How do I add a beneficiary for a fund transfer in SBI Net Banking?

You must add a beneficiary before sending money online using State Bank of India’s net banking service (i.e., the recipient of the transfer or payment).You are only permitted to add and approve one beneficiary per intra-bank, inter-bank, VISA, State Bank Group, and IMPS category each day. According to the SBI website, the internet banking system will activate the beneficiary addition if you approve it between the hours of 6am and 8pm (IST).

fund transfer in SBI Net Banking

Data needed to add a beneficiary

  • SBI Net Banking user ID and password are needed for login.
  • Beneficiary information, which includes the recipient’s name, account number, and IFSC code, is a reference to the individual or organisation you wish to send money to.
  • Your mobile number should be stored in your SBI account.

How to add a beneficiary in SBI Net Banking to make an online money transfer ?

  • Step 1: Open an account with SBI Online Banking.
  • Step 2: Select the “Funds Transfer” tab from your net banking account’s home page.
  • Step 3: Click “Add/manage beneficiary” under “Payments/Transfers.”
  • Note: You must enter your account’s profile password here. Remember that this password is different from the one you use to log in.
  • Third step: A new page will load. Choose the sort of beneficiary you wish to add on that new page, such as an SBI beneficiary or a beneficiary with an account in another country.
  • Step 4: Enter the beneficiary’s information, including name, account number, IFSC, and the maximum amount the system should permit to be transferred to that specific beneficiary. Click submit after entering all of this data.
  • Step 5: Verify the information on the following page to ensure it is accurate.
  • You must approve the beneficiary when you have finished adding them.
  • Step 6: At this point, select the page’s “Approve” tab.
  • Step 7: Retype your profile password.
  • Step 8: From the list of choices, select “Approve through OTP.”
  • Step 9: Enter the OTP that was sent to the registered cellphone number in your account and press “Approve.”

You can start transferring money to the new beneficiary only after they have been made active in the system. You can transfer a total of Rs 5,00,000 to a new beneficiary within the first four days of the beneficiary linkage’s activation. You are thus limited to sending Rs 5,00,000 in the first four days.

You must use the branch activation or Internet Banking Request Approval Through ATM (IRATA) option if you want to send the beneficiary the entire transaction limit set at the time the beneficiary was added. For immediate activation with the full transfer limit if you choose the branch activation option, you must deliver a duly signed form to your home branch. If you select IRATA, you will need to activate your account at an Indian State Bank ATM.

Sameer Raj has a keen interest in technology. He spent most of his time socializing with gadgets & tools than human beings. With each of his articles, Sameer shares such unique tricks that you might never knew.