State Bank of India has finally launched a much awaited feature for its online banking customers : third party transfer. Earlier users could transfer funds only among SBI group’s branches using OnlineSbi but now they’ll be able to transfer funds to any bank : ICICI , Bank of Baroda , PNB .. (you name it ) .. Now you can transfer funds to any branch of any bank that is participating in RBI’s NEFT network (some 32000 branches on the last count).
SBI will use RBI’s NEFT service for interbank transfers. There is no minimum amount limit for NEFT. The amount will be credited to the beneficiary within 3 hours in normal course of business. And if you want to transfer funds above INR 1 Lakh, you may use RTGS. With RTGS, the funds will be settled instantaniously .. As of now there is no service charge applicable for this service. Here’s some info on the service taken from SBI’s Online Banking FAQs:
- 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.
- RTGS -The acronym “RTGS” stands for Real Time Gross Settlement. The RTGS system facilitates transfer of funds from accounts in one bank to another on a “real time” and on “gross settlement” basis. The RTGS system is the fastest possible inter bank money transfer facility available through secure banking channels in India.
- What is the minimum / maximum amount for RTGS /NEFT transactions?
Type Minimum Maximum RTGS Rs. 1 Lakh No Limit NEFT No Limit No Limit - When does the beneficiary get the credit for a RTGS payment? Under normal circumstances the beneficiary bank’s branch receives the funds in real time as soon as funds are transferred by the remitting bank.
- When does the beneficiary get the credit for a NEFT payment? The funds will be sent to the RBI within three hours of the transaction. The actual time taken to credit the beneficiary depends on the time taken by the beneficiary bank to process the payment.
- If an RTGS transaction is not credited to a beneficiary account, does the Remitter get back the money? Yes. If it is unable to credit the amount of the remittance to the account of the beneficiary for any reason, the beneficiary’s bank has to return the money to the remitting bank within 2 hours. Once this amount is received back by the remitting bank, the amount is credited to the Remitter’s account by the remitting bank branch.
- 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 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 branch.
- At what time during the day /week is the RTGS & NEFT service is available?Presently, NEFT is settled in six batches at 09:30 A.M., 10:30 A.M., 12:00 P.M., 1:00 P.M., 3:00 P.M. and 4:00 P.M. hours on weekdays and 09:30 A.M., 10:30 A.M. and 12:00 P.M. hours on Saturdays in RBI. OnlineSBI sends the transaction requests upto 3:30 P.M. on weekdays and upto 11:30 A.M. on Saturdays.
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RTGS transaction requests will be sent to RBI upto 2:30 PM. on weekdays and upto 11:30 AM on Saturdays. - What is the mandatory information required to make an RTGS & NEFT payment? The Remitter has to provide the following details:
- Amount to be remitted
- Account number which is to be debited
- Name of the beneficiary bank
- Name of the beneficiary
- Account number of the beneficiary
- Remarks or description, if any
- The IFSC code of the beneficiary branch
- How to find the IFSC code of the beneficiary branch? Based on simple search option- Location, Bank & Branch. The IFSC code will automatically be updated or if you know the IFSC code of the beneficiary bank, you can provide it directly.
- Do all bank branches in India provide RTGS & NEFT service? No. RTGS facility is enabled only in specific bank branches across India. You can view a list of these branches in the RBI website: www.rbi.org.in/Scripts/Bs_viewRTGS.aspx. NEFT is enabled only in specific bank branches across India. You can view a list of these branches in the RBI website: http://www.rbi.org.in/scripts/neft.aspx.
- How do I go about using this service?
- You should be an active Internet Banking user with transaction rights.
- Log on to www.onlinesbi.com by using your SBI Internet Banking ID and Password.
- Click on the ‘Manage Interbank Payee’ link in the ‘Profile’ tab.
- Select the ‘Add’ option and provide the Beneficiary Name, Beneficiary Account Number, Beneficiary Bank and transfer limit to register the Beneficiary.
- IFSC code of the Beneficiary’s bank can be keyed in by two ways:
- Click the IFSC Code option and a textbox is displayed where you can enter the 11 digit IFSC Code of the Beneficiary Bank.
- Click the Location option, the following are retrieved and displayed.
- Beneficiary Bank Name – Dropdown Menu
- Location – Dropdown Menu
- Branch – Dropdown Menu
- The confirm button will be enabled only after clicking the accept button in the terms and conditions window.
- After providing all the details, the beneficiary will be added. It will be shown whether the added beneficiary bank is RTGS or NEFT enabled.
- After adding the Beneficiary you will receive a high security password in your mobile number. This is done basically to double check your identity. Provide the password to authorize the Beneficiary After a Beneficiary is authorized you can start transferring funds.
- You can proceed to make payments by clicking the ‘Inter bank Transfer’ link in the ‘Payments/Transfers’ tab.
