SBI RTGS Charges 2024: Fees, Timings, and Process

Real-Time Gross Settlement (RTGS) is a system developed by the Reserve Bank of India (RBI) for instant and secure high-value fund transfers. The State Bank of India (SBI) offers this service with its own RTGS charges, timings, and limits. Understanding these SBI RTGS charges and processes can help you make informed decisions and manage your transfers efficiently.

SBI RTGS Charges

The State Bank of India offers RTGS services for transferring funds of ₹2 lakh and above. The charges for these transactions differ based on whether they are initiated online or at a bank branch.

SBI RTGS Charges for Branch and Online Transactions

No charges are applied for RTGS transactions initiated through SBI’s internet banking and mobile apps. For branch-initiated RTGS transfers, SBI charges vary depending on the transaction value:

Additional Costs and GST Applicability

When using RTGS (Real-Time Gross Settlement) services at SBI bank branches, the base RTGS charges are subject to Goods and Services Tax (GST). This adds to the overall transaction cost.

Example:

• If you initiate an RTGS transfer of ₹5,00,000 at an SBI branch, the base charge may be ₹30. Adding GST at 18%, the total cost becomes ₹35.40 (₹30 + ₹5.40 GST).
  • Total Cost: ₹35.40

Account Type and Fee Variations:

It’s important to note that SBI may have different fee structures based on:

• Account Type: Savings accounts might have lower fees compared to current accounts.
• Customer Segment: Retail customers and corporate customers may be subject to varying charges.

Additionally, corporate customer using branch RTGS may face higher charges compared to a retail customer conducting the transaction online.

RTGS Transfer Procedure in SBI

SBI provides two convenient methods for initiating RTGS transfers: offline transactions through a branch and online transfers via net banking. Here’s a step-by-step guide for each:

1. Offline SBI RTGS Transfer Procedure

To initiate an RTGS transfer offline, follow these steps:

Step 1. Visit your nearest SBI branch and collect the RTGS form.

Step 2. Fill in the form with the following details

• Date and amount (in numbers and words).
• Your account number and cheque details (serial number and date).
• Beneficiary details, including name, account number, and IFSC code.

Step 3. Sign the form to authorise the payment

Step 4. Submit the filled form and a signed cheque to the bank official for processing

The bank will process the transaction after verifying the details, ensuring a secure and reliable transfer.

2. RTGS by SBI Net Banking

For a quicker and more convenient option, you can use SBI’s net banking platform for RTGS transfers:

Step 1. Log in to SBI Internet Banking with your credentials

Step 2. Go to the “Profile” tab and click on “Manage Beneficiary”

Step 3. Choose “Inter Bank Payee” or other suitable option and add beneficiary details:

• Beneficiary name, account number, IFSC code, and transfer limit.
• Authorise the beneficiary by entering the high-security password sent to your registered mobile number.
• Beneficiary activation may take up to 16 hours.

Step 4. Select Payment Type

Once activated, go to the “Payments/Transfers” tab and select “Inter Bank Transfer” or other suitable option.

Step 5. Choose RTGS as the transaction type, select the beneficiary, and enter the amount.

Step 6. Accept the terms and confirm the transaction.

SBI RTGS Timings

SBI facilitates online RTGS transfers around the clock, making fund transfers for high-value transactions seamless and accessible 24×7.

For branch transactions, RTGS timings depend on the bank’s operational hours, typically aligned with working days. It’s recommended to confirm specific branch timings before initiating a transfer, as they may vary on weekends or public holidays. Online transactions through internet banking or the mobile app remain unaffected by branch hours, providing flexibility and convenience.

SBI RTGS Limit

SBI sets specific transaction limits for RTGS transfers, ensuring they are suitable for high-value payments. The minimum transaction limit for RTGS is ₹2 lakh, applicable to all accounts.

The maximum SBI RTGS limit per transaction and per day depends on the type of account:

For individual accounts, the maximum transaction limit aligns with the Saral account, while corporate accounts such as Vyapaar and Vistaar offer higher flexibility to cater to business needs.

FAQs

Q1: How much does SBI charge for RTGS?

SBI does not charge any fees for RTGS transactions made online through Internet banking or the YONO app. However, for branch transactions, charges are ₹20 + GST for amounts between ₹2 lakh and ₹5 lakh, and ₹40 + GST for amounts above ₹5 lakh.

Q2: What is the information required to initiate an RTGS payment in SBI?

To initiate an RTGS transfer, you need the following details:

• Amount to be remitted
• Your SBI account number to be debited
• Name of the beneficiary bank
• Name of the beneficiary
• Beneficiary’s account number
• IFSC code of the beneficiary’s bank branch
• Any additional sender-to-receiver information (optional)

Q3: Can I do RTGS through YONO SBI?

Yes, RTGS can be performed seamlessly through the YONO SBI app. The service is available 24×7, and no charges are applied for online transactions.

Q4: Can I do RTGS without a cheque in SBI?

Yes, you can perform an RTGS transaction without a cheque by using online banking platforms like SBI’s Internet banking or the YONO app. For branch transactions, however, you may be required to provide a cheque to initiate the transfer.