SBI NEFT: Navigating Seamless Fund Transfers in the Digital Age

SBI offers the National Electronics Funds Transfer or NEFT services to its customers through Internet Banking, i.e. online and offline as well. NEFT can be used to transfer funds from one bank to another, make credit card bill payments, pay bills, etc. SBI NEFT works on a Deferred Settlement basis where the payment can be settled in half-hourly batches. Transactions made once get settled in batches automatically. It is available round the clock, i.e. 24*7*365 days.

NEFT is a safe, simple, secure, and quicker way to transfer funds. An SBI account holder can easily transfer funds via NEFT. Also, the non-SBI account holders can also deposit cash via NEFT up to INR 50,000 per transaction.

SBI NEFT Requirements

Mentioned below are the details that are to be provided to make SBI NEFT transactions:

  • Amount to be remitted
  • Account no. to be debited
  • Name of the beneficiary bank
  • Name of the beneficiary customer
  • Account no. of the beneficiary customer
  • Sender to receiver information, if any
  • IFSC code of the receiving branch (IFSC Code is printed on cheque leaves)
  • A Registered Mobile Number


Mentioned below are the details filled online and can be seen in the customer copy of the SBI NEFT Form PDF format:

  • Branch Name (Applicant’s Branch)
  • Beneficiary’s account number, name, bank name, branch name and IFSC
  • Amount to be transferred
  • Your name and account details
  • Beneficiary’s name, bank name, branch name, IFSC and account number


The minimum and maximum limit for NEFT is decided by RBI, which is as mentioned below:

ParticularsMinimum LimitMaximum Limit
Under Retail BankingNo MinimumINR 10 lakhs
Under Corporate Internet BankingNo MinimumPer Transaction:
Saral – Rs.10 lakhs
Vyapaar – Rs.50 lakhs
Vistaar – Rs.2000 crores
Per Day:
Saral – Rs.10 lakhs
Vyapaar – No Limit
Vistaar – No Limit

Advantages of making SBI NEFT Payments

Mentioned below are the advantages of making SBI NEFT payments:

  • SBI provides a safe and efficient NEFT experience to its clients.
  • Transferring funds from one account to the other has become easy and straightforward.
  • The processing fees are very low.
  • It is one of the most effective ways of transferring funds.

Disadvantages of making SBI NEFT Payments

Mentioned below are the disadvantages of making SBI NEFT payments:

  • The payments are settled in batches and may take up to 30 minutes to complete. On the other hand, in UPI, RTGS, or IMPS, the transactions are settled instantly. 
  • A fee is charged in the case of NEFT, which is not there in a UPI transaction.
  • To make payment via NEFT, the beneficiary must be added, which may take up to 6 to 24 hours.

SBI NEFT Charges

Transaction AmountNEFT Charges for BranchNEFT Charges for Net Banking
Up to INR 10,000INR 2.00+ GSTNIL
Up to INR 10,001 to INR 1 lakhINR 4.00+ GSTNIL
Above INR 1 lakh up to INR 2 lakhINR 12.00+ GSTNIL
Above INR 2 lakhINR 20.00+ GSTNIL

SBI NEFT Timings

DaysTime Slot
Monday – Saturday8.00 am to 7.00 pm
NEFT services are not available on bank holidays, including 2nd and 4th Saturday

How to Make SBI NEFT Transfers?

Mentioned below are the different types of NEFT payments:

  1. NEFT Payments from SBI to Other Banks:

Step 1: Log in to the SBI internet banking account.

Step 2: Click on “Payments and Transfers”.

Step 3: Choose amongst the two options – Within SBI and Outside SBI.

Step 4: In case the option chosen is “Outside SBI”.

Step 5: Click on the interbank beneficiary option and then select NEFT.

Step 6: Choose the bank account from where the amount is to be paid.

Step 7: Select the beneficiary’s account details along with the transfer time. The options available are Pay Now, Pay Later or Standing Instructions.

Step 8: Click on “Accept Terms and Conditions”.

Step 9: Enter the transaction password and click on “Submit”.

Step 10: Verify the details and click on “Confirm”.

Step 11: The status will now be displayed on the screen.

  1. Transferring Funds from SBI to SBI Bank:

Step 1: Log in to the SBI internet banking portal.

Step 2: Click on the tab “Payments and Transfer”.

Step 3: Under “Within SBI”, select “Accounts of Others”.

Step 4: Select the bank account from which NEFT will be done.

Step 5: Enter the amount to be transferred.

Step 6: Enter the beneficiary’s account number along with the scheduled time of transfer.

Step 7: Click on “Submit”.

Step 8: Enter the transaction password and then click on “Submit”.

Step 9: Verify the details and click on “Confirm”.

Credit Card Bill Payment via NEFT

Mentioned below are the steps on how to pay the credit card bill via NEFT:

Step 1: Log in to the SBI internet banking portal either from your laptop or mobile.

Step 2: Under the Third Party option, add your credit card as a beneficiary to make a credit card bill payment.

Step 3: Enter the IFSC Code of the credit card.

Step 4: Enter the name of the bank along with the address of the credit card company or the bank.

Step 5: Click on Submit to complete the payment process.

What is Interbank Transfer?

Inter Bank Transfer enables electronic transfer of funds from the account of the remitter in one Bank to the account of the beneficiary maintained with any other Bank branch. There are two systems of Interbank Transfer – RTGS and NEFT. Both these systems are maintained by the Reserve Bank of India.

RTGS- Real Time Gross Settlement– This is a system where the processing of funds transfer instructions takes place at the time they are received (real-time). Also, the settlement of funds transfer instructions occurs individually on an instruction-by-instruction basis (gross settlement). RTGS is the fastest possible interbank money transfer facility available through secure banking channels in India.

NEFT- National Electronic Fund Transfer– This system of fund transfer operates on a Deferred Net Settlement basis. Fund transfer 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.

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