#1
22nd July 2015, 12:07 PM
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SBI NEFT Transfer
Hello sir would you please tell me what is the minimum/maximum amount for NEFT transactions under Corporate Internet Banking and Retail Internet Banking?
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#2
22nd July 2015, 02:08 PM
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Re: SBI NEFT Transfer
The NEFT stands for National Electronic Funds Transfer and funds are transferred to the credit account with the other participating Bank using RBI's NEFT service. RBI acts as the service provider and transfers the credit to the other bank's account. This system of fund transfer operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches as opposed to the continuous, individual settlement in RTGS. NEFT operates in hourly batches from 8 am to 7 pm on week days and 8 am to 1 pm on Saturdays. Retail Internet Banking: NEFT No Minimum Maximum: Rs.5 Lakhs Corporate Internet Banking: NEFT No Minimum Maximum: Rs.50 lakhs for Vyapaar and Rs.500 crores for Vistaar Contact detail; State Bank Of India Asst. General Manager Payment Systems Group 1st Floor, Plot No. 8,9 &10 Sector-11, CBD Belapur Navi Mumbai ā 400 614 Tel: NEFT 022-27573270/ 27573506/ 27560743 Fax-022-27561664 neft@sbi.co.in |
#3
20th March 2020, 05:24 PM
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Re: SBI NEFT Transfer
Can you provide me the details of NEFT- National Electronic Fund Transfer facility offered by SBI (State Bank of India) for its customers?
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#4
20th March 2020, 05:25 PM
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Re: SBI NEFT Transfer
Inter Bank Transfer facilitates electronic transfer of funds from the account of the remitter in one Bank to the account of the beneficiary maintained with any other Bank branch. There are 2 systems of Inter Bank Transfer ā RTGS and NEFT. Both these systems are maintained by Reserve Bank of India. NEFT- National Electronic Fund Transfer It operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches as opposed to the continuous, individual settlement in RTGS. NEFT operates in half hourly batches. There will be 48 half-hourly batches every day. The settlement of first batch will commence after 00:30 hours and the last batch will end at 00:00 hours. The system will be available on all days of the year, on a 24 x 7 basis, including holidays. The above mentioned facilities are available to both Retail and Corporate Internet Banking users of SBI (provided they have availed transaction rights). SBI NEFT Fees and Charges Transaction Amount Transaction Fee More than Rs.2 lakh Rs.25 More than Rs.1 lakh to Rs.2 lakh Rs.15 More than Rs.10, 000 to Rs.1 lakh Rs.5 Up to 10, 000 Rs.2.5 SBI NEFT Timing All NEFT transactions are processed by SBI from 8 a.m. to 7 p.m. on weekdays and from 8 a.m. to 1 p.m. on Saturdays. Benefits of SBI NEFT SBI offers a safe and effective NEFT experience for customers. It is very easy and convenient to transfer funds through this system. The processing fee and charges are very low for NEFT and hence it is a very convenient channel to send funds. All NEFT transactions in India are regulated by the RBI, hence making it a highly reliable channel SBI has no upper limit on the amount of money that can be transferred through NEFT transactions. Limitations of SBI NEFT Not as fast as Immediate Payment Service (IMPS): NEFT, unfortunately, is not as fast as IMPS. One has to wait for a long time until the bank processes the transactions in specified batches. NEFT service is only available on working days and these transactions will not be processed on other days. Hence, it is very difficult for customers who want to send funds on an emergency basis. All SBI NEFT transactions will only be processed during working hours, which is from 8 a.m. to 7 p.m. |