State bank of India offers online fund transfer facility to its mobile and internet banking users. Those who have activated any of the mentioned services can transfer money from their account to any other bank account. With SBI fund transfer facility, you can send money SBI to SBI, SBI to Other Bank like HDFC, ICICI, PNB; or can send money internationally where its branches exist.
To avoid any fraudulent activity, the bank has introduced beneficiary activation procedure, which means if you want to send money to someone then first you will have to register that person as a beneficiary to your bank account. This way bank ensures that no one can misuse your account.
There are no upper limits or lower limits to send money through this process, you can send any amount ranging from RS. 1 to any number.
In this post, I’ve come up with a very easy guide to help you to add a beneficiary to SBI Online Banking. You can follow the instructions given below to do so.
How to add a beneficiary to SBI Net Banking –
Step 2: After logging in, click on profile tab.
Step 4: You’ll be asked to enter your profile password, just enter it and press submit button.
Step 5: In the next page, you will see multiple options. You would need to click on appropriate option. Let me help you, read following lines to know which one should you click:
- Intra-Bank Beneficiary – Click on this link if beneficiary’s account also belongs to SBI.
- Inter-bank Beneficiary – You can opt this option if the beneficiary’s account belongs to other bank like HDFC, ICICI, PNB, IDBI etc.
- State Bank Group Beneficiary – If beneficiary is maintaining his/her account in any State Bank Group banks like SBP, SBT, SBBJ, SBH, then you can click on this option.
- International Beneficiary – Opt this option if beneficiary holds an international account. (Kindly note, the bank has limited overseas branches therefore verify that whether the bank has its branches in concerned country or not.)
Note: Transfer limit means maximum amount that can be sent from your account to the beneficiary. Once you enter this limit then after beneficiary approval you can send any amount less than the set limit for example let’s say I’ve set 1 lac transfer limit for a beneficiary. Then it means that I can send him RS. 1 to Rs. 1Lac but not more than Rs. 1 Lac. Also note that you can change transfer limits later.
Step 7: In the next step, click on ‘approve now’ button. Next, select approve beneficiary radio button.
Step 8: In the next page, you will be asked to select an option to approve beneficiary. You will find two options: Approve through ATM (IRATA) and Approve through OTP. Just select second option ‘Approve through OTP’.