The State Bank of India or SBI offers National Electronics Funds Transfer (NEFT) services through internet banking for all customers. NEFT facility can be used to transfer money from one bank account to another. This is also used to pay credit card bills and any other bills.
How to Transfer Funds through NEFT from SBI
1. Log on to your SBI internet banking account.
2. Click on the 'Payments Transfers’ option.
3. There you will get two options for fund transfer: Within SBI and Outside SBI.
4. Choose the appropriate type of transaction.
5. Click on the 'Inter-Bank Beneficiary’ to do a NEFT transaction outside SBI, choose 'NEFT’.
6. Click on proceed.
7. You need to select the account from which you want to do the NEFT transfer.
8. Enter the amount to be transferred in the 'Amount’ column.
9. Provide the beneficiary account details such as Beneficiary Name, Account No, Bank Name, and Limit.
10. Click on the 'Select a schedule option’ to select at what time the fund needs to be sent from the 3 given options: 'Pay Now’, 'Schedule Later’, or 'Standing Instruction’.
11. Accept the terms and conditions.
12. Enter the password and click on 'Submit’ button.
13. Verify the details and click on 'Confirm’.
14. After this step you will get the confirmation status of the transaction.
The required information for making a NEFT transfer:
While making a NEFT transaction, you need to provide the below mentioned information to State Bank of India.
1. The amount of remittance
2. Your SBI Bank's account number
3. Bank name of the beneficiary
4. Name of the beneficiary
5. Account number of the beneficiary
6. Sender to receiver information
7. Beneficiary bank branch's IFSC code
Online NEFT can be done 24X7. The funds will be transferred to the beneficiary bank on the next working day after the below mentioned cut off time.
Weekdays: From 9.00 to 18.45 Hours
Saturday: From 9.00 to 12.45 Hours
How to Cancel an NEFT transaction at SBI?
Online NEFT can be done only within the mentioned cut off time. We cannot stop the payment or cancel and NEFT trasanction that is already initiated.
NEFT is becoming the most preferred e-transfer method. It is easy to use, time saver, secured and fast. Many account holders are doing NEFT from home instead of visiting the bank personally and standing in long queues. But with the ease of payment, NEFT has a small risk. If you make any mistakes while filling up the details of the recipient, the money will be transferred to an unintended recipient.
If your money has transferred to an unintended recipient then you should inform the bank immediately via email. You should do this via email because this can always help you keep it as a proof whenever required. On your behalf, the bank will inform the recipient requesting reversal of the transaction. Money will get credited into your account in 3 to 5 working days after the beneficiary accepts bank’s request.