Of late, the State Bank of India (SBI) has been providing multiple easy transaction options to its users to promote digital transfers.
Now that RTGS and NEFT transactions will soon become free of charge (from 1 July), internet banking users can opt for the online mode to make their money transfers to friends and family.
However, the net banking route requires the sender to know the bank account details and official name of the receiver. This becomes inconvenient when you wish to send it to a person who may not agree to take money from you, for example, a family member. If you are an SBI customer, you can do so using the mCash feature, that allows fund transfer from a SBI account to an account with any bank using just the receiver's mobile number or email ID.
It also eliminates the possibility of making a mistake while entering a very long bank account number before initiating the transfer.
How can an SBI customer send money with knowing the beneficiary's account number?
To send money to a friend or family member, even if they do not hold an SBI account, one can use OnlineSBI or State Bank Anywhere service, using the receiver's mobile number or email ID.
This can also be done using the Internet Banking facility without having to do the formalities of beneficiary registration.
Instructions on mCash to receive funds
Money sent through the above method does not directly land in the receiver's bank account. However, claiming the funds is a quick process.
- The beneficiary with an account at any bank, can claim the fund either through State Bank mCASH Mobile App or mCASH link available on OnlineSBI's main page.
- Once the sender makes a transfer, the recipient will receive a link via SMS or email (provided by the sender) and an 8 digit passcode based on the medium chosen by the sender.
- Beneficiary is required to enter the account number, IFSC, mobile number or e-mail address in the link provided, along with the passcode.
- A real time transfer of funds to the bank account will take place once the details are verified by the bank.
- If one is using the SBI mCASH app, there are two options: "Claim" and "Favourites". One can store their account number and IFSC code (maximum 5 accounts) for future claims in the "Favourites" section.
Rs 2.50 per transaction is applicable on each transaction.