State Bank of India (SBI) offers National Electronics Funds Transfer (NEFT) services for all customers through internet banking. NEFT can be used to transfer funds from one bank account to another. It is is a speedy, hassle-free and convenient method to transfer funds across the country. With effect from 16 December, NEFT facility for transferring money online is now available on a round-the-clock basis.
Here is all you need to know about SBI NEFT money transfer
1) SBI does not charge anything for online NEFT transfers.
2) There is no minimum transaction limit for NEFT while the maximum limit is ₹10 lakh for retail customers.
3) Now, SBI NEFT money transfer facility is available 24×7. The NEFT payment system so far was available for customers from 8 am to 7 pm on all working days.
4) SBI NEFT money transfer facility will be available on holidays too. So far, the money transfer facility was not available on banking holidays.
5) If there is any error in a NEFT transaction and the money is not credited, it will be refunded.
How to transfer funds through NEFT from SBI to another bank
-Log on to the SBI internet banking account.
-Now, click on the ‘Payments Transfers’ option.
-There are two options: Within SBI and Outside SBI.
-To do a NEFT transaction outside SBI, click on the ‘Inter-Bank Beneficiary’ option, choose ‘NEFT’, and click on proceed.
-Select the account from which you want to do the NEFT transfer, write the sum to be transferred in the ‘Amount’ column.
-Choose the beneficiary account details such as Account Number, Beneficiary Name, Bank Name, and Limit
-Select the beneficiary account number and choose the ‘Select a schedule option’ to select at what time the fund needs to be sent. There are 3 options one can choose from: ‘Pay Now’, ‘Schedule Later’, or ‘Standing Instruction’.
-Accept the terms and conditions, enter the transaction password and click on the ‘Submit’ option.
-Verify the details and click on ‘Confirm’. After clicking on ‘Confirm’, confirmation of the status of the transaction will be displayed on the screen.