Need help with a SBI neft transaction

[CA50]

Hi guys, i have to send a neft to my friends account in hdfc bank. Now i have an account in SBI bank which has Internet banking.
I want to neft the amount, so these are the steps that i have taken:
#logged on to my account
#clicked on "payment/transfer">"Inter Bank Transfer">"NEFT"> clicked on proceed
#got a message saying this

You cannot make an Inter Bank transaction as you have not added NEFT beneficiaries
Add Inter Bank Beneficiary

#clicked in "Add Inter Bank Beneficiary">"Manage Beneficiary">"Inter Bank Payee"
#Next i added all the necessary details and submitted, got a password on my number and i entered it correctly. Now the money have not yet been transfered and it is shown under "Profile > Manage Beneficiary > Inter Bank Payee >View" with status "Verification Pending"

Now i am confused that who should verify this, me or bank?? And also there is a tab for "Approve", it has two options "Approve Beneficiary" and "Approve Limit", but in both i get this message

There are no RTGS/NEFT Payees for your profile. Use the Add tab to add a Payee. You can make a RTGS/NEFT transaction only when the Payee is approved.

Now guys please help. Anyone who have experience with is procedure please come forward. BTW this is my first online NEFT transaction

 

[Crossx]

Yes, I have had the same problem with my SBI account. The "verification pending" message never goes sometimes. I then make the transfer through my other bank account.

You better call the customer care and get them to verify it soon if possible.

 

[krishnandu]

lol no...Wait for few hours(generally from 8 - 12), after the bank itself approve the payee then only you can NEFT.

The time depends sometimes, like when I wanted to NEFT to Pristine Note it got approved within few seconds after I verified the code I got through SMS, but in case of Fah33m, it took a whole day.

So have patience and wait, it'll be approved after verification.

 

[CA50]

Yes, I have had the same problem with my SBI account. The "verification pending" message never goes sometimes. I then make the transfer through my other bank account.

You better call the customer care and get them to verify it soon if possible.

lol no...Wait for few hours(generally from 8 - 12), after the bank itself approve the payee then only you can NEFT.

The time depends sometimes, like when I wanted to NEFT to Pristine Note it got approved within few seconds after I verified the code I got through SMS, but in case of Fah33m, it took a whole day.

So have patience and wait, it'll be approved after verification.

thanks guys for your quick support, i rang up the CC, they said that i will take 15 hrs to verify

 

[krishnandu]

thanks guys for your quick support, i rang up the CC, they said that i will take 15 hrs to verify

Nothing to get angry, I think they do it for our security, and this is one time process.

 

[CA50]

^^ok mate, so what after verification will they transfer the money directly or i have to do that manually?

 

[krishnandu]

^^ok mate, so what after verification will they transfer the money directly or i have to do that manually?

No, you didn't perform NEFT yet, did you?? You just added a beneficiary, now after your beneficiary gets approved, you have to do NEFT.

 

[agantuk]

thanks guys for your quick support, i rang up the CC, they said that i will take 15 hrs to verify

15 hours is very decent, compared to HDFC's mandatory 24 hours. HDFC really sucks when it comes to employing modern banking technologies.

 

[CA50]

^^OK got, first transaction is usually troublesome, is there any relation like same bank (sbi) so less verification time and vice versa :S

 

[Crossx]

For me, usually the verification pending takes long always, don't know why Sometimes it takes more than 24 hours. On the other hand, ICICI verification is instant, so now I do neft with that.

^^OK got, first transaction is usually troublesome, is there any relation like same bank (sbi) so less verification time and vice versa :S

It once took more than 24 hours to verify another SBI account. So no relation I guess.

 

[kanishk619]

its a standard procedure, however verification time depends upon different banks, for HDFC, new beneficiary will take 24hrs to get verified :|

 

[agantuk]

The best I have seen is from Citibank. It is instant. As in INSTANT. I add a payee, get an SMS, enter the code, and make a payment.

 

[tech.addict]

Isn't today a bank holiday due to Dr Ambedkar's B'day? If so, NEFT doesn't work on holidays and sundays. Check with the bank whether it is open today or not.

