INSUBCONTINENT EXCLUSIVE:
facility of electronic money transfer for its customers
NEFT (National Electronic Funds Transfer), one such payment service, works on a deferred net settlement basis, wherein transactions are
lined up and settled in batches, according to SBI's website- onlinesbi.com
SBI charges a certain amount from their customers per NEFT transaction, depending on the mode of transaction - whether it is through
online/mobile banking or through a bank branch - and amount of money
There are twenty three settlements from 8 am to 7 pm on all working days including working Saturdays
Therefore, the beneficiary can expect to get the credit for the transactions put through between 8 am to 5.30 pm on all working days on the
For transactions settled in the 6.30 and 7 pm batches on all working days, the customer will receive the amount either on the same day or on
information: amount to be remitted, remitting customer's account number which is to be debited, name of the beneficiary bank., name of the
different fee from its customers for making NEFT transactions
Given below are the NEFT charges levied by SBI as mentioned on bank's website - sbi.co.in:5
In case a beneficiary's bank is unable to credit the beneficiary's account for any reason, the former returns the money to the remitting
bank within 2 hours of completion of the batch in which the transaction was processed
Once the amount is received by the remitting bank, it is credited to the remitter's account by the branch concerned, according to SBI.Get
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