How to Carry out SBI Online Transactions?

SBI is the largest public-sector bank in India. It has a vast network of over 22405 branches all across the country. It offers a variety of banking services such as savings and current accounts, credit and debit cards, loan facilities, investment facilities, digital banking, etc. With digital banking services, customers now enjoy smooth online transactions. There are some types of online transactions offered by the bank like NEFT, RTGS, IMPS, UPI, etc. Let’s discuss in detail the features of these transactions.

 SBI RTGS fund transfer

This is a convenient way of fund transfer which allows customers to send money instantly as it also says Real Time Gross Settlement. That means you don’t have to wait for the amount to be credited, it will be done in a moment.

SBI RTGS charges

Like NEFT fund transfer, SBI has set some amount of charges for RTGS as well. The following table provides the limit set by the bank:

SBI RTGS limit

SBI sets no upper limit for RTGS transactions and there is a minimum limit of 2 lakhs. So, this mode of fund transfer is quite convenient for business persons who wish to transfer a larger amount of money.

How to make an SBI RTGS fund transfer?

Offline

To make an RTGS fund transfer offline, visit the nearest bank branch and ask for an RTGS fund transfer form or you can also download SBI RTGS form from the bank’s official website. Fill up the form with all the necessary details such as your name, date, account number, account number of the recipient, etc. Then, submit it to the bank staff. After the form is verified and approved by the bank, the amount will be transferred to the other account.

Online

➢If you want to make an RTGS fund transfer online, go to the official website of the SBI Internet banking portal and log into your account using your login credentials.

➢After logging in, go to the ‘fund transfer’ option and you will find the transfer options mentioned above. Select RTGS.

➢Then, you have to enter the amount to be transfer. You will get an OTP sent to your mobile number which is registered with the bank. This is to authenticate the transaction. Enter that OTP and then, click ‘confirm’.

➢Now, the fund will be transferred. It may take some time for the amount to be reflected on the recipient’s account.

To have access to the Internet Banking portal, you have to first register yourself for this service.

Check out the steps given below:

• Open the browser on your device and go to the official website of HDFC bank.
• There will be an option for registration under the ‘Online Banking’ or ‘Login’ section.
• You have to enter some details like account number, card details, personal information, and the bank will send an OTP (One Time Password) to your registered mobile number for verification.
• After entering all those, set up a user ID and password. A strong password is suggested, it will be a combination of alphabets, numbers, and special characters for 
• After registration, you can log in to your account using the newly created credentials.
• Most of the time the bank prompts users to set a security question and its answer to enable two-factor authentication, or link a registered device for extra security. Set something familiar to you as security questions and answers lest you should forget or get confused with it later. This is to help you recover your password.

You can also make an RTGS transaction using mobile banking services. Mobile banking apps are popular nowadays. Every bank has its own mobile banking apps. SBI has ‘SBI YONO’, Canara Bank has ‘canara ai1’, Indian bank has ‘IndoASIS’. UCO bank has a variety of UCO mobile banking Apps like UCO mPassbook, UCO mBanking Plus integrating UCO mPassbook, BHIM UCO UPI, etc.

SBI IMPS

SBI’s IMPS service stands for Immediate Payment Service, enabling instant and real-time

fund transfers at any time, including weekends and holidays. It allows customers to transfer 

funds instantly using mobile phones, internet banking, or by visiting an SBI branch. This 

method is favoured for its speed and secure transactions between accounts in different banks across India. Notably, SBI does not levy any charges for IMPS fund transfers, distinguishing it from some other banks like ICICI Bank, which may impose fees for IMPS transactions.

SBI NEFT fund transfer, limit and charges

NEFT fund transfer is an electronic fund transfers service. It is a secured way of fund transfer which allows the customers to send money from an account to another bank accounts across India timely. We can make NEFT transactions easily through SBI’s online banking portals, mobile apps, or by visiting an SBI branch, whichever is convenient for you.

SBI charges a certain amount for NEFT transactions depending on the amount of transaction. Have a look at the table below:

Limit

SBI sets the maximum limit for SBI NEFT fund transfer at 10 lakhs per transaction for retail customers and Rs. 25 lakhs per transaction for corporate customers. Sometimes, NEFT transactions might have different limits depending on the branch. However, the general limit ranges from Rs. 2 lakhs to Rs. 25 lakhs per transaction.

UPI fund transfer

UPI fund transfer is the most used fund transfer system. From small shops to larger business transactions, almost everyone uses it. There are some UPI apps available on the app store such as Gpay, PhonePe, Paytm, etc. 

To transfer funds using these apps, follow the steps given below:

1. Download any of the apps mentioned above and install it in on your device.
2. Link your bank account with the app. To link, you have to enter your account details.
3. After the setup is done, open the app and find the option for fund transfer.
4. You can make the fund transfer in two ways: Mobile number or account number.
5. Enter the mobile number of the account you wish to make the payment to or the account number.
6. Now, enter the amount you want to transfer.
7. Enter the pin code and the amount will be transferred instantly.