SBI online banking – Transfer money to other bank account

 

SBI Net Banking – Hello everyone. In this post we will discuss how to make how to transfer money or  online fund transfer using SBI internet banking. If you are new and using internet banking for the first time feel free to read my previous post on How to register for SBI online banking. To transfer funds online you are going to need two things, first is your bank account number and bank information. Once you have them you are ready to proceed to next step that is transfer funds online.

In order to transfer funds let say your friends account you will first need to add them as your beneficiary.

  • Just enter the username and password and login to your account.
  • Go to the profile section at the top and click on the manage beneficiary. Since you are accessing the profile section, you will need to enter your profile password. Click on submit.
  • As you can see there are 3 options: Intra bank beneficiary will be used for transferring in same bank branch. For example I have account in SBI and I want to send money to a friend who also has account in SBI then I add him here. Interbank beneficiary is used when transferring money from SBI to ICICI or SBI to HDFC. And lastly state bank beneficiary are used for transfer within the 5 different state bank group. In this post we will transfer fund from SBI to HDFC so we will click on inter banking beneficiary.
  • Enter the name and account number and confirm the same.
  • Enter the bank IFS code here. Remember you will have to enter the IFS code of the bank where you are transferring the money, as I am transferring money to HDFC bank, I will enter the IFS code of HDFC bank here. Click on I accept and the submit button.
  • And here we go I haven’t enter the max limit, so I will enter it here and now everything looks fine. Click on submit.
  • Now go to the approve tab click on approve beneficiary select the account and enter the password that you received to your mobile linked to your bank account. Once you are done click on approve.
  • You will have to wait for activation by bank which may take maximum of 24 hours. Once the beneficiary has been activated by the bank you are now ready to transfer fund.
  • Just login to your account. Here go to Payment and transfer tab.
  • We have added interbank beneficiary so click on that. There is two mode of fund transfer RTGS and NEFT. In RTGS the money is transferred with no waiting time. However the minimum transfer limit is of 2 lakhs. Whereas NEFT (national electronic fund transfer) has no limit, you can transfer Rupee 10 to Rupee 1 Lakh.
  • Here I will select NEFT since it has no minimum limit. In the next window just enter the amount, remarks are optional.
  • Select the account where you want to transfer money. If you want you can schedule the transfer for later date, or pay it now. Click on I accept and then submit it.
  • Verify every details and then click on confirm. As you can see the confirmation of fund transfer which says transaction was completed successfully. Now check your balance.

That’s it. Money has been transfer. If you like the information provided in this post then share it with your friends.

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