Inter Bank Transfer means an 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 two Interbank Transfers maintained by the Reserve Bank of India namely RTGS and NEFT.
RTGS (Real Time Gross Settlement):
It is a fund transfer, where the instructions of processing take place on a real-time basis i.e. as and when received basis. Also, the settlement of funds transfer instructions occurs individually on an instruction-by-instruction basis (gross settlement). It is the fastest mode of Inter-bank money transfer facility available via secure banking channels in India.
SBI provides its customers the option of making RTGS in offline modes by visiting their home branch and as well in online modes with the help of YONO, internet, or mobile banking.
NEFT (National Electronic Fund Transfer):
In NEFT, the transactions are settled in batches as opposed to the continuous, individual settlement in RTGS. Presently, NEFT operates in half-hourly batches. There will be 48 half-hour batches every day. The settlement of the 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. It operates on a Deferred Net Settlement basis.
Different ways of making RTGS and NEFT
SBI offers two different modes for making an RTGS or NEFT, namely Online and offline, let us have a look at them.
A) Offline Modes
- SBI RTGS:
Step 1: Visit the nearest RTGS-enabled bank.
Step 2: Fill out the RTGS Fund Transfer form
Step 3: Enter the correct details as asked for.
Step 4: Make a cheque with the RTGS transaction amount and attach it along with the form.
Step 5: After verification, submit the form to the concerned bank representative.
Step 6: Once the request is completed, the amount will then be deducted from the bank account and will be transferred to the beneficiary’s bank account.
Details to be filled in the Funds Transfer Form:
- Amount to be transferred
- State Bank of India branch name and code
- RTGS charges
- Account holder name and contact details
- Beneficiary particulars like name, bank, branch address, account type, account number, IFSC code, and mobile number
- Enter the mode of payment, i.e. through cash, cheque, or direct debit from the bank account with relevant particulars
- SBI NEFT:
Step 1: Visit the nearest NEFT-enabled bank.
Step 2: Fill out the NEFT form
Step 3: Enter the correct details as asked for.
Step 4: Make a cheque with the NEFT transaction amount and attach it along with the form.
Step 5: After verification, submit the form to the concerned bank representative.
Step 6: Once the request is completed, the amount will then be deducted from the bank account and will be transferred to the beneficiary’s bank account.
B) Online Modes
Earlier the app named SBI Anywhere was used for virtual banking purposes, but nowadays SBI Yono App is used for the same as SBI Anywhere has been discontinued. Let us understand how it can be used for RTGS and NEFT purposes.
- SBI RTGS:
Step 1: Log into the SBI internet banking account with the help of a username and password.
Step 2: Click on the tab “Payment Transfer”
Step 3: Choose the type of funds transfer i.e. “Within SBI” or “Outside SBI”.
Step 4: For funds transfer outside SBI, Click on “Funds Transfer” and then on “RTGS”.
Step 5: Click on “Add Beneficiary” if not done earlier.
Step 6: Provide the beneficiary’s information like name, IFSC Code, bank Account Number, etc.
Step 7: Click on “Confirm” or “Add”.
Step 8: Provide the OTP received on the registered mobile number to authenticate.
Step 9: The beneficiary would then be added within the next 24 hours.
Step 10: From the list of beneficiaries, choose the beneficiary to whom the funds are to be transferred.
Step 11: Enter the amount and click on confirm.
- SBI NEFT:
Step 1: Log into the SBI internet banking account with the help of a username and password.
Step 2: Click on the tab “Payment Transfer”
Step 3: Choose the type of funds transfer i.e. “Within SBI” or “Outside SBI”.
Step 4: For funds transfer outside SBI, Click on “Funds Transfer” and then on “NEFT”.
Step 5: Click on “Add Beneficiary” if not done earlier.
Step 6: Provide the beneficiary’s information like name, IFSC Code, bank Account Number, etc.
Step 7: Click on “Confirm” or “Add”.
Step 8: Provide the OTP received on the registered mobile number to authenticate.
Step 9: The beneficiary would then be added within the next 24 hours.
Step 10: From the list of beneficiaries, choose the beneficiary to whom the funds are to be transferred.
Step 11: Enter the amount and click on confirm.
Charges for RTGS/ NEFT
Mentioned below are the SBI RTGS Charges:
| Transaction Amount | SBI RTGS Charges |
| INR 2 lakhs – INR 5 lakhs | INR 20 + GST |
| More than INR 5 lakhs | INR 40 + GST |
Mentioned below are the SBI NEFT Charges:
| Transaction Amount | NEFT Charges for Branch | NEFT Charges for Net Banking |
| Up to INR 10,000 | INR 2.00+ GST | NIL |
| Up to INR 10,001 to INR 1 lakh | INR 4.00+ GST | NIL |
| Above INR 1 lakh up to INR 2 lakh | INR 12.00+ GST | NIL |
| Above INR 2 lakh | INR 20.00+ GST | NIL |
Limit for RTGS/ NEFT
Mentioned below is the limit for funds transfer via SBI RTGS/ NEFT under Retail Banking:
| Minimum / Maximum amount for RTGS / NEFT transactions under Retail Internet Banking | ||
| Type | Minimum | Maximum |
| RTGS | INR 2 Lakhs | INR 10 Lakhs |
| NEFT | No Minimum | INR 10 Lakhs |
Mentioned below is the limit for funds transfer via SBI RTGS/ NEFT under Corporate Internet Banking:
| Minimum / Maximum amount for RTGS / NEFT transactions under Corporate Internet Banking | |||
| Type | Minimum | Maximum (per transaction) |
Maximum (per day) |
| RTGS | INR 2 Lakhs | Saral – INR 10 Lakhs Vyapaar – INR 50 Lakhs Vistaar – INR 2000 Crores |
Saral – INR 10 Lakhs Vyapaar – No Limit Vistaar – No Limit |
| NEFT | No Minimum | Saral – INR 10 Lakhs Vyapaar – INR 50 Lakhs Vistaar – INR 2000 Crores |
Saral – INR 10 Lakhs Vyapaar – No Limit Vistaar – No Limi |