- According to the transaction type selected (RTGS/NEFT), the credit account details will be displayed depending on whether the branch is RTGS or NEFT enabled or both.
- Select the Beneficiary from the list of registered Beneficiaries.
- You can either confirm or cancel the transaction.
This move will further consolidate SBI’s position against ICICI. In my opinion, ICICI’s online banking service was their main benefit as customers could transfer money electronically to any branch .. Now SBI’s customers can have this feature too with no extra cost .. This competition is opening up new initiatives for the benefit of customers .. My verdict : The best just got better… !! Yay ..!
A post after a long time !
Yeah, I saw that in my account. My salary account is in SBI. But I am not able to add a third party because I cannot enable High Security.
Everytime it is asking me to register my number and then it fails again.
cool…does this also apply to state bank group bank?
like sbbj?
I too have the same problem… I can not add a third part account…Reported the issue to the branch office and hoping to fix it ASAP.
anyone tried this service, how it works…..
Yupp … works for me fine …. I transferred some funds from my SBI account to my ICICI demat account and it was settled in some three hours …
okay… now time to get a SBI account.
shahab, how come it’s working for you? SBI confirmed that they have techinical issues with this feature and will not be available until further notice..
I am not aware of any technical issues with this service ..? In fact Internet banking dept is just across my department and I keep extracting info from them ..
Where did you get this info ..?
Shahab, Yes – SBI still has technical issue with the service. It’s only working for the users who registred mobile number before Oct-22.
Thank you
Hi Shahab… My number is registered now.
Even after that I am not able to transfer any funds. Wonder whats the problem …
sir,
when ever am trying to add manage thrid party transfer it is asking for sms based password. how do i get it
i have already entered my mobile no. for registration how to get the appproval
When will Hdfc Bank Launch this?
For all those who are not able to activate their mobile by visiting their branch. Ask the branch manager to make a call to their helpdesk, the manager can activate your account…This is how I done
My main purpose of having an account with ICICI bank is any-where deposit. I have clients from various cities. Without this facility it is cumbersome for clients to send payment.
Does SBI too provide this facility? From a small search, I could find that ICICI has about 750 branches whereas SBI has more than 6200! If even 25% of the branches provide me with this facility, I will move over to SBI. ICICI’s new bank charges are insane!
The ICICI smacks of foreign bank attitude whereas my little experience with SBI makes me feel that they suffer from PSU attitude! I really wish for something in between the two
Yessir .. About 4500 SBI branches are core banking enabled (not exact figure it could be more) .. You can deposit money in any core banking enabled branch .. There is atleast one branch in all major cities of India ..
Cant transfer to ICICI acc.
It says ‘ enter only 11 OR 17 digit code” , whereas ICICI acc has got 12 digits not 11 or 17.
Articles and content in this section of the website are really amazing. From http://www.rosesandgifts.com
Mr.Shahab,
I am living in Newzealan. If I open a NRE account with SBI, Would I be able to do InterBank transfer (to India Bank) using the onlinesbi? As you know in this case, I wont be able to receive the high security password thru mobile, as I am living in Overseas. Or can I give the overseas mobile number for that ? Is it possible for you to check with the Internet bank dept? Your help will be much appreciated.
Thanks
Ragul
Dear Shahab,
I have an savings a/c in SBI Mahul Rd Chembur Mumbai. I want to transfer money(RTGS) to beneficiary at Bangalore having a/c in ICICI, Electronic city branch. I was told it can not be done …though I have recd money from that same branch of ICICI through RTGS , a couple of weeks back. Pl help.
Regards
Abir
You will have to add the beneficiary account (ICICI) with onlinesbi and get it approved. Once the beneficiary is approved, you will be able to RTGS funds. But minimum transfer amount for RTGS is Rs. 1 lack. There is No minimum limit for NEFT.
Hi
Everyone hi h r u.
I tried this one.fien workng.
But if i want to transfer funds to SBI, what are the charges applicable for Third Party Transfers.
Looks More like a suppor thread then a annoucemt :p
Can I transfer funds through netbanking to Punjab national bank account? Please help
Yes you can transfer to any branch listed in the excel file linked above. You can transfer funds to any branch that is NEFT enabled.
I WANT TO TRANSFER MONEY TO ICICI BANK FROM HDFC WHICH SERVICE MUST I USE NEFT OR RTGS. AND WILL I BE CHARGED FOR IT
sir,
I want to ask that what is electronically transfer money and what is transfer ID
Please explain.
Hiii
every one can u help me to transfer funds from SBI to SBI which is applicable for it NEFT or Third party transfer..
Please help………
thanks in anticipation.
