State Bank of India (SBI) is the most popular public sector bank in India. It has branches all over India. SBI is a government undertaking financial sector body located in Mumbai, Maharashtra. Most of the Government transactions all base on SBI only. The government department employees and people have an account in SBI branches.
The State Bank of India has multi-type of transactions. RTGS, NEFT, IMPS, Challan, Demand Draft (DD), and other features include it. Most transactions are doing based on Internet banking facilities. In online banking, we have RTGS, NEFT, and IMPS.
SBI RTGS Form Download
What is RTGS?
RTGS means Real-Time Gross settlement. It is an online transaction process. It is an easy way to transfer the fund from one to another. In this process, we can transfer the amount in quick real-time payment. Through this process, we can transfer the amount without any delay—the least transaction in RTGS INR 2, 00,000 lakhs. The highest amount of transaction in RTGS is INR 10,00,000 lakhs.
In this RTGS process, the amount will receive within 2 hours. It is the easy way to send the amount from remitters account to beneficiary account.
What is NEFT?
NEFT means National Electronic Fund Transfer. It is another process of sending amount through the online banking system. We can transfer the fund from one bank to another bank by use of NEFT. We can transfer the NEFT via credit cards and other cards etc.
You can transfer from INR 1 as the least amount to transfer in NEFT. The limit of the highest amount to transfer the fund is INR 10,00,000 lakhs.
What is the difference between RTGS and NEFT?
- NEFT fund transfer is base on time batches.
- RTGS is a real-time fund transfer system.
- NEFT has no least amount to transfer the fund
- RTGS has the least amount to transfer the fund. The least value amount of RTGS is INR 2,00,000 lakhs
- NEFT and RTGS have the greatest amount of value is INR 10,00,000 lakhs.
- RTGS amount will receive to the beneficiary within 2 hours, the NEFT system will take time.
How to apply RTGS and NEFT form?
RTGS and NEFT are online banking system. The customers can avail the online banking facility to transfer the fund by RTGS or NEFT. The customers need to update with the digital payment methods. The unaware of customers can download the RTGS and NEFT form.
The basic information needs to know to fill up the RTGS and NEFT form.
- The amount to transfer
- The beneficiary name
- The beneficiary bank name
- The beneficiary bank account number
- The beneficiary bank IFSC code
How to fill SBI RTGS/ NEFT form?
In RTGS and NEFT form there will be two sections. The customer has to fill up the basic details as mentioned in the application. Date, Bank Name, Branch of the Bank, Account number, Total amount, Words of the Total amount, Bank charges.
In the right section of the form. We have to fill the details of the following.
- Transfer amount.
- Name of the Beneficiary.
- Beneficiary’s bank name.
- Beneficiary’s bank location.
- IFSC code of the Beneficiary bank account.
- Beneficiary Bank account number.
- Transfer amount in words
- Name of the applicant.
- Address of the customer.
- Mobile number of the remitter and finally the signature of the remitter.
After handover the application to the bank authorities. They will verify the details on the computer and do further process and transfer the fund. The bank allows cheque leaf if the amount exceeds of INR 2,00,000 lakhs. The bank will arrange a temporary cheque leaf facility for those who don’t have cheque facility. Due to some rules by the financial sector. The bank asks the cheque leaf facility if the amount of funds exceeds INR 2,00,000 lakhs.
How to transfer funds in RTGS through internet banking?
- Create user name and password by applying in the bank
- Go to the website of SBI banking.
- Click the personal banking
- Click the tab of fund transfer/payment link
- Click RTGS and fill up the details of Beneficiary.
- Fill the details of the beneficiary and the amount to transfer.
- Click the pay now and proceed to click the submit.
SBI RTGS and NEFT charges:
There are no fixed charges for RTGS and NEFT transactions by the Reserve Bank of India (RBI). The bank decides the charges base on the amount variation. The charges will rise if the amount is high. The bank charges INR 25 to 56 approximately for the least amount of INR 2, 00,000 lakhs. Some banks don’t charge for NET up to the amount INR 1,00,000 lakhs.
Timings for RTGS payment:
- Via online the bank allows transferring the fund from morning 7.00 a.m to 6 p.m
- Every month of 2nd and 4th Saturday the bank will close.
- All other Saturday’s working day and the transaction will close at 2 p.m
- Sunday RTGS not working. All government holiday bank will close.
RTGS Timings and Charges: