2023 2024 Student Forum > Management Forum > Main Forum

 
  #1  
22nd July 2015, 12:07 PM
Unregistered
Guest
 
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?
Similar Threads
Thread
NEFT RTGS Charges SBI
PNB NEFT transaction timings
NEFT transfer SBI
Idbi neft
Bank Of India NEFT
NEFT RTGS Difference
NEFT Timings RBI
BPCL Neft Form
Timing of NEFT IN PNB
Pnb neft
NEFT Transaction Charges
SBI NEFT Code
PNB NEFT Banking
Neft idrbt
NEFT And RTGS
NEFT RTGS Holidays
Lic Neft Form
Neft Timings SBI
NEFT Transfer Time Taken
NEFT Transfer Time
  #2  
22nd July 2015, 02:08 PM
Super Moderator
 
Join Date: Apr 2013
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
Unregistered
Guest
 
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?
  #4  
20th March 2020, 05:25 PM
Super Moderator
 
Join Date: Aug 2012
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.


Quick Reply
Your Username: Click here to log in

Message:
Options

Thread Tools Search this Thread



All times are GMT +5. The time now is 12:39 PM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
SEO by vBSEO 3.6.0 PL2

1 2 3 4