Shreya if you want to transfer from SBI to SBI, you’ll be using Third Party Transfer link. If you want to transfer from SBI to any other bank, then you’ll be using Interbank Transfer (which include NEFT) ..
what is third party transfer in SBI
SBI does not allow third party transfer to SB Pension A/c. It simply gives the error – the account is not creditable. It is simply illogical that whereas, internet transfer can happen from any other bank to such SB pension a/c in SBI, someone having account in SBI cannot do third party transfer to such pension account – thats how our PSUs work
I am facing the problem to send money to an SBI pension account through internet. Did anyone has this experience? Please share with me and help to solve this issue.
Would be happy if I hear from you soon.
DV
@PM –
I am facing the problem to send money to an SBI pension account through internet. Did anyone has this experience? Please share with me and help to solve this issue.
Would be happy if I hear from you soon.
Is there any posibility of transfer of money from SBI to other banks
@PM –
The account you are trying to transferred fund, may be pension account. For pension account, money can not be transferred thorough online. For that that one should go to the branch to send the money to the same account.
Strangely enough those who have defined such pension account previously are able to transfer money to such pension account through internet third party transfer. However, those who have not previously defined cannot add such pension account currently. Also, those who have previously defined such account are not able to change limits for such accounts currently – eventhough they are able to transfer money to such pension account within their previously defined limit. All this is big software flaw of SBI internet banking. Also strangely one can transfer to such pension account from other banks through NEFT. These are the policies and logic of PSU bank !!!
i want information about how to transfer money pnb to sbi through intenet banking sevice
I thought the service would be free like other banks but SBI charged me INR 5/- to transfer 5000.
The inter / intra bank transfer is still free for transfers upto 50000. This upper limit is also set because of govt’s directive that PAN details are required for cash transactions of over than 50K.
The SBI intra bank transfer (third party) is free. However, for NEFT transactions to other banks SBI charges Rs. 5 per transaction (even for Re. 1 transaction). NEFT transactions can be done upto Rs. 100,000 per day.
@PM –
Does SBI charge for transfers from other banks to SBI?
I can not set the limit, entering an amount, say 5000 opens up a pop-up saying the limit can be more than 0 and if enter 0 it says it has to be more than 0, a bit strange!!, please help
iam facing a problem while transferring money using Third party Funds transfer.. SBI to SBI…
My friend has an SBI account and he wants to send money to my SBI account. he added my SBI account as a ThirdParty, received an SMS and also approved it. Now when he is trying to transfer funds…. the transaction is getting failed and an error message is displayed like this…” Account is Dormant. Please Contact Branch”.. what could be the problem..? please help…
@PM –
I am having pension a/c as well as joint a/c also in the same SBI branch, Gandhi Nagar. Delhi . But i am not able to register/transfer money from my joint saving a/c to my pension a/c.This facility was available before Apr.2009. Suddenly it has been stopped and registration of my pension a/c details are removed from my joint saving a/c. Now when i am re- registering my pension a/c in my saving a/c., i get information tha “ This a/c is not creditable.“ I have registered my SBI pension a/c in my joint saving a/c and i am able to transfer third party transfer to my pension a/c.but not my pension a/c to my saving joint a/c. Also i am having ICICI bank saving a/c. and my SBI Pension a/c is registered in this a/c. and i am sending money to my SBI pension a/c. through Inter Bank Transfer. Can any one suggest or solve my this problem ? One of my friend told that in such csses we have to go to our branch. It is painful that internet facilities are provided us to save our time as well bank timing also. But once again i must say that i can transfer money from my pension a/c to my saving a/c.while sitting at my home or office but transferring money from my saving a/c. to my pension a/c. i have to visit SBI branch and waist my time and money for making that transfer. I request to SBI Bank authorities to solve my this problem which can help to other sufferer like me. Thanks
@zklmnso –
Same here as well. This is freaking idiotic stuff from SBI.
I am unable to add my HDFC / HSBC accounts as 3rd party accounts in my SBIonline banking system.
The account numbers are 14/12 digits respectively.
It says Enter 11 0r 17 – Crazy – Do I add zero in the begining, to round it off to 17???
Has anyone tried it?
Same case. This is funny stuff from SBI.
I am unable to add my UNION BANK A/C accounts as 3rd party accounts in my SBIonline banking system.
The account numbers are 14 digits .
It says Enter 11 0r 17 – Crazy – Do I add zero in the begining, to round it off to 17???
any solution plz..
i want to deposit money into my mothers sbi account. but i do not have an account in an sbi branch. can i transfer money from my hdfc account to my mothers sbi account. please tell me the detailed procedure
Hi,
What is the charge taken for OnLine sbi-to-sbi money transfer?
Reply urgently.
Hi i want to fund transfer to my brother account but i can’t asking transction id from where i get this id i havr uer id and password for net banking so that id who give us for fund transfer pls some one give me details
thanks