SBI NEFT: Charges, Limits, Timings & Fund Transfer Guide

SBI’s NEFT (National Electronic Funds Transfer) service is an easy and reliable way to transfer funds across India. Whether you’re an individual, a small business owner, or an online banking user, NEFT allows you to send money securely to any bank account. It’s available both online and offline, making it convenient for all SBI account holders.

SBI NEFT Charges 2025

SBI NEFT charges depend on the transaction amount and mode of transfer. Online NEFT transactions via SBI’s internet and mobile banking are free, while branch transactions have nominal fees. Here is a complete breakdown of the branch fees:

These low charges make NEFT a cost-effective way to transfer funds across India, especially for online banking users who can transact at zero cost.

Related Read: SBI RTGS Charges Explained: Fees, Limits & Timings

SBI NEFT Timing

SBI NEFT is available 24×7 for online transactions, including weekends and bank holidays. You can transfer funds anytime using Internet or mobile banking. For branch transactions, NEFT is processed only during working hours and is unavailable on bank holidays.

NEFT transactions are cleared in 48 half-hourly batches every day, from 12:30 AM to 12:00 AM. Funds are usually credited to the recipient’s account in the next available batch.

How to Transfer Funds Using NEFT From SBI to Another Bank?

• Step 1: Ensure your SBI internet banking has transaction rights. If not, visit your branch to enable them.
• Step 2: Login to OnlineSBI using your User ID and Password.
• Step 3: Click on the Payments/Transfers tab and select Inter Bank Transfer.
• Step 4: Choose NEFT as the transaction type.
• Step 5: Ensure the beneficiary is added and activated before making a payment. This is a one-time process and may take up to 16 hours.
• Step 6: From the displayed list of beneficiaries, select the recipient’s account.
• Step 7: Enter the amount you wish to transfer.
• Step 8: Accept the terms and conditions and confirm the transaction.
• Step 9: Enter your Transaction Password to authorise the payment. Once the transaction is processed, you will receive a confirmation message.

How to Transfer Funds Using NEFT From SBI to Another SBI Branch?

Transferring funds within SBI using NEFT is simpler and faster than sending money to another bank. Follow these steps to complete the transfer:

• Step 1: Log in to the SBI online banking portal or the SBI YONO app using your credentials.
• Step 2: Click on the Payments/Transfers option. Under the Within SBI section, select Accounts of Others.
• Step 3: Choose the account from which you want to transfer funds.
• Step 4: Enter the amount you wish to transfer.
• Step 5: Select the beneficiary account number, set a suitable transfer time if needed, and click Submit.
• Step 6: Read and accept the terms and conditions, then enter your Transaction Password to confirm.
• Step 7: Once completed, you will receive a confirmation message, and the funds will be transferred as per the NEFT settlement cycle.

How to Pay Credit Card Bill Using SBI NEFT?

• Step 1: Log in to the SBI net banking portal using your credentials.
• Step 2: Add your SBI Card as a beneficiary under the third-party transfer section. Enter the IFSC code SBIN00CARDS when prompted.
• Step 3: In the beneficiary details, enter your 16-digit SBI Credit Card number in place of an account number.
• Step 4: Select the beneficiary account type as Credit Card Payment or Savings Account.
• Step 5: Click the Submit button to complete the beneficiary registration. This is a one-time process.
• Step 6: Once registered, initiate a funds transfer by selecting the newly added SBI Card beneficiary, entering the amount to be paid, and confirming the transaction.

Your payment will reflect instantly in your SBI Credit Card account, making this method both efficient and reliable.

Information Needed for an NEFT Transaction

1. Beneficiary’s Name: The full name of the recipient as registered with their bank.
2. Beneficiary’s Bank Name: The name of the bank where the recipient holds an account.
3. Beneficiary’s Branch Name: The specific branch of the beneficiary’s bank.
4. Beneficiary’s Account Type: Savings, Current, or any other applicable account type.
5. Beneficiary’s Account Number: A valid and accurate account number for fund transfer.
6. Beneficiary’s Branch IFSC Code: The unique 11-digit Indian Financial System Code (IFSC) of the recipient’s branch.
7. Sender and Beneficiary Legal Entity Identifier (LEI): Required for high-value corporate transactions.

