Today I will show you how to add beneficiary in SBI. As may already know if you want to send more than ₹25000 from your State Bank of India account to other, you will need to add that payee as a beneficiary in your bank account. Yes, it’s indeed a hectic and time consuming process but when it comes to your financial security it’s worth the hassle.
As I mentioned above, if you need to send more than ₹25000 to someone then you will need that person add as a beneficiary in SBI account. Otherwise, you can take advantage of ‘SBI Quick Transfer’ facility that enables you send money from SBI without adding beneficiary.
However, if you payee requires frequent transfers or you need to send more than the mentioned amount then you should add beneficiary in SBI to conveniently execute SBI fund transfer.
State bank of India offers online fund transfer facility to its Yono 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 in SBI bank account.
This way bank ensures that no one can misuse your account.
Unlike ‘SBI Quick Transfer’, there are no upper limits or lower limits to send money through this process, you can send any amount ranging from ₹1 to any number.
In this post, I’ve come up with a very easy guide to help you know how to add beneficiary in SBI Online Banking. You can follow the instructions given below to add SBI beneficiary.
How to add beneficiary in SBI?
We are going to learn how to add beneficiary in SBI using:
- SBI net banking
- SBI Yono mobile banking
Let’s learn process of adding beneficiary.
How to add beneficiary in SBI net banking
Simply login to SBI Online; as usual you do to access your internet banking account. You can click here to know SBI net banking activation process; if you’re not an e-banking user or click here if you forgot your login password.
After logging in, to add a beneficiary in State Bank of India, click on My Accounts & Profile tab. Then from the options, click on Profile link.
Upon clicking on the tab, click on Add & Manage Beneficiary.
You’ll be asked to enter your profile password, just enter it and press Submit button.
On the next page, you will see multiple options for adding beneficiary in SBI. You would need to click on an appropriate option. Let me help you, read the following lines to know which one should you click:
- SBI Beneficiary (Account holder of SBI) – Click on this link if beneficiary’s account also belongs to State Bank of India.
- Other Bank Beneficiary (Account holder of other banks) – You can opt this option if the beneficiary’s account belongs to other bank like HDFC, ICICI, PNB, IDBI etc.
- NPS Beneficiary – If you have a National Pension Scheme and want to send money to your NPS account then choose this option.
- Foreign Outward Remitance Beneficiary – Opt this option if your beneficiary holds an international account. (Kindly note, the bank has limited overseas branches therefore verify that whether the bank has its branches in the concerned country or not.) If you would like to send money abroad to your loved ones or other then choose this option.
Next, I am going to click on Other Bank Beneficiary.
Upon clicking on an appropriate option, in the next page, you will be asked to enter beneficiary details for example account number, bank IFSC code, address, and transfer limits (This option helps you select maximum amount that can be transferred to the beneficiary. You can enter up to 10 Lacs). After filling the form, tick box next to, ‘I accept terms and conditions’ and hit Submit button.
Note: Transfer limit means maximum amount that can be sent from your SBI 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 ₹1Lac transfer limit for a beneficiary. Then it means that I can send him ₹1 to ₹1Lac but not more than ₹1 Lac. Also note that you can change SBI transfer limits anytime.
Check details of the beneficiary and click on Confirm.
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On the next step, click on ‘Approve now’ button.
Next, select Approve Beneficiary radio button.
Next, you will be asked to select an option to approve beneficiary. You will find two options:
- Approve through ATM (IRATA) Instant Approval of Internet Banking Request Approval Through ATM in India – This is a quick way of getting SBI beneficiary approval but you will need to visit an SBI ATM to complete the process.
- Approve through OTP – If you select this option then beneficiary in SBI will get approval after some hours of cooling off period.
Just select second option ‘Approve through OTP’. Note: If you’ve select Approve through ATM (IRATA) then generate IRATA reference number and visit State Bank of India ATM to approve your SBI beneficiary.
Approval through OTP takes some time for example 4 hours to one working day. If you don’t need to send money urgently then use this option because it’s easier than the other. On the flip side, approve through ATM is an instant approval process but you will need to visit your nearest SBI ATM to complete the approval process.
After clicking on the button, again click on the small radio button next to the beneficiary name.
Next, you’ll receive a high security password on your registered mobile number linked with the bank account. Simply enter the high security password. Subsequently, click on Approve button.
That’s it. We have successfully added beneficiary in SBI. You will be able to read a successful confirmation message. Now wait for beneficiary approval. Once your SBI beneficiary gets approved, you will receive a confirmation message on your registered mobile number.
How to add beneficiary in SBI Yono
If you’re SBI mobile banking user then read the following instructions to know how to add beneficiary in SBI Yono.
Login to your SBI Yono Lite app and from the dashboard tap on Fund Transfer.
Then Add / Manage Beneficiary.
Next, tap on Select Beneficiary Type and then choose one beneficiary type. Note: Choose Other Bank Account if payee account is in some other bank account say Punjab National Bank or other. Choose State Bank Account if payee account belongs to State Bank of India too.
Touch ‘+’ add beneficiary icon.
Fill in the payee details such as account number, bank IFSC code, address, and the like. In Transfer Limit filed enter maximum amount that can be sent to added SBI beneficiary say ₹1Lac.
After entering the details, tick check box next to, ‘I accept the terms and conditions.’
Subsequently, tap on Submit.
Check if the details entered correctly before hitting Confirm.
Now, a one time password will be sent to your mobile for SBI beneficiary request approval. Simply, enter the OTP in given box and tocuh Submit.
Ta da! Everything is done from our side. Now wait for State Bank of India beneficiary approval.
Once your beneficiary gets approval from your bank then you can transfer funds to him/her. Usually, if you add a beneficiary in SBI between 6AM to 8PM it will be activated on the same day within the 4 hours. If you want instant approval then use IRATA option (available in net banking, as of now) and complete the procedure by visiting an SBI ATM.