RTGS / NEFT - FAQ

  1. What is Inter Bank Transfer?

    Inter Bank Transfer is a special service that allows you to transfer funds electronically to accounts in other banks in India through:

    NEFT - The acronym NEFT stands for National Electronic Funds Transfer. Funds are transferred to the credit account with the other participating Bank using RBI's NEFT service. RBI acts as the service provider and transfers the credit to the other bank's account. This system of fund transfer operates on a Deferred Net Settlement basis. Presently, NEFT operates on a 24x7x365 basis with half hourly settlement.

    RTGS - The acronym RTGS stands for Real Time Gross Settlement. This is a system where the processing of funds transfer instructions takes place at the time they are received (real time). Also, the settlement of funds transfer instructions occurs individually on an instruction-by-instruction basis (gross settlement). The RTGS system is the one of the fastest interbank money transfer facility available through secure banking channels in India. RTGS is available on all days on 24x7x365 basis.

    The above-mentioned facilities are available to Retail users of SBI (provided they have availed transaction rights).

  2. What is the minimum/maximum amount for RTGS/NEFT transactions under Retail Internet Banking?

    Minimum / Maximum amount for RTGS / NEFT transactions under Retail Internet Banking
    Type Minimum Maximum
    RTGS Rs. 2 Lakhs Rs. 25 Lakhs
    NEFT Rs. 1/- Rs. 25 Lakhs

  3. When does the beneficiary get the credit for a RTGS payment?

    Under normal circumstances, the beneficiary Bank branch receives the funds in near real time as soon as funds are transferred by the remitting Bank. The beneficiary Bank has to credit the beneficiary’s account within 30 minutes of receiving the funds transfer message.

  4. When does the beneficiary get the credit for a NEFT payment?

    NEFT operates 24x7 basis in half hourly batches throughout the year on all days. Beneficiary can expect to get the credit for the NEFT transactions within two hours from the batch in which the transaction was settled.

  5. If an RTGS transaction is not credited to the beneficiary account, does the remitter get back the money?

    Yes. If the beneficiary’s bank is unable to credit the beneficiary’s account for any reason, the former will return the money to the remitting bank within one hour of receipt of the payment at the Payment Interface (PI) or before the end of the RTGS Business Day, whichever is earlier. Once the amount is received by the remitting bank, it is credited to the remitters account by the concerned branch.

  6. If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money?

    Yes. If the money cannot be credited for any reason, the beneficiary’s bank has to return the money within next two hours i.e. (B+2) of completion of the batch in which the transaction was processed to the remitting bank. Once this amount is received back by the remitting bank, the amount is credited to the Remitter's account by the remitting bank.

  7. At what time during the day/week the RTGS & NEFT services are available?

    NEFT service is available on all days on 24x7x365 basis with half hourly settlement.

    RTGS service is available on all days on 24x7x365 basis.

  8. What is the mandatory information required to make an RTGS & NEFT payment through RINB?

    For effecting an RTGS/NEFT remittance the remitter has to furnish the following information:

    • Amount to be remitted.
    • Remitting customer’s account number which is to be debited
    • Name of the beneficiary.
    • Account number of the beneficiary.
    • Purpose of remittance
    • IFSC code of the destination bank branch

  9. How to find the IFSC code of the beneficiary branch?

    Based on simple search option- Location, Bank name & Branch name, the IFSC can be searched through online channels (Internet Banking/ YONO). IFSC can also be obtained by remitter from his/ her bank branch. Alternatively, it is available on the cheque leaf of the beneficiary which can be used by remitter.

  10. Do all bank branches in India provide RTGS & NEFT services?

    No. RTGS and NEFT services are enabled only in specific bank branches across the country. A list of such RTGS / NEFT enabled branches can be obtained from the RBI website, https://rbi.org.in/Scripts/RTGS.aspx for RTGS and https://www.rbi.org.in/scripts/neft.aspx for NEFT.

  11. How do I go about using this service?

    • Avail Internet Banking facility for your account with full transaction rights.
    • Log on to www.onlinesbi.sbi using Internet Banking ID and Password.
    • Access the Payment and Transfer Tab and click on the Add and Manage Beneficiary link.
    • Enter profile password. Select Other Bank Beneficiary from the options provided.
    • Select 'Add' option and provide the Beneficiary Name, Beneficiary Account Number, Confirm Account number, Address and Inter Bank Transfer Limit in the relevant fields.
    • Enter the IFSC code of the beneficiary bank branch by either:
      • Selecting the IFSC code option and entering 11-digit IFSC code in the textbox.
      • Selecting the Location option and then the Beneficiary Bank, State and Branch form the drop-down menus provided.
    • Click the 'accept Terms of Service (Terms & Conditions)' button followed by 'confirm'.
    • A high security password is sent to the mobile number as an additional security measure. Enter this password to authorize the beneficiary.
    • The beneficiary will be activated after one hour, if approved between 6 AM IST to 8 PM IST. Beneficiaries added after 8 PM IST will be added after 6 AM IST on next day. Once activated you can transfer funds to the beneficiary.
    • Click on Approve tab and select Approve beneficiary. Select the added beneficiary to approve. A high security password is sent to the mobile number. Enter this password to authorize the beneficiary.
    • To remit funds to the Inter Bank Payee through RTGS / NEFT select the 'Other Bank Transfer' link in the 'Payments/Transfers' tab.
    • Select the Transaction Type - RTGS or NEFT.
    • The list of beneficiary accounts added is displayed.
    • Enter the Amount and select the beneficiary to be credited from the list.
    • Click on 'accept Terms of Service (Terms & Conditions)' and confirm.

  12. What are the service charges applicable for RTGS / NEFT transactions through RINB?

    No Service Charges are levied on RTGS/NEFT transactions through RINB.

  13. Whom I can contact, in case of non-credit or delay in credit to the beneficiary account for NEFT transaction through RINB?

    Please contact your bank/branch or the receiver bank/branch or the Customer Facilitation Service centre of the banks. Customers can also call our contact centre at 18001234 & 18002100.

    The Customer Facilitation Service centre details of banks can be accessed by visiting RBI site at following path:

    https://rbi.org.in

    • FUNCTIONWISE SITES
    • Payment and Settlement Systems
    • Information Useful to Banks/FIs
    • Customer Facilitation Centres for NEFT and RTGS