SBI online banking: This is what your bank charges for transferring money at onlinesbi.com

By Zee Business Digital TeamWhile net banking has made things easier for the net savvy customers of the various public sector and private sector banks, it has been found that majority of net banking service users are unaware of the charges they need to pay while doing a fund transfer through IMPS (Immediate Payment Service) and NEFT (National Electronic Funds Transfer). Being the largest public sector bank, the State Bank of India (SBI) is also offering these services to its net banking users via its online portal onlinesbi.com. It do levy some charges that an SBI net banking user must know. Importantly, there are some timings too, during which a net banking user can't avail these services. Here are the details of charges and timings. 

For IMPS

Timing: According to the SBI net banking website www.onlinesbi.com, IMPS outward transactions are not available from evening 10:45 PM to 11.15 PM and IMPS inward transactions are available round the clock. However, there are no holiday restrictions on IMPS outward and inward transactions.

See Zee Business video below:

#Nifty पर हिट रही हमारी स्ट्रैटेजी, सही टाइम पर परफेक्ट पिक।@AnilSinghviZEE #BeautyWithBrain #WorldWideWeb #MitriWithZBiz pic.twitter.com/UXVmHiqSHE

— Zee Business (@ZeeBusiness) March 12, 2019

Amount: The maximum amount that can be transferred through IMPS is Rs 2 lakh. But, there is no prescribed limit for the minimum amount allowed to make an IMPS transaction.

Charges: SBI charges 1 rupee plus GST on transactions valued from Rs 1,001 to Rs 10,000.

For more details see the graphic below:

FOR NEFT

Timing: According to the SBI net banking website www.onlinesbi.com, NEFT operates in half hourly batches. There are twenty-three settlements from 8 am to 7 pm on all working days including working Saturdays. Therefore, the beneficiary can expect to get the credit for the transactions put through between 8 AM to 5.30 PM on all working days on the same day. For transactions settled in the 6.30 and 7 pm batches on all working days, the customer will receive the amount either on the same day or on the next working day.

Amount: Under retail internet banking, one can transfer a maximum of Rs 10 lakh using SBI NEFT service, says SBI portal. However, there is no minimum limit.

Charges:SBI charges Rs 2.50 for transactions up to Rs 10,000. However, it's charges varies on the change in a slab of fund transfer. 

For more details see the graphic below:

Therefore, it's better to remain informed about the charges being levied on IMPS and NEFT rather complaining of the hidden charges being levied on online fund transfer by the bank.