SBI ONLINE: State Bank of India account holder? Fund transfer charges to know

Country's largest lender, SBI or State Bank of India offers various services to the account holders right from National Electronic Funds Transfer (NEFT) to Real-Time Gross Settlement (RTGS). SBI customers can remit funds using one of these payments services. The bank customers can transfer money from anywhere using this mode of the online transaction. The customers just have to know certain details like bank account number, bank IFSC code, and name for the online transaction to be done. Customers can transfer money to the account of any person with an account in the same bank or any other bank.

Currently, every NEFT transaction carries a charge anywhere between Rs 2.50 to Rs 25 plus 18% GST, and RTGS transaction charge also varies between Rs 25 and Rs 50 along with 18% GST. Several banks have already waived off charges for NEFT transactions when made through internet banking. 

RTGS/NEFT/ECS CHARGES

Real Time Gross Settlement (RTGS)
Just like NEFT, RTGS are also transactions which are carried online on a real-time basis. Via RTGS, a customer can make a minimum Rs 2 lakh transactions which can go up to maximum Rs 25 lakh. Among benefits of RTGS is that they are much faster possible way of transferring hefty amount, as real-time indicates transaction carried aren’t subject to any waiting period. This is a facility used for transferring high-value amounts.

a) RTGS Customer Transactions (R-41)

b) RTGS Inter-Bank Transactions (R-42)

One should know that the charges are to be recovered from the account where the credit is afforded. However, no recovery shall be effected from the accounts of Vishesh Customers and holders of Savings Plus and Premium Savings Accounts.

Charges recovered are to be credited to the branch which puts through the transactions.

Non-home transactions will be allowed to be conducted without any service charges from all Staff/SBI Pensioners and Staff of Associates. Also, the charges are inclusive of Service Tax and no separate recovery is required to be made