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How To Transfer Funds Without Adding Beneficiary Through SBI Quick Transfer?

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SBI Quick Transfer allows account holders to easily transfer funds from one bank account to another i.e. SBI as well as other banks. The most significant benefit of using this process of fund transfer is that funds can be transferred immediately without the need to add the beneficiary to the account. Net banking customers have the choice of transferring funds via NEFT or IMPS. Mobile banking customers can only transfer funds through IMPS. To transfer funds using SBI Quick Transfer facility, follow the below-listed steps.

Via SBI Anywhere Mobile App
 

Via SBI Anywhere Mobile App

Follow the below-listed steps to transfer funds via SBI Anywhere Mobile App

  • Open the SBI Anywhere personal app and sign in to your account using the required credentials.
  • Now tap on the "Quick Transfer & Donations" option and select "Send Money"
  • Now select your "Debit Account" from the drop-down list from which you want to debit the amount.
  • Now enter the required details and tap on 'Submit'
  • The fund will be transferred to the beneficiary's account instantly.

Steps to receive money using Quick Transfer facility

  • You can submit a request to the remitter in order to receive funds by following the steps listed below:
  • You can share the remitter with your account details or a QR code.
  • A new QR code will be generated using your account details if the QR code was not generated previously.
  • To share your encrypted account details with the remitter, tap on 'Share QR'
  • Optionally, you can use the other option to share the account details directly.

Points to note while using SBI Anywhere Mobile App

  • Customers can only transfer funds using the IMPS service, which is open 24/7.
  • Quick Transfer in Mobile Banking allows you to transfer funds right away.
  • On the next working day, an auto refund for a failed IMPS transaction will be credited to the customer's savings account.
  • The daily transaction cap is Rs. 25,000/- and per-transaction cap is Rs. 10,000/-.
  • The following service charges apply to SBI Anywhere Apps' Quick Transfer service.
Mode Service Charge
IMPS Up to Rs. 10,000
Via SBI Net Banking

Via SBI Net Banking

An account holder with active SBI's internet banking service can transfer funds instantly without having to add a beneficiary by using the Quick Transfer facility. To transfer funds easily without assigning a beneficiary to your SBI account, follow the steps below:

  • Visit SBI Net Banking portal and sign in to your net banking account using the required credentials.
  • Under the drop-down menu of "Payments/Transfers", click on "Quick Transfer (Without Adding Beneficiary)"
  • Select the account from which the funds will be deducted, then fill in the needed details and click on 'Submit'
  • To proceed, double-check the details you've entered and press the "Confirm" icon.
  • To complete the transaction, enter the high-security password sent to your registered mobile number with SBI.
  • The money will be credited to the beneficiary's account, and you will get a transaction ID that you can use to monitor the transaction's status.
Points to note while using SBI net banking facility

Points to note while using SBI net banking facility

  • You can use IMPS and NEFT facilities in case the account number of the beneficiary is not maintained with SBI.
  • If NEFT is selected as the mode of payment, the transaction will be processed as quickly as possible on the next working day, based on NEFT settlement period.
  • Quick Transfer facility using IMPS is available 24x7 and also the transfer of funds are settled instantly.
  • On the next working day, an auto refund for a faulty IMPS or NEFT transaction will be credited to the customer's account.
  • The daily and per transaction cap is limited to Rs 10,000.
  • Please bear in mind that while service fees for NEFT are recovered along with the remittance amount, service charges for IMPS are recovered directly from your account.
  • If the beneficiary's account is maintained with SBI, no service fee is charged. If the beneficiary's account is not with SBI, the following service charges will be applied.
Mode Service Charge
NEFT NIL
IMPS Up to Rs. 10,000
Note

Note

  • Without requiring the beneficiary to be registered, an individual can transfer funds to the beneficiary.
  • To confirm that the entered data is correct, an individual must input the beneficiary account number twice, one of which will be hidden.
  • Every transaction will only be authorized if the customer authenticates the OTP, which will be sent to his or her registered mobile number or email-id.
  • The customer will be entirely responsible for the accuracy of the beneficiary credentials submitted, and the bank will not be liable if the required specifics entered is incorrect.

SBI Quick Transfer Timings

SBI Quick Transfer can be done via NEFT or IMPS. If you use the IMPS procedure, your transaction will be completed instantly on both the mobile app and through net banking on a 24x7 basis. If you use SBI NEFT to transfer money, the settlement will be done on the same day or on the next business day.

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