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. Continue reading ‘SBI launches third party transfer’
Whoaa ..! This is a mail I got from one of the banking news lists I subscribe to .. And if what it say is true then ICICI bank has really gone mad. Here’s the content of mail goes :
Dear All,
Be ready to lose money from July 01,2007:
ICICI bank is going mad from July 01, 2007. It has hiked the service charges applicable to all type of transactions ………
ICICI Customer Care has confirmed that these charges are applicable to Salary Accounts also !!!!!!!!!! See the attachment for more details.
Examples :
1. Debit card usage : Rs.99/- service charges per annum for holding the debit card.
2. Cash Deposit : For cash deposit at non-base branch a minimum of Rs.150/-per deposit will be cut.
3. ATM usage : Only 6 transactions are free in a quarter. After that, Rs.15/- per transaction.
4. Monthly statements by courier : Rs.200/- per annum.
5. SMS alerts : Free for first 6 months from the date of registration. Subsequently Rs.25/- per quarter.
6. Rs. 100 per Standing Instruction
Are they really sure they wanna do this ..?? Only 6 ATM transactions per quarter ?? that comes to 2 per month .. Hahahaa .. Even my dhobi goes to ATM more than that .. Rs. 100 per standing instruction ?? OMG .. You take a loan from ICICI bank and make Standing Instructions in your current or savings account for payment of EI and they will charge you for that .. What a piece of crap ..!!
I’ve uploaded the full charges document that came with this mail here. Go through it and find a better bank ..
This just in .. !
India will host its first Formula One race, in 2009, the Indian Olympic Association said Thursday. A deal has been signed with the sport’s commercial supremo Bernie Ecclestone to hold the race in the capital New Delhi, IOA president Suresh Kalmadi said.
“We have received a letter in this regard from Bernie Ecclestone, CEO of Formula One,” Kalmadi told reporters. “The IOA will be the promoter, the first event of which will be held in 2009.”
Ecclestone has said in the past year that India was one of the future markets for motor sport after India’s Narain Karthikeyan drove for Jordan in the 2005 season. “India is a country that is probably going to grow quicker than China,” Ecclestone said in London in November.
The IOA will build a F1 track and a brand new stadium in New Delhi in time to hold the race, Kalmadi said. New Delhi is also due to host the Commonwealth Games in 2010.
Source
Great news ..!! I hope they build a track like Monaco .. Street racing will be sooo cool.. And I hope we have a good driver to represent India in the race by then .. There arent many promising candidates though ..
… .. I am so excited .. 
