Online money transfer has made life easy than ever before. Online money transfer is safe and secured and can be done in minutes to a day at the comfort of one’s home or office. It is mostly available 24 hours a day and 7 days a week. Also online account saves all transaction history.
State Bank of India is one of the largest public sector bank in the country, has a highly secure internet banking portal known as OnlineSBI which provides online services to both retail and corporate customers.
National Electronic Fund Transfer System (NEFT) and Real Time Gross Settlements (RTGS)
Unlike the traditional banking system which takes at least 2 - 3 days of time for the clearance of a cheque, NEFT saves a lot of time in the process of transferring money from one account to another, as it takes maximum 2-3 business hours. Very minimal charges are required to pay for NEFT transaction.
Basically, NEFT is an extensive way to payment opening door for one - to - one fund's transfer. Under NEFT facility, individuals, firms, and corporate can smoothly transfer funds from any NEFT enabled bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme. Also, individuals who do not own a bank account can also deposit cash at the NEFT-enabled branches with full details including complete address, telephone number, etc. There are no limits on the amount of the funds. However, the maximum amount per transaction is limited to Rs.50,000/- for cash-based remittances within India and also for remittances to Nepal under the Indo-Nepal Remittance Facility Scheme.
Real Time Gross Settlements (RTGS) is a "Real Time" transaction system. The acronym can be understood by breaking it into two parts i.e, 'Real Time' means the processing of instructions at the time they are received rather than at some later time and 'Gross Settlement' means the transaction is settled on a one-to-one basis without bundling or netting with any other transaction i,e. once the payment is settled it cannot be changed, it's irrevocable. The RTGS system is primarily meant for large value transaction. The minimum amount can be transacted in RTGS is 2 lakhs. Under RTGS fund transfer can be done in minimum 30 minutes. Once the transfer is done remitting bank receives a message from the Reserve Bank that money has been credited to the receiving bank. Based on this the remitting bank can advise the remitting customer through SMS that money has been credited to the receiving bank. The remitting bank receives a message from the Reserve Bank that money has been credited to the receiving bank. Based on this the remitting bank sends alerts to the customers through SMS that money has been credited to the receiving bank.
Magnetic Ink Character Recognition (MICR)
MICR codes are specialized toner, which is printed on the bottom of a banks cheque leaves. This code is an essential part of the online transaction and also it is a secure bar code to protect the transaction.
The MICR code comprises of 9 digits;
First, to three digits denote the city
Fourth to sixth digits denote the bank code
Seventh to ninth digit denotes the branch code
SBIs Retail Internet Banking Services:
- Allows one to transfer funds
- Offers a suite of investment options such as fixed, flexi, recurring deposits etc.
- Book an air, rail or, bus ticket online
- Book a hotel
- Online shopping
- Allows instant recharges
- Western Union Service
- Filing e-tax
- DEMAT and IPO services
- Setup standing instructions, and
- Other value added services