Today I will take you through SBI online money transfer process. We will know how to send money from State Bank of India account to other bank accounts online without visiting bank branch.
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 such as SBI money transfer from one account to another; because your bank offers you a bundle of online and tele banking services. With SBI net banking, 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 banking services like internet banking, SMS banking, mobile banking and fund transfer, UPI to its customers. As you may aware that SBI online money transfer facility enables bank customers send money to their loved ones or make payments of purchases.
Though, SBI has made fund transfer process as easy as it can, 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 SBI fund transfer using IMPS, NEFT and RTGS payment methods.
You can follow the instructions given below for SBI money transfer from one account to another (same branch or other) or other bank accounts like PNB, HDFC, ICICI etc.
Prerequisites for SBI online money transfer
- You’d be an active SBI online banking user. If you’re not an internet banking user then read how to activate SBI net banking online without visiting home bank branch.
- For SBI online money transfer 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 account belongs to SBI Bank or other.
Steps for SBI fund transfer
To make SBI fund transfer whole process more easy for you, I’m going to divide this process into following three parts:
- Get payee account details such as name, account number, bank IFSC code etc.
- Add payee as a beneficiary to your online account.
- SBI online money transfer using appropriate payment methods like IMPS, NEFT, or RTGS.
You can watch above video for SBI money transfer from one account to another or read written instructions.
1. Get payee account details such as name, account number, bank IFSC code etc
First of all, you will have to obtain payee’s (Person whom you want to send money) bank account details such as his name, bank 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
Secondly and most importantly, you will need to approve payee as a beneficiary in your internet banking account. For that purpose, follow the steps given below:
- 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.
Don’t have time for beneficiary approval? Then read this tutorial on SBI Quick Transfer which will help you send up to ₹25000 without adding beneficiary in SBI.
Note: For your convenience, I’ve written a separate detailed post on “how to add a beneficiary in SBI Bank to send money online?” You can read that post if you’re facing any difficulty in adding beneficiary.
3. SBI online money transfer
Once your added beneficiary gets approval from your bank, 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 for SBI fund transfer between ₹1 to ₹2Lacs.
- NEFT: Select it if you want to transfer any amount between ₹1 to ₹10Lacs.
- RTGS: This payment method can be used to send minimum ₹10Lacs to any amount.
Note: For amount up to ₹2Lacs, you can use IMPS or NEFT. It’s totally your choice.
Here I’m explaining all three SBI online money transfer methods for your convenience.
SBI fund transfer using IMPS:
Login to your online SBI account.
From the navigation menu, click on Payments/Transfers.
Next, you will see multiple options for SBI fund transfer. Just click on IMPS.
Now, click on the round circle next to ‘Person to Account(using IFS code)’ then click on Proceed.
In the next step, select an account and then enter desired amount that you want to transfer say ₹100, ₹5000 or ₹2,00,000 and the like.
Purpose is an optional field. However, you can type a reason of transfer for example ‘Sending money to Sham’.
Next, from the beneficiaries list, select a beneficiary whom you want to transfer money from your State Bank of India account. If you’ve added only one payee then you will see only that one.
In the end, click on Submit button.
Upon clicking on the button, you’ll be asked to confirm your submission. For that purpose, just hit Confirm button.
That’s it State Bank of India fund transfer is completed. You will read a success message in the next page.
Fund transfer using NEFT:
Follow first two steps (step a and b) mentioned above in ‘Fund transfer using IMPS’.
On the next page, from multiple SBI fund transfer options, click on Other bank transfer.
Note: If payee’s account belongs to SBI Bank also then click on ‘Accounts of others – within SBI’.
Click on circle next to NEFT and hit Proceed button.
In the next step, an SBI online money transfer form will appear on your computer screen. To fill out 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.
Now, click on Confirm button.
That’s it. In the next step, you will see a transfer receipt that you can print for your future references.
Fund Transfer using RTGS:
RTGS transfer is similar to NEFT. Only difference is that it is used to transfer minimum 10Lacs. Read on to do RTGS:
Login to your online banking account.
Click on Payments/Transfers. (see above step b screenshot in IMPS transfer)
From multiple options, click on inter-bank beneficiary. (see above screenshot b in NEFT)
Click on circle next to RTGS and press Proceed button. (see above screenshot c in NEFT)
Fill out SBI online money transfer form. See screenshot to get help.
Upon filling the form, click on the check box next to ‘I accept terms and conditions’ and then hit Submit button.
Next, confirm your submission by clicking on Confirm.
Click on Print button to save a copy of SBI fund transfer receipt.