 

[CA50]

its a standard procedure, however verification time depends upon different banks, for HDFC, new beneficiary will take 24hrs to get verified :|

damn, you know whom i want to send the neft

--- Updated Post - Automerged ---

Isn't today a bank holiday due to Dr Ambedkar's B'day? If so, NEFT doesn't work on holidays and sundays. Check with the bank whether it is open today or not.

i want to do online banking, does this depend on bank holiday :S

 

[SpaceVoid]

@OP .. the verfication thing was added recently like around 2 months back, before that you could add and transfer the amount within like 10 mins flat.If you added the beneficiary during the morning hours say around 10AM then it would be verified by 3PM.It takes aroung 4 hours or so. I think its a real good step from SBI.Also you get a sms stating you have added a beneficiary and if you didnt then remove from the account.

So just wait for few more hours. Once your beneficiary is verified you can do the NEFT.Money will get debited from your account instantly but for the money to appear on the other account it will take 1 day.

@ above : Check the neft page in your account.It will give details on when the neft is done or deferred to the next day.

But if you want to pay for something online say ebay then it gets done instantly.No waiting and approval stuff.Direct money tranfer.Only the password in sms verification is required.

 

[CA50]

@OP .. the verfication thing was added recently like around 2 months back, before that you could add and transfer the amount within like 10 mins flat.If you added the beneficiary during the morning hours say around 10AM then it would be verified by 3PM.It takes aroung 4 hours or so. I think its a real good step from SBI.Also you get a sms stating you have added a beneficiary and if you didnt then remove from the account.

So just wait for few more hours. Once your beneficiary is verified you can do the NEFT.Money will get debited from your account instantly but for the money to appear on the other account it will take 1 day.

@ above : Check the neft page in your account.It will give details on when the neft is done or deferred to the next day.

After all this i have a second thought next time i will go for offline neft. I have done that before and it takes 20-30 mins max
Offline system beats online system :O

 

[tech.addict]

i want to do online banking, does this depend on bank holiday :S

From my SBI netbanking page :

# An RTGS transaction will be credited to your beneficiary's account on the same day, provided your transaction is posted before the bank specified business hours. Please note that the minimum amount for an RTGS transaction is Rs. 2,00,000/-.

# NEFT transactions will be processed maximum within the next working day depending on the settlement time. There is no minimum transaction amount for NEFT transactions.

# State Bank Group transactions will be processed immediately under settlement time. There is no minimum transaction amount for State Bank Group transactions.

# Please note that RTGS/NEFT/State Bank Group transactions will be processed as per the following schedule only. Transactions will not be processed on Sundays or public holidays.

Know More...about RTGS/NEFT/State Bank Group Holidays

#

Transaction Type Monday Through Friday Saturdays

RTGS 9: 00 A.M. to 4: 00 P.M. 9: 00 A.M.to 1: 00 P.M.

NEFT 8: 00 A.M. to 6: 30 P.M. 8: 00 A.M.to 12: 30 P.M.

State Bank Group 8: 00 A.M. to 4: 00 P.M. 8: 00 A.M.to 12: 30 P.M.

 

[SpaceVoid]

You mean depositing money into your friends account by hand ? That levies extra charges like 25 rupees for SBI(which are deducted from the receiver's account) , dont know about hfdc. NEFT is best when the branch is not closeby and you can do it at your leisure.No waiting in line and wasting your time, taking a leave for ex.

 

[CA50]

You mean depositing money into your friends account by hand ? That levies extra charges like 25 rupees for SBI(which are deducted from the receiver's account) , dont know about hfdc. NEFT is best when the branch is not closeby and you can do it at your leisure.No waiting in line and wasting your time, taking a leave for ex.

no mate i meant offline neft they charge Rs. 5/-, which is also charge in case of online transaction

 

[Lord Nemesis]

15 hours is very decent, compared to HDFC's mandatory 24 hours. HDFC really sucks when it comes to employing modern banking technologies.

Second that, you need to add a Beneficiary and wait 24 hours even for Intra bank transfers and irritating thing is you have to wait 24 hours after the beneficiary addition has been approved. I added Prime ABGB's HDFC account in order to make a purchase, the addition itself was approved in a few hours, but It asked me to wait whole 24 hours after the approval of beneficiary.

Personally, I think HSBC has the best online expr for such things.

You can initiate a NEFT transfer when ever you want without having to worry about the beneficiary addition stuff. Verification of beneficiary details is done after you make the tranfer. If everything is alright, the transfer is done and you actually get a SMS when the amount is deposited into the beneficiaries account. Turn around time is roughly 2~4 hours once you initiate the transfer. If the name and account number does not match, you get a refund into your account. Also there are no charges for NEFT either.

i want to do online banking, does this depend on bank holiday :S

Yes, NEFT requests have to be processed by 3 banks, (source bank, RBI and destination bank), So it does depend on bank holidays and busy/free times.