Gone are the days when people had to run to their bank branch in order to transfer money into another bank account. With the advent of technology, it has become extremely easy for an account holder to send money to another account. State Bank of India, the largest bank in the country, was among the first few banks to have adopted technological innovations in the banking sector. If you have an account with SBI, you can easily transfer money to someone else. Here we will discuss the various ways in which you can transfer money from your SBI account.
Within SBI
If you want to send money to an account within SBI, you can easily do so using SBI’s intra-bank money transfer facility. With the help of this method, you can transfer money to your own SBI account or to someone else’s account in the same bank. This allows instant transfer of funds from one SBI account to another, no matter which city or branch the account belongs to. Also, this type of money transfer does not entail any extra charges irrespective of the amount being transferred.
To make SBI to SBI transfer, follow the steps given below-
- Log into SBI online portal using your Customer ID and Password.
- From the top bar, click on ‘Fund Transfers’.
- From the within SBI section, click on the ‘Fund Transfer (Own SBI A/c)’ if the beneficiary account also belongs to you. Click on ‘Accounts of Others’ if someone else is the beneficiary.
- Enter the account details and branch details.
- Send for instant transfer.
Outside SBI
In case you want to send money from your SBI Account to another account in a different bank, you can resort to any of the following methods-
1- NEFT (National Electronic Fund Transfer)
This is the most commonly used method of transferring money to a different bank account. Money is transferred on deferred settlement basis which means that remittances are made in half hourly batches starting at 8 am and ending at 7 pm on all working days. Although RBI has not put any cap on the minimum and maximum amount, banks are allowed to set their own limits. There is no minimum limit on SBI NEFT transfer however the maximum amount has been capped at Rs 5 Lakhs. To make an NEFT transaction through SBI, you should follow the steps given below-
- Login to your SBI account on the online portal by entering your Customer ID and Password.
- Go to the ‘Fund Transfers’ section and select ‘Other Bank Transfer’.
- From the next menu, select NEFT.
- For sending money using NEFT, you are first required to add beneficiary. Enter the beneficiary account details such as account number, name of beneficiary, name of bank and the IFS Code of the branch in which the beneficiary has an account. One beneficiary can be added in one day and it takes 4 hours for the beneficiary to be active.
- Once the beneficiary is added and active, you can select the same, enter the amount to be transferred and send.
- You will get OTP in your registered mobile number which should be entered to authorize your transaction.
The table given below shows the NEFT charges for SBI-
| Up to Rs 10,000 | Rs. 2.50/- + ST |
| Above Rs 10,000 Up to Rs 1.00 lakh | Rs. 5/- + ST |
| Above Rs 1.00 lakhs up to Rs 2.00 lakhs | Rs. 15/- + ST |
| Above Rs 2.00 lakhs | Rs. 25/- + ST |
2- RTGS (Real Time Gross Settlement)
Another way for inter-bank money transfer is RTGS. As the name suggests, the settlement is made on real-time basis unlike NEFT which is done in batches. RTGS is used for high-value transactions with a minimum amount of Rs 2 Lakh but there is no maximum limit. Since it is directly operated by the Reserve Bank of India (RBI), the settlement is final and irrevocable. RTGS money transfer can be made between 8 am and 4:30 pm on weekdays and between 8 am and 2 pm on working Saturdays. To make RTGS transfer, the remitter needs to provide beneficiary details including account number, name of the bank, branch IFS Code, beneficiary name, etc.
Follow the steps given below to make RTGS settlement through your SBI account-
- Login to Online SBI using your ID and Password.
- From the Fund Transfer section, go to other bank transfers and select RTGS mode.
- Add beneficiary by entering the details.
- Once the beneficiary is added, enter the amount to be sent.
- Authorize the transfer by entering the OTP received on your registered mobile number.
The settlement will be made on real-time basis.
SBI also charges some amount for RTGS transactions according to the quantum of transfer and is also time varying. Refer to the table given below-
| From | To | Transaction Slab | Total Charges per Transaction |
| 08:00 hours | 12:00 hours | Rs 2.00 lakhs to Rs 5.00 Lakhs | Rs. 25/- + ST |
| Above Rs 5.00 lakhs | Rs. 50/- + ST | ||
| After 12:00 hours | 15:30 hours | Rs 2.00 lakhs to Rs 5.00 Lakhs | Rs. 25/- + ST |
| Above Rs 5.00 lakhs | Rs .50/- + ST | ||
| After 15:30 hours to 16:30 hours For Inter Bank- 15:30 hours to 19:45 hours |
Rs 2.00 lakhs to Rs 5.00 Lakhs | Rs. 25/- + ST | |
| Above Rs 5.00 lakhs | Rs .50/- + ST |
3- IMPS (Immediate Payment Service)
If you want to send money to a different bank’s account outside working hours, IMPS is the best way to do so. Launched in 2010, IMPS is also one of the most popular means of money transfer through SBI account. IMPS transfer can be done in two ways. You can either send money to an added beneficiary by simply selecting the IMPS option for sending. The amount will be transferred in a matter of seconds. You can also make IMPS mobile transfer. For this, you are required to enter the beneficiary’s account number and Mobile Money Identifier (MMID). MMID is a 7-digit number provided by the bank but for this the receiver must be using the mobile banking services of his bank.
Other Ways of SBI Money Transfer
1- International Fund Transfer
SBI also allows account holders to send money to an overseas account. All resident individuals registered for the retail internet banking of State Bank can use this facility to send money to an international account. The first time users will have to add the international beneficiary before submitting the remittance application form (RAF). An accountholder is allowed to make retail Forex outward remittance up-to a value equivalent to USD 2,000 per transaction with a limit of maximum 4 transactions per month, i.e. USD 96,000/- per calendar year. No minimum amount of remittance is stated by the State Bank of India. Initial remittance to overseas beneficiary within 5 days of new beneficiary activation is capped at Rs 50,000.
2- Quick Transfer
This is the Unified Payment Interface (UPI) of SBI. It is a mobile-app based money transfer facility which uses a Virtual Payment Address (VPA) to transfer money to the beneficiary. You do not need to share your bank account details for SBI Quick Transfer. For using this facility, you first have to set up the VPA. Follow the steps given below-
- Download SBI Mobile App and login with your credentials.
- Go to the UPI section and create a Virtual Payment Address (VPA). VPA is usually in this format xyz@bankname.
You can now send money using your UPI-enabled app.
- Login using your credentials.
- Go to the UPI section.
- Enter the VPA of the beneficiary.
- Select the SBI account from which you want to transfer the money (if more than one SBI accounts are linked).
- Enter the amount that you wish to transfer.
- Check the details on the confirmation screen and click the submit button.
UPI enables instant money transfer from one account to another.
3- State Bank Collect
SBI accountholders who wish to transfer money online to educational institutions, temples or charities can use State Bank Collect facility. To enable this service, visit the online portal of SBI and login using your credentials. Under the funds transfer tab, go to ‘State Bank Collect’. You are now required to enter the state in which this corporate or institution is located and then from the next drop-down menu, select the name of the institution. Enter the amount to be transferred and send. You should note that only the institutions covered under State Bank Collect can be valid beneficiaries for this service.