The service, National Electronic Funds Transfer (NEFT) eases fund transfer procedures online from a bank account to another. If you have a State Bank of India bank account with internet banking enabled, you can use this service to do online fund transfer. To make the transaction, you will require the beneficiary’s name as registered in his/her bank account, account number, IFSC code of the beneficiary’s bank branch, and keep in mind the amount you intend to send.
An IFS code is a code of 11 alphanumeric characters, which help to transfer funds without errors to specific bank branch. Without entering this code, NEFT transaction will not happen. To know the SBI Bank IFSC Code for a particular bank, you can visit the RBI’s official website and get to know all the IFSCs of listed bank branches. Or, the website of SBI itself will contain such codes of its relevant branches.
NOTE: There are no uniform charges applied to transfer funds via NEFT, and the same is subjective as per bank rules and regulations.
How to Transfer Funds Via NEFT From SBI Account Online?
Below are the steps to make a NEFT transaction through your State Bank account on the internet.
- Visit onlinesbi.com. Fill the login credentials and access your profile.
- In the Profile tab, access the Manage Beneficiary link.
- Select the option suitable, and click ‘Add’.
- Now enter the Beneficiary details such as name, account number, address, and transfer limit in specific fields.
- Provide the SBI Bank IFSC code of the bank branch of beneficiary. You can do so by entering the code and selecting the location, beneficiary bank, the State, and the branch from a drop down menu.
- Now agree with terms and conditions, and click ‘confirm’.
- You will receive a high security password on your registered mobile number to the bank account. This one-time password is an added security measure.
- You have to enter the same OTP to authorize the beneficiary. The State Bank of India takes a maximum of 16 hours to approve a newly added beneficiary.
- When the beneficiary gets added, you will be able to transfer funds to the said beneficiary through online banking.
- To do a NEFT transaction, now come to ‘Payment/Transfers’ tab. Here, select NEFT from the list. You will be able to see a list of added beneficiary accounts.
- Select the beneficiary to whom you wish to transfer the amount. Enter the amount you want to send.
- Click to ‘accept Terms of Service (Terms & Conditions)’.
- Now confirm the transaction, and proceed as directed.
- An online receipt of transfer will be generated.
When Does the Beneficiary Receive the Funds?
NEFT at the State Bank of India operates in half hourly batches. At present, there are 23 settlements done between 8 AM to 7 PM on working days, including the 1st, 3rd, and 5th Saturday (if not a bank holiday already). Thus, the beneficiary can receive the funds in his/her bank account from 8 AM to 5:30PM. Same day credit also happens. For transactions completed in the batches of 6:30PM and 7 PM, the credit will occur the same day or the next working day.
By following the above-given steps, you can easily complete SBI NEFT transactions in a jiffy.