Latest improvements in technology and internet have changed the banking sector around the globe significantly. Today, you don’t need to visit your bank branch to perform banking activities; because your bank offers you a bundle of online and tele services services so you can do your banking right from the comfort of your home. State Bank of India is a major bank in India and it provides almost all online services like internet banking, SMS banking, mobile banking and fund transfer, to its customers. As you may aware that SBI provides online fund transfer facility to its customers so they (customers) can send money to their loved ones or can make payments of purchases. Though, SBI has made fund transfer process as easy as it can make, however, new internet banking users may find it difficult. Therefore, I have come up with a post and in this post I’ll be guiding you on how to transfer funds from SBI bank using IMPS, NEFT and RTGS payment methods. You can follow the instructions given below to send money from your SBI bank account to SBI bank account (same branch or other) or other bank accounts like PNB, HDFC, ICICI etc.
- You’d be an SBI online banking user. If you’re not an internet banking user then click here to know how to activate SBI net banking online without visiting your home bank branch.
- To send money from your account to other, first of all, you will have to add payee (whom you want to send money) as a beneficiary to your online banking account whether his/her accounts belongs to SBI bank or other bank.
How to transfer funds from SBI bank to any other bank –
To make this whole process more easy for you, I’m going to divide this process into following three categories:
- Get payee account details such as name, account number, bank IFSC code etc.
- Add payee as a beneficiary to your online account.
- Transfer funds to beneficiary using appropriate payment methods like IMPS, NEFT, or RTGS.
#1 Get payee account details such as name, account number, bank IFSC code etc –
Note: Skip #2 step if your already have added the payee to your account.
#2 Add payee as a beneficiary to your online banking account –
- Login to your Online SBI account.
- Click on Profile tab.
- Click on add beneficiary link.
- Enter your profile password.
- Click on inter-bank beneficiary if payee account does not belong to SBI bank or choose an appropriate option if payee belongs to other category. 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.)
- Enter payee details and click on approve now button.
- In the next step, opt approve through OTP.
- Enter OTP received on your registered mobile number then click on approve.
- That’s it. Now wait for beneficiary approval, usually it takes one working day to get beneficiary approved.
#3 Transfer funds from your SBI account using IMPS. NEFT, or RTGS payment method –
Once your added beneficiary gets approval from your bank then you can send money to him/her using any preferred payment method e.g. IMPS, NEFT, or RTGS. Don’t get confused in payment methods, just follow these instructions:
- IMPS: Select it to transfer between Rs. 1 to Rs. 2Lacs.
- NEFT: Select it if you want to transfer any amount between Rs. 1 to Rs. 10lacs.
- RTGS: This payment method can be used to send minimum Rs. 10Lacs to any amount.
Note: For amount up to Rs. 2Lacs, you can use IMPS or NEFT. It’s totally your choice.
Here I’m explaining all three fund transfer methods for your convenience.
Fund transfer using IMPS:
From the nav-menu, click on Payments/Transfers.
In the next page, you will see multiple options. Just click on IMPS.
e. In the next step, select an account and then enter desired amount that you want to transfer say Rs.100, Rs. 5000 or Rs. 2,00,000 and the like.
Fund transfer using NEFT:
In the next page, from multiple options, click on inter-bank beneficiary.
Note: If payee’s account belongs to SBI bank also then click on accounts of others.
Click on circle next to NEFT and hit proceed button.
In the next step, a form will appear on your computer screen. To fill the form, first select an account number from which you want to send money. Then, enter the amount to be transfer (Amount should be less then 10Lacs). Subsequently, select purpose of transfer. Next select a beneficiary account whom you want to transfer funds. Thereafter, make sure to select pay now to instantly transfer funds. Now, click on small check box next to “I accept the terms and conditions” and then click on submit button.
Fund Transfer using RTGS:
Fill out the form. See screenshot to get help.