Do you want to transfer funds (Money) online to any bank account? First you need to add that person’s bank account as a beneficiary (Payee) and then you can transfer money to his/her account.
India’s largest bank state bank of India providing Internet banking facility absolutely free of charge. Any customer of SBI can apply for Netbanking & use it for money transfer, view statements, manage account online, mobile banking, recharges, pay bills and lot more.
Today we will show you how to add beneficiary account in SBI online through netbanking.
Why Adding beneficiary?
Without Adding beneficiary account, you can’t send him/her money to his/her account. Specially big amount above Rs.10,000 you must add that person’s account as a beneficiary and then you can transfer money.
Recently SBI launched Quick transfer facility that is enable you to transfer Rs.10,000 daily without adding Beneficiary, ya this is amazing. But to send above 10,000, you must Add beneficiary.
Ok, let’s see how you can so that from Internet banking.
Add beneficiary in SBI online
The first thing is you must have Internet banking facility, now you can also activate SBI internet banking online. To do this you just need registered Mobile number with your account and Debit card.
So i assume you have Net Banking facility.
Now Login to your internet banking. visit: https://www.onlinesbi.com, enter your user ID and password and login/
1 After login click on Profile Tab.
- In profile tab you can see manage beneficiary option, click on it.
Next screen you have to enter profile password to access profile section, enter profile password and proceed.
2 Now we are at Manage beneficiary screen. Here you can see many different beneficiary that you can add.
Our main beneficiary that we have to add is:
- Intra-bank Beneficiary: This is for SBI to SBI account
- Inter-bank beneficiary: This is for SBI To Other bank account
- IMPS beneficiary: This is for IMPS fund transfer
You just need to above three beneficiary to send money online to any bank account. You can add as your requirement.
ok so let’s add one by one.
1. ADD Intra-Bank Beneficiary
If you are going to transfer fund to other person’s SBI account, then you first need to add his/her account as a Intra-bank beneficiary. Intra mean SBI to SBI. It works on NEFT transfer mode and amount transferred within 4 hours.
1 To Add Click on Intra-Bank Beneficiary
2 Next screen you just need to enter person’s account details like name, account number and transfer limit.
- Transfer limit is maximum Rs.1000000 (NEFT), you can add any amount below 1000000.
After adding details click on SUBMIT.
Now we need to Approve beneficiary. Next screen click Approve now. (You can also approve later by clicking on Approve).
3 In Approval type select Approve beneficiary.
4 Next screen you can see 2 options for approval.
- Approve through OTP
- Approve through ATM
Here select OTP option. After selecting OTP, you will receive OTP password on your registered mobile number which you need to enter next screen.
5 Next enter OTP password which you received and click Approve button.
That’s all, you have successfully added Intra-bank beneficiary. It will be activated after 4 hours and then you can able to send him/her money.
2. ADD Inter-bank beneficiary
If you are going to transfer fund to other Bank account, then you first need to add his/her account as a Inter-bank beneficiary. Inter mean SBI to other bank account like ICICI, HDFC and other banks It works on NEFT transfer mode and amount transferred within 4 hours.
The process is same as above.
1 Click on Inter-Bank Beneficiary
2 Next screen you need to enter person’s bank account details.
- Enter person name and account number
- Enter transfer limit (maximum Rs.1000000)
- Now enter IFSC code, if you don’t know IFSC ask him/her
After adding details click on SUBMIT.
After submit we need to approve it. The approval process is same as you read above.
Within 4 hours it will be activated and you can send money after that.
3. ADD IMPS Beneficiary
If you want to send money through IMPS (immediate payment service) then select this option to add IMPS beneficiary. The amount you transfer through IMPS, will be credited within seconds to person’s account. Most of people uses IMPS for fast transactions.
The maximum transfer limit is Rs.200000 per day in IMPS.
1 To add click on IMPS Beneficiary.
2 Next screen enter person’s name, his MMID and Mobile number. Enter transfer limit amount below 200000.
- Now submit
To Approve follow above same process.
So we have added beneficiaries to send money online from our SBI account. You can use SBI Anywhere Mobile banking Application for better banking experience and use net banking anytime anywhere.
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