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    Banking with SBI: Transfer your Funds with Ease

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    By on Business

    SBI offers different ways to transfer funds to match your convenience and needs. You can manage your finances through online banking and mobile apps provided by your bank, or use ATMs for quick transfers. Peer-to-peer payments have become popular with digital wallets like PayPal and Cash App, enabling you to send money to friends and family. Wire transfers are ideal for domestic and international transfers, while payment apps like UPI and Zelle simplify transactions.

    Cheques and money orders offer a more traditional approach, while online payment services are excellent for bills and e-commerce. Cash transfers via Western Union and MoneyGram remain viable for specific scenarios. Prepaid cards, business payment methods like ACH and SWIFT, mobile wallets, and postal services provide even more options, giving you flexibility in managing your finances. Customers can transfer funds seamlessly between their accounts, to other SBI accounts, and even to accounts in other banks using NEFT, RTGS, IMPS, and UPI. For these transfers, there are some charges, so we will discuss in this article SBI NEFT charges, SBI RTGS charges and others.

    SBI NEFT charges

    Following are the current SBI NEFT charges:

    • For transfers exceeding Rs. 2 lakh, the charge is Rs. 25.
    • For transfers between Rs. 1 lakh and Rs. 2 lakh, the fee is Rs. 15.
    • For transfers between Rs. 10,000 and Rs. 1 lakh, a fee of Rs. 5 applies.
    • For transfers up to Rs. 10,000, the charge is Rs. 2.5.

    How to make an NEFT fund transfer?

    1. Go to SBI official website and log in to your account using your login credentials that is your user ID and password. For this you need to register for the internet banking service first.
    2. After you log in successfully, you will see options like ‘my profile’, My accounts’, ‘Fund Transfer’, ‘Cards’, ‘Loans’, etc. After you logged in, navigate to the “Fund Transfer” or “Payments/Transfers” section. The exact location of this option may vary depending on the internet banking portal’s design.
    3. There would be again some options of transfer type such as NEFT, RTGS, IMPS, etc. Within the fund transfer section, select “NEFT” as the mode of transfer.
    4. Provide the beneficiary’s details, including their name, bank account number, bank name, branch, and the IFSC of the beneficiary bank.
    5. Specify the amount you want to transfer through NEFT
    6. Check carefully all the entered details, including the beneficiary’s information and the transfer amount.
    7. Then, you have to enter an OTP sent to your registered mobile number or use other authentication methods.
    8. Then, click ‘confirm’ and the money will be debited from your SBI account. You will also receive a transaction confirmation via email or SMS to your registered mobile number.

    How to download SBI NEFT form?

    • Go to SBI’s official website.
    • Look for “Downloads” or “Forms.”
    • Search for the NEFT form link.
    • Click to download the form in your device in PDF format.
    • Save the PDF form for printing
    • Print the NEFT form on an A4-sized sheet.
    • Fill in all required details.
    • Go to your nearest SBI branch.
    • Hand in the duly filled and signed form.

    How to fill SBI NEFT form

    The SBI NEFT form consists of two sections: the Counterfoil (Customer Copy) and the Bank Copy. You are required to fill out both sections with specific details.

    Counterfoil or Customer Copy:

    • Your branch name (applicant’s branch).
    • Beneficiary’s details, including account number, name, bank name, branch name, and IFSC code.
    • The amount to be transferred.
    • Your name and your account details.
    • Your beneficiary’s details, including their name, bank name, branch name, IFSC, and account number.

    Bank Copy:

    • The SBI branch name where you are conducting the transaction.
    • The date of the transaction.
    • Beneficiary’s details, which include their account number, name, bank name, branch name, and IFSC.
    • The amount to be transferred, both in words and figures, along with any applicable commission or SBI NEFT charges.
    • The signature of the Applicant, which is the person sending the funds.

    SBI IMPS Fund Transfer

    Using SBI Online Banking:

    • Log in to your SBI account.
    • Go to the “Funds Transfer” section.
    • Choose “IMPS” as the transfer method.
    • If needed, add the recipient’s details.
    • Fill in recipient’s account, amount, and remarks.
    • Double-check details for accuracy.
    • Verify with OTP or authentication method.
    • The funds will transfer in real-time.

    Transfer fund through UPI Apps

    There are several UPI-enabled mobile apps like Google Pay, PhonePe, Paytm, or BHIM (Bharat Interface for Money). Nowadays almost everyone uses this method of payment from small vegetable stalls to big shops.  

    • Link your bank account to the app and verify your mobile number.
    • Select the option to send money or make a payment. Choose the beneficiary from your list, enter the amount, and add any remarks or notes if needed.
    • Then, you have to enter your UPI PIN to confirm the transaction. 
    • After that, you’ll receive a confirmation of the transaction, and the recipient will also receive notification of the incoming funds.
    • The app will provide a transaction history where you can review past payments and check the status of your transfers.
    • You can also request money from someone using their UPI ID, and they will receive a notification to approve or decline the request.
    • Some UPI apps offer features to split bills with friends and calculate everyone’s share.
    • In addition to peer-to-peer transfers, UPI apps often allow you to recharge your mobile phone, pay utility bills, and make online purchases.
    • Ensure that you keep your UPI PIN confidential, and be cautious about sharing sensitive information. Most UPI apps also have security features like transaction limits and two-factor authentication.

    This way of fund transfer has no charge like SBI NEFT charges. It is to be noted that you can also check balance through UPI apps just by clicking on the option “check balance”. If you have multiple accounts linked with the UPI app, select the one for which you want to check the balance. 

    There are also other ways to check your account balance. One of the easiest ways is to check through mini statement. Here are different ways to get an SBI statement.

    Through SBI mini statement number

     To get an SBI mini-statement through SBI mini statement no, you can follow these steps:

    1. Dial the SBI mini-statement number 09223866666 from your registered mobile number. 
    2. After the call is connected, select your preferred language and follow the instructions given.
    3. You will be asked to press certain numbers for different options.
    4. Select the number for mini statement and press. After a while, you will get your mini statement sent to your registered mobile number.