, enabling instant and real-time fund transfers at any time, including weekends and holidays. It allows customers to transfer funds instantly using mobile phones, internet banking, or by visiting an SBI branch. This method is favoured for its speed and secure transactions between accounts in different banks across India. Notably, SBI does not levy any charges for IMPS fund transfers, distinguishing it from some other banks like ICICI Bank, which may impose fees for IMPS transactions.

If you have any issues regarding fund transfer, you can reach out to the bank’s customer care service. They will help you till the issue gets solved. SBI provides its helpline number

1800 1234 /1800 2100 / 1800 11 2211 / 1800 425 3800 /080-2659999. While we are on the topic, let’s also have a look at some of the other bank’s helpline numbers.

1. HDFC helpline number - 18002026161

2. ICICI bank helpline number - 18001080

3. Canara bank helpline number – 1800 425 0018

4. Indian bank helpline number - 180042500000

5. Central bank helpline number - 1800221911

6. Bank of Baroda helpline number - 18005700

7. IOB helpline number - 18004254445

8. Axis bank helpline number - 18001035577

9. Federal bank helpline number - 18004201199

10. Karnataka bank helpline number - 18004251444

11. PNB helpline number – 2021/18001800

Some other fund transfer methods

UPI

To make a UPI fund transfer, you have to first download and install a UPI app like Paytm, Google Pay or PhonePe, register your bank account, add the recipient's UPI ID or scan their QR code, enter the amount, enter the UPI PIN, verify the details, and confirm the transfer. The amount will be transferred to the recipient's bank account instantly.

Internet banking

To make a fund transfer through internet banking, you should log into your account using your login credentials. After logging in, go to ‘fund transfer’ option and you will find the transfer options. Select the one which you prefer. 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’. Some transactions may take time or some may be sent instantly.

There is one more step to go in this mode of fund transfer. You have to be registered for Internet banking. 

• Go to the official website of your bank.

• 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.

• Most of the time the bank prompts users to set a security question and its answer to enable two-factor authentication, or link a registered device for extra security. Set something familiar to you as security questions and answers lest you should forget or get confused with it later. This is to help you recover your password.