National Electronic Funds Transfer (NEFT) is a payment system regulated by the Reserve Bank of India (RBI) that assists one-to-one funds transfer. One can transfer funds electronically in a quite simple in easy manner from one account to the other. An account holder can transfer funds from one account to the other in SBI or outside SBI.
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.
Prerequisites of a NEFT Transaction
Before making an NEFT transaction, one must be ready with the below-mentioned things:
- IFSC code of the payee’s bank account
- Details of the Payee account
- Name of the beneficiary
- Amount to be transferred
- Name of the beneficiary’s bank
How to Make NEFT Online?
Mentioned below are the steps to make NEFT online:
- SBI to Other Banks
Step 1: Log into the SBI internet banking account with the help of a username and password.
Step 2: Click on the tab “Payments & Transfers”
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”.
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: Select the scheduled time option to select the time at which funds are to be transferred. The three options available are – Pay Now, Schedule Later, and Standing Instruction.
Step 12: Accept the Terms and Conditions.
Step 13: Enter the transaction ID and password.
Step 14: Enter the amount and click on confirm.
- SBI to SBI
Step 1: Log into the SBI internet banking account with the help of a username and password.
Step 2: Click on the tab “Payments & Transfers”
Step 3: Choose the type of funds transfer i.e. “Within SBI” or “Outside SBI”.
Step 4: For funds transfer within 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.
How to make NEFT by Visiting Bank?
Mentioned below are the steps to make NEFT by visiting the bank:
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.
An account holder can track the status of NEFT either by calling customer care or by entering a UTR number using Internet banking or mobile. Also, one can check the last 5 transactions by calling SBI Mini Statement No i.e. 09223866666 to know whether the same amount has been debited or not.
NEFT Charges
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 |
Can Credit Card Bills be paid by NEFT?
Mentioned below are the steps to pay credit card bills via NEFT:
Step 1: Log in to the internet banking of SBI either from the computer or mobile.
Step 2: Add a credit card as a beneficiary to initiate payment of the bill under “Third Party”.
Step 3: Enter the IFSC Code associated with the bank account.
Step 4: Provide a 16-digit credit card number.
Step 5: Enter the name of the bank along with the address of the bank.
Step 6: Click on “Submit” to complete the payment process.
Benefits of Making NEFT
Mentioned below are the benefits of making a NEFT:
- SBI provides a safe and efficient experience of making a NEFT to its customers which makes the transfer of funds from one account to another quite simple and easy.
- As the processing fees are quite low, it is considered to be the most cost-effective way of funds transfer.
- As NEFT payments are regulated by RBI, it becomes one of the most secure and reliable sources.
Limitations of Making NEFT
Mentioned below are the limitations of making a NEFT:
- The payments are settled in batches which takes up to 30 minutes to complete a transaction as against UPI, RTGS, or IMPS where funds get transferred instantly.
- A payee has to wait for 6 hours to 24 hours to add a beneficiary before making NEFT to a new account.
- There is a fee charged in the case of NEFT transactions as against UPI.
Limit for NEFT
Mentioned below is the limit for funds transfer via SBI NEFT under Retail Banking:
|
Minimum / Maximum amount for NEFT transactions under Retail Internet Banking |
||
|
Type |
Minimum |
Maximum |
|
NEFT |
No Minimum |
INR 10 Lakhs |
Mentioned below is the limit for funds transfer via SBI NEFT under Corporate Internet Banking:
|
Minimum / Maximum amount for NEFT transactions under Corporate Internet Banking |
|||
|
Type |
Minimum |
Maximum |
Maximum |
|
NEFT |
No Minimum |
Saral – INR 10 Lakhs |
Saral – INR 10 Lakhs |