Since its inception, State Bank of India (SBI) has been offering a wide range of financial services to meet its customers' monetary needs. One of the key services provided is the National Electronic Funds Transfer (NEFT), which allows customers to transfer funds securely, following the guidelines set by the Reserve Bank of India (RBI). In this article, we’ll cover the SBI NEFT charges, its benefits, limitations, and the steps to carry out a successful transfer.
National Electronic Funds Transfer (NEFT) was introduced by the Indian government in 2005 and is managed by the Reserve Bank of India. This system is one of the popular methods to ensure online and hassle-free transfer of money.
NEFT is a one-to-one payment facility and can occur only between banks that offer NEFT transaction facilities. NEFT transactions do not happen in real time like UPI or card transactions. This means an NEFT transaction might take a few days to complete. Furthermore, banks will charge you an additional NEFT fee ranging between Rs.2.5 to Rs.25. This charge might vary depending on the amount you transfer.
State Bank of India (SBI) offers its customers an opportunity to transfer funds with the NEFT facility. This NEFT scheme is also managed and monitored by Reserve Bank of India channels. The bank processes this payment into half-hourly batches throughout the day. To go ahead with the fund transfer using NEFT, you must pay SBI NEFT charges.
The table below displays SBI NEFT charges for 2025 associated with different amounts to make a fund transfer:
Transaction amount | NEFT charges (At bank branch) |
Upto to Rs.10,000 | Rs.2 + GST |
Between Rs.10,001- Rs.1 lakh | Rs.4 + GST |
Between Rs.1 lakh- Rs.2 lakh | Rs.12 + GST |
Above Rs. 2 lakh | Rs.20 + GST |
Note: There are no charges for SBI NEFT done through Netbanking or Mobile banking.
Previously, RBI had set fixed timings for all banks to conduct money transfers through NEFT. Till 2019, one could use the SBI NEFT facility from 8:30 am to 6:30 pm on weekdays and from 8:30 am to 12 pm on Saturdays.
However, since 2020, the RBI made the NEFT facility accessible on a round-the-clock basis, i.e. 24/7 on all days. You can transfer money with SBI NEFT online or by visiting the bank. However, as banks remain closed on bank holidays, one cannot opt for an offline NEFT facility on those days.
The below details highlight the prerequisites for successful NEFT transactions:
You can make NEFT fund transfers from one SBI bank to other SBI bank account and also to other banks. This facility allows you to gain access to simple and hassle-free fund transfers from any corner of India.
Here are the steps to transfer money from SBI to other banks using NEFT:
You can follow the steps below to make an NEFT transfer from one SBI account to another:
Besides the above steps for online NEFT transfer, you can also opt for an offline transaction process, wherein you would need to visit the nearest SBI branch. Here, you will receive an NEFT/RTGS transfer form. Fill out this form by entering your details, such as the name and account numbers of yourself and your beneficiary.
You must also provide the IFSC code of the beneficiary bank and submit the form to bank officials after attaching a cheque. Following this, the bank officials will debit the amount from your account and transfer the same to the beneficiary's account.
Before moving ahead with this transaction process, you must know a few things about SBI NEFT charges and NEFT and RTGS in general. Here are certain things which you must keep in mind before opting for NEFT and RTGS transactions:
Here are a few benefits associated with NEFT payments that make it a better option if compared with the conventional methods:
Besides the above benefits, here are a few limitations that you must know about SBI NEFT:
Below are the steps to know how to pay a credit card bill with SBI NEFT:
Both online and offline NEFT transactions are safe as the Reserve Bank of India closely regulates it. You can only make NEFT payments with the official portal or SBI app if you opt for online transactions. Also, you must pay SBI NEFT charges, which vary depending on the amount you are transferring.
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