State Bank of India (SBI) in India's banking sector, has a great legacy spreading over two centuries and stands as an image of trust and reliability for millions of customers.
Mainly there are 3 ways in which you can make electronic payment with Axis Bank - RTGS, NEFT, and IMPS. Before moving forward, it's important to understand the differences between the 3 modes;
| Type of Transfer | NEFT | IMPS | RTGS |
| Speed of settlement | Half hourly | Real-Time | Real-Time |
| Maximum Transfer Value | Rs.10,00,000 - Rs.20,00,00,00,000 (Depends upon Retail or Corporate Transactions) | Rs. 5,00,000 | Rs.10,00,000 - Rs.20,00,00,00,000(Depends upon Retail or Corporate Transactions) |
| Minimum Transfer Value | No Limit | No Limit | Rs. 2,00,000 |
| Charges | Rs.2 (Up to Rs.10,000) Rs.4 (Rs.10,000 - Rs.1,00,000) Rs.12 (Rs.1,00,000 - Rs.2,00,000) Rs.20 (Above Rs.2,00,000) [Free in Online Mode] | Free(Up to Rs.10,000) Rs.5 (Rs.10,001 - Rs.1,00,000) Rs.15 (Rs.1,00,000 - Rs.2,00,000) [Free in Online Mode] | Rs.20 (Rs.2,00,000 - Rs.5,00,000) Rs.40 (Above Rs.5,00,000) [Free in Online Mode] |
| Timing | 24x7, 365 Days | 24x7, 365 Days | 24x7, 365 Days (Except between 23:50-00:30) |
RTGS/NEFT/IMPS Transfer with State Bank Of India(SBI):
Ways of using RTGS / NEFT/ IMPS transfer in the State Bank Of India are:
- Offline submission /In Branch Request (FOR RTGS/NEFT)
- Mobile Banking (FOR RTGS /NEFT /IMPS).
Step 1: Download and Complete the Form
- Download the attached NEFT/RTGS form (in PDF format). This same form will be provided to you if you choose to initiate the transfer through an in-branch request. We have attached a copy of the same form in this post for your ease.
- Print a clear copy of the downloaded form.
- Fill out the form completely and accurately. How to fill up the form is mentioned below
- Firstly, write your branch name and today's date.
- Then, write your name and account number
- Next, add the beneficiaries name, bank, branch, IFSC code and account number
- Now write down the amount, bank charges and total it.
- Next, you need to write the cheque number and its date along with your registered mobile number. In case you’re making the payment by Bank transfer or Cash, you can mention NA here.
- Rewrite the amount in words. Then, sign the form.
Documents Required:
- SBI RTGS form
- Photocopies of PAN
- Aadhaar cards as identity proof.
- Visit your nearest SBI Bank branch.
- Submit the completed NEFT/RTGS form along with any required identification documents to a bank teller or customer service representative.
- Once your request is processed, the funds will be transferred to the beneficiary's account.
- Launch the app and log in using your username and password or through biometric if enabled.
- Once logged in, navigate to the home page of the app and locate the "Transfer" button. Tap on it to proceed.
- In the fund transfer section, select the "Transfer to Account" option to initiate a fund transfer.
- You may encounter a warning message regarding fund transfer security. Read and acknowledge the warning by tapping "OK" to proceed.
- Choose the desired transaction mode: RTGS, NEFT, or IMPS. Then, select the "Add/Select Beneficiary" option.
- Tap on "Add" and enter all required beneficiary details accurately, including name, account number, IFSC code, etc.
- After entering the beneficiary details, proceed to the next step.
- Authenticate the transaction by entering the OTP (One-Time Password) sent to your registered mobile number, followed by your transaction PIN.
- Once authenticated, the newly added beneficiary will be activated. Note that there may be a waiting period of up to 4 hours before initiating a transfer to the new beneficiary.
- Return to the "Transfer to Account" page, select the activated beneficiary, and enter the transfer amount. Tap "Proceed" to complete the transaction.
- Confirm the transaction by entering your transaction PIN again. Upon successful completion, you will receive a confirmation message indicating a successful fund transfer.
- For urgent, high-value transfers: Use RTGS if speed is critical and the amount is substantial. Be aware of minimum transfer limits and potential fees.
- For routine transfers and bill payments: NEFT is a convenient and cost-effective option for transfers within India, although it's not real-time.
- For small, urgent transfers: IMPS is ideal for immediate transfers of smaller amounts, even on holidays. Be mindful of potential maximum limits and fees.