State Bank of India (स्टेट बैंक ऑफ इंडिया) needs no introduction. The bank is known for its service and commitment towards the customer. Over time, the bank also adopted the new technology and today, the bank provides all sort of digital services. In this article, we have listed the difference between the Intra Bank and Inter Bank Transfer in SBI net banking. Let us now have a look at the key points to understand it better.
Inter Bank Transfer
Inter Bank transfer is basically when you transfer the money to any other Banks apart from State Bank of India. So, let us assume that you have an account in State Bank of India and you want to transfer a sum of Rs 1 Lakh to Mr. A. Mr. A now has an account in Axis Bank so this transfer will now be called as Inter bank transfer.
You can make the Inter Bank transfer through NEFT, IMPS, and RTGS. For RTGS, the minimum amount is Rs 2 Lakh and for NEFT there is no minimum amount. In addition to this, NEFT and RTGS are only processed during the working hours of the sbi bank. For IMPS, the transaction can be processed at any point in time.
It should be noted that for Inter Bank Transfer, you would need the account number and the IFSC code of the person to whom you are transferring the money. Now let us move on to Intra Bank Transfer.
Intra Bank Transfer (Third Party Transfer)
Intra Bank transfer is when you transfer the money to someone who has a bank account in the same bank. So, let us assume that you have an account in State Bank of India and you want to transfer a sum of Rs 1 Lakh to Mr. B. Mr. B now has an account in SBI so this sbi to sbi transfer will now be called as Intra Bank transfer.
For all the Intra Bank transfer, you would not need IFSC Code. The only thing that you would need is the account number along with the payee name.
These were the major differences between the Intra Bank and Inter Bank transfer. For any other information, you can call the customer service of SBI and they will help you with the query.