What is the NEFT RTGS IMPS LIMIT FOR MONEY 🤑 TRANSFER .
Transaction Limits & Charges
NEFT
• What is NEFT Inter Bank Transfer?
NEFT (National Electronic Fund Transfer) system of fund transfer operates on a Deferred Net Settlement basis. Transactions are settled in hourly batches.
• What is the permissible minimum/maximum amount for transaction?
NEFT Minimum Maximum
Amount Rs.1/- Rs.10 Lakhs
• What are the timings for the services?
NEFT service is available across 365 days 24*7. It is also available on Bank holidays as well.
• What are the service charges applicable for transaction?
NIL
RTGS
• What is RTGS Inter Bank Transfer?
RTGS (Real Time Gross Settlement) 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). RTGS is the fastest possible interbank money transfer facility available through secure banking channels in India.
• What is the permissible minimum/maximum amount for transaction?
RTGS Minimum Maximum
Amount Rs.2 Lakhs Rs.10 Lakhs
• What are the timings for the services?
RTGS Service is available 24*7 on all days(Not Available between 11:50 PM to 00:30 AM).
• What are the service charges applicable for transaction?
NIL
IMPS
• What is IMPS?
Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM, Internet Banking etc.
• What is the permissible minimum/maximum amount for transaction?
IMPS Minimum Maximum Timing
Amount Rs.1/- Rs.2 Lakhs 24*7 hrs
Note: Daily Cumulative Limit for IMPS transactions would still be Rs. 2,00,000/- only.
• What are the timings for the services?
IMPS service is available across 365 days 24*7. It is also available on Bank holidays as well.
• What are the service charges applicable for transaction?
NIL
Quick Transfer-Send Money
• What is Quick Transfer service?
This is a fund transfer facility in which a customer can do the Inter-Bank fund transfer through IMPS without adding beneficiary.
• What is the permissible minimum/maximum amount for transaction?
Mode of Fund Transfer Minimum Maximum
IMPS Rs.1/- Rs.25,000/-
• What are the timings for the services?
Since Quick Transfer uses IMPS platform for fund transfer, the service is available 24*7
• What are the service charges applicable for transaction?
NIL
‘Send Money’:
User can send money using 2 options:
a. Using QR Code:
There are 2 ways of sending money using ‘Using QR Code’ option as well.
1. Scan Now:
User can scan the QR (Quick Response) code using the camera. The Beneficiary has to display his QR code containing his account details which will be picked up by the QR scanner and will be auto feed the details.
2. Pick from Gallery: User can select the image of the QR code shared by the Beneficiary from the gallery where the image would be saved, which will fetch Beneficiary account details and auto feed it.
b. Using Account Details:
User needs to enter Beneficiary’s A/C no., IFS code, Amount and Narration (if required) to send Money to the user.
**Important:
The feature to send money using ‘QR Code’ is only available on Android Phones. Non-Android Phones do not have facility to send money using QR code option.
Quick Transfer- Receive Money
The beneficiary user can receive money by just providing his A/c details to the remitter through Quick Transfer facility. If the beneficiary user wishes to share his Account details through QR code with the remitter to receive money, he can do by generating a QR code. He needs to enter his Name, A/C number, IFS code and click on ‘Generate QR’. A QR code with his account details encoded will be created. User can click on ‘Share QR’ which allows user to share QR with the remitter for sending money using Quick Transfer only.
**Important:
The feature to receive money using ‘QR Code’ is only available on Android Phones. Non-Android Phones do not have facility to receive money using QR code option.
SBI mCASH
• What is State Bank mCash
State Bank mCASH is a simple and quick way to send money to any customer (both SBI & non-SBI), just by using beneficiary’s mobile number or email id through Internet banking or State Bank Anywhere mobile application.
Send Money:
User can send money using 2 options:
a. Mobile No
Customer needs to enter Beneficiary mobile number, amount and enter remarks, if any, regarding the transaction. They need to accept the Terms & Conditions before initiating the transaction.
b. Email ID
Customer needs to enter Beneficiary email ID, amount and enter remarks, if any, regarding the transaction.
Receive Money
At the beneficiary end, the recipient needs a Bank account, not necessarily with SBI. The beneficiary can receive money through Internet Banking (INB) pre-login. The recipient will receive a link in the SMS or email based on the medium chosen by the sender. An 8 digit passcode will be provided in the communication which is required to be used on the State Bank mCASH option in INB pre-login (Passcode expires within 5 days of creation) Beneficiary is required to enter the Account Number, IFS Code, Mobile number or Email address and Passcode in the space provided. Funds are transferred “Real time” via fund transfer functionality or IMPS facility for interbank transfers.
• What is the permissible minimum/maximum amount for transaction?
Minimum Maximum
Rs.1/- Rs.1101/- per Transaction
No Minimum Rs.2202/- in a day
No Minimum Rs.5101/- in a month
• What are the timings for the services?
Mode of Transaction Timings
Within SBI 24*7 hrs
Interbank(IMPS)Timings (All days including Holidays) 24*7 hrs
• What are the service charges applicable for transaction?
Within SBI/ Interbank(IMPS) Service Charge
Within SBI/ Interbank(IMPS) Rs.2.5 + Tax per request
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