Does SBI levy charges on NEFT transactions? State Bank of India, one of the largest public sector banks in the country offers some electronic fund transfer methods to the customers such as NEFT, RTGS, and IMPS. Customers can easily make fund transfer by using the NEFT mode via internet banking, mobile banking, and the YONO SBI app or by directly visiting the bank branch.
During fund transfer via SBI NEFT, the customers need to provide some crucial bank details such as the beneficiary’s bank account name, account number, IFSC Code, etc. In fact, SBI does not impose any sort of transfer charges while making fund transfers via NEFT through digital channels. SBI bank authorities will impose SBI NEFT Charges 2022 on its customers when they access SBI branch channels to make fund transfer.
The SBI NEFT charges levied on the customers will depend on the amount they wish to transfer from their respective SBI bank accounts to another bank account in offline mode. SBI NEFT fund transfer provision is available to all the customers holding their bank accounts in the nation. If you are not fully aware of the NEFT Charges SBI to other bank then, here is the right guide. In this article, we have provided the key details about the SBI NEFT Charges as per the revised guidelines of RBI. Have a glimpse!
SBI NEFT Charges 2022
What is an SBI NEFT Transaction? Well, before heading out to know the vital SBI NEFT Charges 2022, one must have some basic idea about the NEFT transactions, when do you need it, charges levied on the customers for using this service, NEFT Timings SBI, and more. National Electronic Fund Transfer is in short referred to as ‘NEFT’. It is one of the most beneficial fund transfer facilities provided by different banks to its customers to simplify the money transaction facility.
The SBI NEFT service functions in half-hourly batches i.e., between 8 AM and 7 PM on all days excluding the second and fourth Saturdays, Sundays, and all SBI bank holidays. NEFT provides 24×7 customer service to make transactions via online mode in half-hourly batches throughout the year. Once the remitter transfers a certain amount through NEFT transactions, that particular amount will be credited to the beneficiary’s account within 2 hours from a specific transaction batch. There is no minimum and maximum amount to make the SBI NEFT Transactions from the SBI bank account to another account.
However, certain NEFT Charges SBI to other bank will be levied on the customers when the amount is transferred through bank branch channels i.e., through the offline mode. If you don’t want to utilize the offline mode then, you can easily make fund transfer through SBI NEFT online i.e., through net banking or mobile banking, or the YONO app. Only in rare cases, people in the digital epoch have been accessing the offline mode [traditional money transfer by visiting the bank branches] to make fund transfer via the SBI NEFT facility.
SBI NEFT Charges [Through Online & Offline]
If you are seeking to transfer money through the SBI NEFT facility from an SBI Bank Branch then, you will be imposed certain charges based on the amount you wish to transfer. If you make a fund transfer below Rs. 10000 via NEFT from the branch channel, no charges will be imposed. You will be charged only when the transaction amount is above Rs. 10000. Let’s go through the complete list of SBI NEFT Charges when transactions are done via online and offline modes. Check it out!
| Transaction Amount Slab | SBI NEFT Transaction Charges at Branches | SBI NEFT Charges via Digital Channels |
| Transaction Amount Up to Rs. 10, 000 | Rs. 2.00 + GST | NIL |
| Transaction Amount ranging from Rs. 10, 001 to Rs. 1 Lakh | Rs. 4.00 + GST | NIL |
| Transaction Amount ranging from Rs. 1 Lakh to Rs. 2 Lakhs | Rs. 12.00 + GST | NIL |
| Transaction Amount above Rs. 2 Lakhs | Rs. 20.00 + GST | NIL |
Moreover, there is no minimum or maximum limit for fund transfer through the SBI NEFT service. One can easily utilize the NEFT provision to make fund transfer via online and offline modes. Also, RBI levies very minimal NEFT charges SBI to other bank and a low processing fee to make money transactions via bank channels. These are some of the key advantages and the major reasons behind the SBI customers utilizing the SBI NEFT service frequently.
Conclusion
That’s all! This is all you need to know about the SBI NEFT Charges imposed on the customers to make fund transfers through offline modes or bank branch channels. Through this in-depth guide, we have covered almost all the vital points about the SBI NEFT Charges 2022 when transferred via online and offline modes, revised RBI guidelines on NEFT Charges, and more.
Do you have any doubts about this topic? If so, don’t hesitate to ask us in the comments space. Stay tuned to MoneyCompass to get more information on the latest SBI bank policies, how to open SBI savings account online, SBI IMPS Charges imposed on the customers and more.