State Bank of India is one of the public sector bank of India with headquarter in Mumbai, Maharashtra. At present this bank is India’s largest bank in terms of share capital and with the most number of accounts in operation. It is the one of the best bank in delivering the best services to its customers like issuing of ATM cum Debit Card to its customer, providing home and vehicle loans at affordable rate of interest, issuing cheque book, etc. The most common service that it provides to its customer is the facility of funds transfer under NEFT and RTGS. Let’s learn these two terms in detail.
What is State Bank of India NEFT and RTGS system of funds transfer ??
NEFT or National Electronic funds transfer is a transfer system in which the funds are transferred form one bank to another account electronically. Under NEFT one can transfer a sum below Rs 2 Lakh. The Bank charges nominal commission for this service. In NEFT the transfer system works on batches which is equated into equal working hours as prescribed by the Reserve Bank of India.
RTGS or Real time Gross Settlement is an another system to transfer funds from one bank account to another bank account. Under RTGS one can transfer from starting amount of Rs Two lakh to a unlimited amount. Bank charge a small commission as service charges for this service also. In RTGS the settlements are made on real time or immediately.
What are the details needed for NEFT and RTGS funds transfer
Basically there are three details needed to transfer money in the beneficiary account. Firstly the Bank account name of the beneficiary ( Receiver of funds). Secondly, the bank account of the beneficiary and thirdly, the IFS Code of the Bank home branch of the beneficiary.
State Bank of India NEFT and RTGS Charges
State Bank of India NEFT and RTGS charges varies upon the amount one is transferring in beneficiary’s account
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How to fill the entries of NEFT and RTGS form of State Bank of India
State bank of India NEFT ( National Electronic funds transfer ) and RTGS ( Real Time Gross Settlement) form is a single page form. One has to fill the bank details of the beneficiary or the receiver of the funds and he also has to furnish the details of his account from which the necessary debit is to be made and transferred in beneficiary account. Lets’s see how the entries is to be filled in the form.
TRANSFER (RTGS/NEFT) APPLICATION FORM
Note** One need to fill the form in BLOCK ENGLISH Letter
(A) Detail of Applicant ( Remitter)
1. Account Name: Write the Bank account name or the name by which you operate the account from which you wish to transfer the funds
2. Account No: Write the Bank account number from which you want money to be debited and transferred in the receiver account
Detail of Beneficiary ( Receiver of Funds)
1. Beneficiary Name: Just write the bank account name of the person to whom you are sending money. The name entered here should be the same by which he operate this account.
2. Beneficiary’s Bank: Just write the name of the bank of the person to whom you are sending money.
Branch: Just write the name of the bank home branch where the receiver of money maintains his account.
3. IFS Code: Every bank branch has its own IFSC code which is differ it from another branch. Just write the IFSC code of the home branch of the person to whom you are sending the money.
4. Account No: Just write the account number of the person to whom you are transferring the money
5. Amount to be remitted: Write the amount in figure that you wish to transfer
Add: Bank charges Write the bank charges levied by the bank for the transfer service
Total Amount: Write the total amount of the transferring amount and the charges in figure in this coloumn
Cheque No: When a person opts for transferring the funds in another account through account to account transfer then in that case he needs to draw a cheque on his account with pay ‘self” or ‘ yourself’ with total amount ( both transferring amount + bank charges)
Date: Write the date when you are making this transaction
Mob.: Write the Mobile number
Rupees: Write the total amount in figure that includes addition amount of of transferring amount and the bank charges levied.
FOR BANK’S USE ONLY: Leave all these coloumn blank.
Congratulations, the form has been filled fully and in a way it should be filled. Now one need to go to the cash counter and submit this form along with the cheque drawn on the account.
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