SBI in full is State bank of India one of the largest and most awarded psu bank in India.It started its operations on 1st july 1955.
However, the problem with most customers is that majority of them don’t have net-banking service enabled and they want to continue this process in the branch.
Regardless of all the features that SBI provides that can be unique, uncommon, or exceptionally good but not to forget it also added NEFT/RTGS too it and its form is live online and it’s attached and can be viewed at the end of the article too.
But before you proceed its mandatory to know all the charges, details, documents needed, and the process to fill the form so without losing the money you can transfer funds to other beneficiaries. Also if you know all the details and the required.
What is the maximum beneficiary adding time ?
If the beneficiary added by the home branch, a 24 hour or the next day at 8:00 am can take easily however, if added using the net-banking service, 4 hours max can take.
This is a security measure to hold the account holder from transferring funds to the beneficent.
The process done through branch might take much more time but gives you more features like sending a big amount after the activation which cannot be done in Net-banking activation.
What are the RTGS/NEFT time limits ?
As the RTGS in full is Real-time gross settlement it means immediately the fund is transferred to the beneficiary once it’s activated and at max, it should be sent within 30 minutes.
Adding to it that the time mentioned is only after the addition of the beneficiary to the account.
RBI also states that the service is not 24*7 service, and can be performed only between 7am to 6pm for the RTGS.
Recently its also declared that NEFT is available on holidays and hence it is 24*7 available.
For the NEFT to get add beneficiary remains the same as the above mentioned. But the NEFT (national electronic funds transfer) don’t transfer funds immediately but in batches i.e half-hourly also there are 48 settlements including the holidays.
Hence the NEFT transfers can also be performed within the same calendar day.
Note: RTGS is only available from Monday to Friday and on working Saturdays except the holidays or on special occasions but will be processed on the next working day as usual.
Charges set on RTGS transfers
Charges set for net-banking users and transfers made at the branch are different and also the NEFT and RTGS charges are also different and are in a tabular form for more clarity.
Here is the in branch charge as for the NEFT and RTGS –
|Upto 10,000||Rs2 + GST||N/A|
|Above 10,000 to 1 Lakh||Rs4 + GST||N/A|
|From 1 Lakh to 2 Lakh||Rs12 + GST||N/A|
|Above 2 Lakh||Rs20 + GST||N/A|
|From 2 Lakh to 5 Lakh||Rs20 + GST||Rs20 + GST|
|Above 5 Lakh||Rs20 + GST||Rs40 + GST|
Also here is the charge parameter for the net-banking customers – NEFT and RTGS
Also, note that there is no charge for the net-banking customers to avail this service it is totally free of cost including the YONO
This charge is for the RTGS service
- From 10,000 and above 2 Lakh – NIL
Also the charge for the NEFT
- From 2 Lakh and above 5 Lakh – NIL
What are the restrictions to be followed to send fund ?
The RTGS transactions are limited and can only be sent with a minimum of 2 Lakh/transactions. Also, the RTGS can be sent immediately and under retail internet banking, it’s restricted to 10 Lakh.
For the SBI co the RTGS its from 2 Lakh with no upper limit.
However, the SBI online also mentions that for the NEFT it doesn’t have a lower limit and any amount can be sent but with a limitation up to 10 Lakhs. In SBI co, starting from Rs 1 to no limit.
Information required for the Form
A basic details that you need to ask from the remitter and to keep out beforehand while filling the form –
- Receiver Details for the beneficiary
- Beneficiary Name
- Bank Name & Branch
- IFSC Code
- Account No
- Transfer Amount
- Your Details
- Bank & Branch
- Account number
- Cheque number
How to fill SBI’s RTGS/NEFT form ?
Note the PDF is not a fillable form so please write in after printing it on paper. As it is more efficient and easy because if you miss any step you can carry that to the bank branch to fill the complete form.
Fill the APPLICATION FOR RTGS/NEFT REMITTANCE follow the steps below –
- Start with the date, the date you’re are writing on.
- Now write the amount in digits also note the amount will be written will be taken as consideration and hence will be included with the service charges.
- Also, check on whether you want to “my” for a single account and “our” for a joint account
- Now write the bank’s name and branch side by side.
- Next is the IFSC code which you can either from the passbook or from this IFSC tool by economictimes.
- Now beside Account No. write the account number correctly
- Now write the amount in words
- Look in the box below
- Write the name of the applicant (sender)
- In Tel write the phone number
- Signature of the applicant
If you have more queries do call the customer service – 1800 425 3800 ,visit the branch or comment in this article below.
Download the latest Up to date SBI Bank’s RTGS/NEFT form
Please do check if the preview is not available please do unblock your ad-blocker, other extensions(specificaly IDM) to preview or download the form directly.