SBI (State bank of India) gives the fund transfer facility through IMPS, NEFT and RTGS. SBI charges differently for these services. Even you are not required to pay any charge in some cases.
Each fund transfer mode has some benefits. So on the basis of charges, we can’t say that a particular fund transfer platform is best for everyone. Let us see the different charges of IMPS, NEFT and RTGS.
SBI IMPS Fund Transfer Charges
IMPS or Immediate Payment Service is the fastest way of fund transfer among all these methods. It is available 24 hours and immediately transfers money. However, you can’t send more than 2 lakh in a day. Also, you can’t schedule a payment through the IMPS.
IMPS Charges on Transfer of up to ₹1,000
The State bank if India does not charge a paisa for the transfer of up to ₹1,000. SBI had waived the IMPS transfer charge up to this amount from the July 2017. So, if you are sending ₹1,000 or less, IMPS should be your preferred mode.
IMPS Charges on Transfer of 1,001 to ₹10,000
There is a charge if your transfer amount exceeds ₹1,000. However, charge this IMPS charge is flat up to ₹10, 000. The IMPS charge from 1,000 to ₹10,000 is flat ₹1/transaction. There would be 18% GST as well. Thus the total amount would be ₹1.18 per transaction.
Charges On IMPS transfer of ₹10,001 to 1 lac
The SBI charges ₹2 per transaction if the amount exceeds ₹10,000. This flat charge is applicable till 1 lac. This charge is negligible in respect of such a large amount.
IMPS Charges on Transfer of ₹1,00,001 to ₹2 lacs
The IMPS charge enhances if your transfer amount is more than ₹1 lac. It Would be ₹5/transaction. This charge is applicable up to ₹2 lacs. You can’t use IMPS for the fund transfer of more than ₹2 lacs.
SBI NEFT Charges
The SBI gives NEFT fund transfer facility through the net banking, mobile banking and branch banking. But the charges higher for the branch banking. Thus it is cheaper to NEFT fund transfer through the SBI Net Banking and Mobile Banking. In fact, charges are comparable to the IMPS.
NEFT Charges for Mobile and Net Banking
- NEFT Charges For Transfer of Up to ₹10,000 is only ₹1 per transaction. It is equal to the IMPS. With the GST, the final charge would be ₹1.18.
- Charge for fund transfer between ₹10,001 to ₹1 lakh is only ₹2/ transaction. This amount is also equal to the IMPS.
- Even transfer of amount between 1-2 lakh is also same as the IMPS. You have to pay the only ₹3/transaction.
- The NEFT charges for the amount above ₹2 lakh would be ₹5 per transaction.
NEFT Charges For SBI Branch
Fund Transfer through the SBI branch is costlier up to 5 times.
- For the amount of up to ₹10, 000, the NEFT charge would be ₹2.5.
- Similarly, the NEFT charges for the amount of up to 1 lakh would be ₹5.
- You would have to pay ₹15 if the amount is between 1-2 lakh.
- Above 2 lakh the NEFT charges would be ₹25.
SBI RTGS Charges
State Bank has different rates of RTGS fund transfer through the online mode and offline mode. If you go the branch for making an RTGS transfer, the charge would be 5 times higher than the net banking or mobile banking.
If you use the net banking or mobile banking, The SBI RTGS charges for the amount of 2-5 lakh is ₹5 only. Above ₹5 lakh, the charge would be ₹10. But from the branch, the charge would be ₹25 and ₹50 respectively.
Which Method of Fund Transfer is Best?
So now you know the different types of fund transfer charges of the SBI. No method is best for everyone. Rather, you can choose the best according to the need.
- If you making payment of up to ₹2 lakh IMPS is the best.
- For the payment of above ₹2 lakh the NEFT is best as this method is cheaper than the RTGS.
- But for the immediate transaction of more than ₹2 lakh, RTGS would be more suitable.
The NEFT and RTGS have a time limit so you should also take note of that.
Also, it would be convenient and cheaper if you use SBI net banking or mobile banking for making the payment.