Providing the correct details ensures timely processing and prevents fund reversals or rejections. Always verify the information before confirming the transaction.

Benefits of SBI NEFT

1. Simple, Reliable, and Easy Process

SBI NEFT offers a hassle-free way to transfer funds online. You can access it through internet banking, mobile banking, or the SBI YONO app, making it convenient for users. Unlike traditional payment methods, NEFT does not require physical paperwork or branch visits. Transactions are processed in batches, ensuring safe and systematic fund transfers.

2. Cost-Effective

NEFT is one of the most affordable fund transfer options. Online NEFT transactions through SBI are completely free, while branch transactions have minimal charges based on the amount transferred. This makes NEFT a budget-friendly choice for individuals and businesses looking for a low-cost way to send money across India.

3. Regulated by the Reserve Bank of India (RBI)

SBI NEFT is governed by the Reserve Bank of India, ensuring high security, transparency, and compliance with banking regulations. The RBI monitors and regulates transactions, minimising risks such as fraud or unauthorised transfers. Since NEFT operates in half-hourly settlement batches, funds are processed efficiently while maintaining security standards.

4. No Minimum or Maximum Limit

SBI NEFT does not impose a minimum or maximum transfer limit, making it suitable for both small and large transactions. Whether you need to transfer ₹500 or ₹5 lakh, NEFT provides a flexible and reliable payment option for various financial needs. This flexibility ensures convenience for both individuals and businesses.

Key Differences Between SBI NEFT and RTGS

Limitations of SBI NEFT

1. Slower than IMPS

SBI NEFT transactions are processed in batches rather than in real time. This makes them slower compared to Immediate Payment Service (IMPS), which allows instant fund transfers. If you need to transfer money urgently, IMPS might be a better option.

2. Cannot Be Used for Offline Transactions on Holidays

While SBI NEFT is available 24×7 for online transactions, offline transactions at bank branches can only be processed on working days. If you rely on branch-based NEFT, you will not be able to transfer funds on Sundays and bank holidays.

3. Limited Timing for Branch Transactions

If you are making an NEFT transaction through a bank branch, it can only be done between the working hours of that branch. Transfers initiated outside these hours will be processed on the next working day. However, online NEFT is available round the clock.

Conclusion

SBI NEFT is a simple, secure, and cost-effective way to transfer funds and pay bills. It allows 24×7 online transactions, making it convenient for both individuals and businesses. While it processes payments in half-hourly batches, it remains a reliable option for non-urgent transfers. With no minimum transfer limit, it caters to all types of transactions. Whether you are sending money to another bank, paying credit card bills, or making business payments, SBI NEFT offers a regulated and accessible banking solution.

Frequently Asked Questions (FAQs)

1. How long does an SBI NEFT transaction take to process?

SBI NEFT transactions are processed in half-hourly batches and may take up to 2 hours to reach the beneficiary.

2. Where can I download the SBI NEFT form?

You can download the SBI NEFT form from the official SBI website.

3. What should I do if my SBI NEFT transfer fails?

If your SBI NEFT transfer fails, check for errors in the beneficiary details. If correct, contact SBI customer support or visit your branch with the unique transaction reference number to resolve the issue.

4. Is there a limit on the number of NEFT transactions per day?

There is no specific limit on the number of NEFT transactions per day, but banks may set restrictions based on account type, transaction amount, or security policies.

5. How can I track my SBI NEFT transaction?

You can track your SBI NEFT transaction by logging into your internet banking account or using the SBI mobile banking app. Alternatively, you can contact SBI customer care or visit a branch for assistance.

6. Can I use SBI NEFT for international transfers?

No, SBI NEFT cannot be used for international transfers. It is limited to domestic transactions within India.

7. Can I cancel an SBI NEFT transaction once it’s initiated?

No, an SBI NEFT transaction cannot be cancelled once initiated, as funds are processed in batches. However, if the transfer fails, the amount is automatically refunded to your account.

8. Is there any charge for adding a beneficiary in SBI for NEFT transactions?

No, SBI does not charge for adding a beneficiary for NEFT transactions.