How to transfer money online in SBI

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



Central Bank of India is a government owned bank which is one of the oldest and largest commercial banks in India. The bank has over 4730 branches, 5319 ATMs, and 4 extensions counters across 27 Indian states and three Union Territories.

The bank offers various types of banking facilities such as

  •  Loans
  •  Savings Accounts
  • Fixed Deposit Accounts
  •  NRI (Non – Resident of India) Banking
  •  Internet Banking
  •  Debit Card
  • Credit Card


IFSC Code Central Bank of India, Chennai


Reserve Bank of India (RBI) has launched IFSC codes which stand for Indian Financial System Code. This code was introduced by the RBI in order to ensure security and safety of the transactions. IFSC Code also helps in indentifying the bank and branch where the account of the beneficiary is held. RBI has also mandated IFSC code for different bank transactions. The IFSC code helps in recognizing each and every bank and its branches separately. The IFSC Codes follow two payment and settlement systems in India which are as follows:

(a)  RTGS (Real Time Gross Settlement)

(b)NEFT (National Electronic Fund Transfer)

IFSC Code is 11- digit code assigned by the Reserve Bank of India (RBI) to every bank as a part of NEFT / RTGS.

In IFS Code

(a) First four characters identify the bank name i.e. CBIN

(b) The fifth character is always 0

(c) And the last character represents the branch address i.e. 282331

[The IFS code used in above example is of Shakthi Towers, 766, Anna Salai, Chennai i.e., “CBIN0282331”].


Chennai is the capital of Tamil Nadu and it has played a really important role in the traditional, historical and academic growth of the country. It is also considered to be the cultural hub of South India which is famous for its rich heritage in classical dance, music, architecture, sculpture, crafts etc.