#FinancialBytes: SBI's NEFT service- All you need to know
State Bank of India (SBI) offers the convenient facility of electronic money transfer to its customers. The service, known as National Electronics Fund Transfer (NEFT) works on a deferred net settlement basis, under which transactions are lined up and settled in batches throughout a working day. Here, we discuss about NEFT transaction charges and other details.
NEFT operates in half hourly batches throughout the day
According to SBI, the NEFT service operates in half hourly basis throughout the day. A total of twenty three settlement batches are carried between 8 AM and 7 PM on all working days. Thus, credit can be expected between 8 AM and 6:30 PM on same day of transaction. However, transactions in 6:30 PM and 7:00 PM batches are reflected the next working day.
Minimum and maximum limit; Requirement of details
Using the NEFT service, one can transfer a maximum of Rs. 10 lakh. There is no lower limit. For facilitating NEFT transactions, users have to furnish details such as total amount to be remitted, Customer account number to be debited, and beneficiary details like account number, bank name, account number, and the IFSC code of the destination bank branch.
NEFT transaction charges
SBI charges different charge-rates depending on the amount and mode of payment. For transactions upto Rs. 10,000, charges are Rs. 2.5, while for transactions between Rs. 10,001 to Rs. 1 lakh, charges are Rs. 5. Payments between Rs. 1 lakh and Rs. 2 lakh are charged Rs. 15, while transactions above Rs. 2 lakh are charged Rs. 25. All charges are exclusive of service-tax.
