Now you can transfer money in SBI without adding beneficiary. Isn’t it a great news??? Earlier you had this facility in banks like Axis and Kotak Mahindra, where minimum balance is Rs.10,000.00. Maintaining Rs.10,000.00 a month is a huge amount though. And, non-maintenance charges are about Rs.800.00 plus taxes, which is again a huge amount. On the other side, if you see, SBI has a reasonably low minimum balance criteria i.e.Rs.1000.00 only.
How to Transfer Money in SBI without adding Beneficiary?
- Now, click on “Quick Transfer”.
- On next screen fill in the details. Select “Within SBI” to transfer within the bank.
- And, select “Inter Bank Transfer” to transfer to other banks. Also, select transfer mode. If you want to transfer the amount immediately, then select IMPS; else, select NEFT. Here, you need IFSC Code as well for the transaction.
- Also, you can make a note about your transaction by selecting the “Purpose”.
- Once you fill in all the details, click on “Submit”.
- Next, it will ask you to enter the OTP or Highly Secured Password” which you would receive on your registered mobile number.
- Enter the OTP, and proceed.
- The moment your transaction is successful on your net banking, the amount would be transferred to your beneficiary account in case of IMPS. And, in case of NEFT, it would get transferred within 2 hours.
Quick Transfer Terms of Service (Terms & Conditions) as per SBI:
- The “Quick Transfer” limit is upto Rs.10,000.00 per day to a third party without adding beneficiary.
- The amount you transfer would be credited instantly, if the beneficiary’s account is within SBI.
- If the beneficiary’s account is with a bank other than SBI, then there are two options available for money transfer: IMPS and NEFT.
- If you have chosen mode of transfer as NEFT, Transaction will be processed maximum within next working day depending on NEFT settlement time.
- Quick Transfer facility using IMPS mode is available 24X7 basis.
- Please note that auto refund for the failed IMPS transaction will be credited to your account on next working day.
- You will have to pay No Service charge, if the beneficiary’s account is within SBI. However, following Service charges are levied, if the beneficiary’s account is with a Bank other than SBI:
- Please note that while the service charges for NEFT mode will be recovered in addition to the remittance amount, the service charges for IMPS mode will be recovered separately from your debit account.
Recommended Read : How to Transfer Money via SBI ATM to ATM?