Instant Money Transfer or IMT is an innovative card less cash withdrawal service. You could use IMT for domestic money remittance. Instant Money Transfer gives you freedom to send money to anybody with a mobile phone only. The receiver can withdraw money from an Axis Bank or Bank of India ATM, without using a debit card. Now, SBI ATMs are also in the list. SBI has recently launched SBI Instant Money Transfer (IMT) facility for the customers.
Recommended Read : What is Instant Money Transfer (IMT)?
How to register beneficiary to transfer funds using Instant Money Transfer?
If you are a SBI customer, you need to provide your name and address via SMS to 567676 in the following format:
“BREG <Mobile Number>+ <1st Name> + <Last Name> + <Area PIN>”
“UNREG <Mobile Number>”
How to Transfer Money via SBI Instant Money Transfer (IMT)?
- Choose Transfer option
- Enter debit card PIN
- Select IMT option
- Tap on IMT Initiate
- Enter beneficiary mobile number. Mobile number should be of 10-Digits. i.e. without any prefix.
- Now, enter your 10-Digit mobile number.
- Create a 4-Digit sender code. Most important, share this code only with beneficiary
- Re-enter sender code
- Punch in the amount, in multiples of Rs.100.00; maximum limit is Rs.10000.00
- Next choose YES or NO on confirmation screen
- Select account type – Savings or Current
- After successful IMT initiation, you will get a 15-Digit IMT ID; and, a 4-Digit SMS code will be sent to Beneficiary mobile number.
How to Withdraw money using IMT at ATMs?
To withdraw the amount without a debit card, use any State Bank Group ATM, Axis Bank ATM or Bank of India ATM. As of now, this service is present on a limited number of ATMs. However, all ATMs will get covered shortly. The step-by-step process for withdrawal of an IMT is given below:
- Visit any of the above mentioned ATMs, Tap IMT logo on the ATM Screen.
- Enter Beneficiary mobile number
- Now, enter the sender code received on your mobile.
- Enter SMS code received on mobile
- Punch in the amount you want to withdraw. Since, you can not withdraw partial amount of IMT. Therefore, you need to enter the full amount of IMT for withdrawal.
- And, choose YES or NO on confirmation screen.
- On successful confirmation, Collect your cash.
Recommended Read : How to Transfer Money in SBI without adding Beneficiary?