Banks are one of the most important parts of the economics of a country. The State Bank of India(SBI), a multinational, financial service, statutory body, is an undertaking of the public sector. SBI is a nationalized bank and is actually the largest in India, possessing a 23% market share of assets and a 25% share of the total loan and deposit market. Since the beginning of its establishment, the State Bank of India has opened multiple new branches across the country. It employs above 2.5 lakhs people and serves about 420 million customers.
With the advancement of technology, SBI has also digitized the services it offers to its customers to save them from standing in queues for long hours and also spares them a lot of paperwork. Among the various internet banking services that SBI offers, RTGS is one of the most popular ones. If you are unsure about the technicalities of net banking services, we are here to guide you through it. In this article, we would discuss what does RTGS entail and how to apply and fill up the SBI RTGS form.
What is RTGS?
The RTGS (an abbreviation of Real-Time Gross Settlement) is an electronic payment system that allows the customer of a bank to transfer funds from one account to another account on a real-time basis. RTGS is a safe and easy way of online financing that is transferred completely via an encrypted process.
The RTGS system was developed for transacting huge amounts. RTGS allows remittance of a minimum INR 2.0 lakhs at a time without any additional charge for the service. This service can be availed by any consumer by requesting the bank and filling up a simple form. The only requirement is of a unique User ID and password that helps in the verification of identity and also ensures security.
How to do an SBI RTGS Transaction?
The SBI RTGS service can only be availed at a specific time. On weekdays (Monday to Friday and on Working Saturdays), RTGS transactions are sent to RBI as per the following schedule:
- Starting Time: 7:00 hrs
- End Time: 18:00 hrs.
For a successful RTGS transaction, a remitter had to furnish the bank with the following information:
- The amount to be transferred
- Remitting the Customer’s Account Number from where I’m the amount is to be debited.
- Name of the beneficiary.
- Name of the Beneficiary bank
- Account number of the beneficiary, to which the amount is to be credited.
- Sender to Receiver Information.
- IFSC code of the beneficiary bank.
The process of RTGS only requires a few minutes, and your fund will be transferred almost instantly. You will just have to enter all the above-mentioned details in the SBI RTGS application form. Generally, after a fast verification of both accounts, the amount will be credited to the beneficiary account within 30 minutes.
How to download SBI RTGS Form PDF?
Visiting the bank on a weekday can be very hard for working people. However, online transactions are of great help to them.
- To download the RTGS form, visit the official website: onlinesbi.com of State Bank Of India.
- Once you reach the homepage, search for the “Personal Banking Login” option.
- Click on Login, and you will be redirected to the login page.
- You will need to enter the User ID provided to you by the bank and your password.
- Once you are logged in, you will find an option of Fund Transfer. Click on it.
- You will have two options to select from: RTGS and NEFT.
- Select RTGS, and the required form will appear on the screen.
Or If you do not have enough time to follow the above-given steps for Downloading SBI RTGS and NEFT Form, then don’t worry; click over the Download button given below, and then the form will get downloaded in some seconds.
How to fill SBI RTGS Form online?
Once you download the form, you will find many sections to be filled. Here’s how you can fill the SBI RTGS form by following these simple steps.
- Visit the official SBI website: https://www.sbi.co.in/web/personal-banking/rtgs-neft.
- There will be two sections in the RTGS/NEFT form. The left section is to be filled by the emitter, and the right section is for official purposes to be filled by the bank.
- Key in the information like the sender account details, beneficiary account details, IFSC code of the Beneficiary Bank. Also, fill in the amount of the fund to be transferred.
- The amount to be remitted can be of minimum Rs. 2 lakhs to Rs. 10 lakhs.
For Offline SBI RTGS Fund Transfer through Bank, you need to fill the same form but in a paper form, and will have to pay some nominal charges for the service. The RTGS transaction is always secure without any fear of theft.
Frequently Asked Questions:
Q1) Do all bank branches in India provide RTGS service?
No, RTGS services are only possible in specific bank branches across the country. Here’s the link: http://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/RTGEB1110.xls to the list of all the RTGS enabled banks.
Q2) How do you find the IFSC code of the beneficiary branch?
On the official website of SBI, you can select the location of the destination bank branch from the options. The IFSC code will automatically appear.
Q3) Where can I lodge my complaints in SBI?
Any customer can register their grievances on the toll-free number:
This number is accessible 24×7.