To send money using NEFT or RTGS, first, you’ll need to add a beneficiary and before you send money, you will need to wait for beneficiary approval from your bank, which sometimes takes hours. But what if you want to send money quickly to loved one or someone in need? And you don’t have time for beneficiary approval? Answer is use ‘SBI Quick Transfer’ facility which lets you transfer money without adding beneficiary.
State Bank of India online banking services including mobile banking ‘SBI YONO’ let you transfer money from your bank account to any other bank account. Actually, the bank enables you perform almost all banking facilities using internet banking or mobile banking.
You can perform transactional and non-transactional banking activities online like order cheque book, check balance, download account statement, block debit card, request a new ATM card, transfer funds, open e-deposit account, pay bills, send money instantly (using SBI Quick Transfer facility) and more by using its digital banking platforms.
Today in this post, I’ll be showing you how to transfer money from SBI Yono app and SBI net banking. In another post, pertaining to the same topic, I’ve shown you how to transfer funds from SBI Bank using IMPS, NEFT, and RTGS.
But that way of sending money requires, SBI beneficiary approval which is time consuming. So here I come with a Quick SBI money transfer method. Using SBI Quick Transfer, one can send up to ₹10000 to anyone without adding beneficiary.
To avail this facility all you need to do is just login to your SBI Yono app or net banking account and follow the steps given below.
Next, we are going to discuss two different ways of SBI Quick Transfer, which are:
- SBI Yono app
- SBI Net Banking
SBI Quick Transfer using Yono Lite mobile banking app
For that purpose, you should be an active user of SBI Yono mobile banking app. I recently have showed you SBI mobile banking registration process (you can read that post if you’ve not activated the service yet, it only takes 10 minutes).
SBI money transfer app allows you transfer funds instantly through its quick transfer facility and you don’t need to add a beneficiary to do so. Though, SBI Quick Transfer facility has some transfer limits, you cannot send more than Rs. 10, 000 per transaction and Rs. 25,000 in a day, but it could be very beneficial if your loved ones need money urgently.
If you want to transfer more than ₹25,000 then use other fund transfer options.
To send money in State Bank of India using SBI Quick Transfer, get access to your SBI Yono app.
From the app dashboard, click on ‘Quick Transfer’.
Tap ‘Quick Transfers & Donations’.
From the list of options, tap ‘Send Money Using Account Details’. Note: You can also pick other preferred option.
Next, you’ll be asked to enter the beneficiary’s bank details along with amount to be transferred. Simply, enter the details (see screenshot above for help) such as beneficiary name, his/her account number, confirm the same in the next field, enter IFSC code of beneficiary’s bank account, and enter amount to be transferred in amount field.
Remarks column is optional. You can let it blank.
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After entering the details, hit ‘Confirm’ button.
Check beneficiary details and amount to be transferred before pressing ‘Confirm’ button.
Upon clicking on the confirm button, you’ll receive one time password (OTP) on your registered mobile number that you’ve to enter in the given box to make transaction successful. Simply enter the OTP and hit Submit button.
That’s it. You can read successful transaction pop-up message along with reference ID on your mobile screen.
To transfer more than the mentioned limits, know how to transfer money from SBI Yono app.
Quick transfer in SBI through net banking
State Bank of India internet banking users can send money up to 2 crores using IMPS, RTGS, and NEFT and if they would like to transfer money without adding a beneficiary then they do so by using SBI Quick Transfer. But remember, transfer limit for this is ₹10000 maximum.
Login to your internet banking account and from the top navigation menu, hover your mouse over ‘Payments / Transfers’ then click on ‘Quick Transfer (Without adding beneficiary)’.
Enter the required details such as beneficiary name, account number, amount to be transferred, and the like. (See above screenshot)
Tick checkbox next to “I accept the terms and conditions” and click on ‘Submit’ button to initiate SBI Quick Transfer.
Next, a high security password AKA OTP will be sent to your registered mobile number to verify the transaction. You will need to enter it in the asked filed.
That’s it. You have successfully transferred the amount using SBI Quick Transfer facility. Payee will receive the amount within few minutes (time may vary).
SBI Quick Transfer Limit and Important Points
This SBI online money transfer facility lets customers send money from their account to any other account without adding beneficiary. The service is indeed helpful when it comes to send money to someone in emergency. Service enables you initiate fund transfer via IMPS platform throughout the day and night. Before you get into it. I suggest to take a look on following SBI Quick Transfer limits:
- SBI Quick Transfer limit in a day is up to ₹10000 and per transaction as well.
- Only IMPS and NEFT modes of payment will be available.
- Facility is available for SBI Yono app and SBI net banking.
- In case of failed transaction, amount will be refunded back to the same account from which it’s deducted.
- IMPS enables fund remittance instantly. This mode is available 24/7 for within SBI as well as Inter bank transfers.
Frequently Asked Questions
What are SBI Quick transfer charges?
As of this writing, SBI Quick Transfer charges are ‘NIL’ for up to ₹10000, applicable on IMPS and NEFT transactions. However, SBI official website mentions, “No service charge is being levied if payee’s account is maintained within the bank,” further adding, “following service charges (which are also NIL for up to ₹10000) are levied if beneficiary account belongs to other than SBI.”
Does quick transfer work on Sunday?
Yes, digital banking services including Quick Transfer, of the bank are available to use on working days as well as holidays. While sending money using State Bank of India Quick Transfer facility, prefer to use IMPS method because it remains available 24/7 and remits fund very swiftly. Facility can be availed using SBI Yono mobile banking app or net banking.
How much time does SBI quick transfer take?
In most of the cases, fund transfer takes a few seconds or minutes. While writing this, I tested the same and transfer happened within the blink of eye, as I hit the send amount button, I got the same in my another account. As per SBI official website, transfer may take few minutes to a day or more.