SBI Payment Process
|Mode||Process Flow||Account Details of beneficiary||IFSC CODE of beneficiary||Remarks 1||Remarks 2|
|Bank Draft/ Bankers Cheque||Draft pay in slip to be filled and submitted at the Bank. Standard format attached. This may differ from Bank to Bank ( Link)||Not required||Not required||Banks may charge some additional fee as exchange||Draft to be made payable at the place where Vendor maintains his account|
|Net Banking||Payment can be made by directly transferring amount to Vendors account through Net Banking / NEFT/ RTGS||Required||Required||Payers account needs to be net banking enabled.||Vendor to be added as a third party|
|IMPS||Payment can be made by directly transferring amount to Vendors account through Net Banking without adding beneficiary as Third party||Required||Required||Banks may charge some additional fee as exchange|
NEFT ( no limit)
RTGS (for transactions only above Rs. 2,00,000)
|The buyer can approach a bank branch and transfer the amount to the benefiacry’s account with any other Bank through NEFT RTGS. By filling up a specified form. ( Link)||Required||Required||Banks may charge some additional fee as exchange||UTR generated by the system should be kept for further reference.|
These are few frequently used methods for transferring funds apart from other modes which differ from Bank to Bank.
Visitors willing to pay through State Bank Net Banking may click here (www.onlinesbi.com)
- Sample format for pay in slips for issuance of draft
- Sample format for pay in slips for remittance through RTGS/NEFT
- SBI disclaimer - that the write up is only illustrative and actual processes/ forms/ channels may differ from Bank to Bank.