New banking technology is replacing the old banking process also making our life hassle free. Earlier, to send money cash deposit, cheque deposit or DD were the modes of transfer.
Now, one can easily transfer with online modes such as RTGS, NEFT, or IMPS. Transferring may vary depending on the amount you want to transfer.
Some of the means of transfering money are:
- Net Banking enabled
- Registered mobile number
- Account Number and IFSC Code of receiver
- Beneficiary Bank, State and Branch of beneficiary.
Steps to add beneficiary
1. Log on to retail onlinesbi.com using Internet Banking ID and Password.
2. Click om Profile tab and go to Manage Beneficiary link.
3. Select Inter Bank Payee from the options provided.
4. Select 'Add' option and provide the Beneficiary Name, Beneficiary Account Number, Address and Inter Bank Transfer Limit in the relevant fields.
5. Enter the IFSC code of the beneficiary bank branch by either selecting or enter 11digit in the box.
6. Selecting the Location option and then the Beneficiary Bank, State and Branch form the drop down menus provided.
7. Click the 'accept terms and conditions' button
8. Click 'confirm'.
9. As a security measure, OTP will be sent to your registered mobile number. Enter this password to authorize the beneficiary.
10. The activation of beneficiary may take one day time. Once activated you can transfer funds to the beneficiary.
How to send money once beneficiary is added?
1. Once beneficiary is activated
2. Select the Transaction Type-RTGS or NEFT .
3. The list of beneficiary accounts added is displayed.
4. Enter the Amount and select the beneficiary to be credited from the list.
5. Click on 'accept terms and conditions' and confirm.