SBI’s Quick Transfer Facility

SBI

India’s largest commercial lender, State Bank of India (SBI) is offering a money transfer facility, which allows you to transfer funds to anyone without adding a beneficiary account on your net banking. This service is called ‘quick transfer’, which enables customers to request a remittance. The service is only available for the customers who are using SBI’s internet banking facility and the bank has set a limit of Rs 10,000 a daily limit using quick money transfer service via SBI net banking website or app.  Here is the process flow for its use.

SNo Process Utility
1 How to use ‘Quick Transfer’ service The quick transfer service can be used by customers who have subscribed to SBI’s internet banking service. For this, they can login details to get access to the facility. The service is available on the bank’s internet banking portal onlinesbi.com and its app YONO SBI.
2 Money transfer limit without a beneficiary SBI allows its customers to use quick transfer facility with a daily transfer limit of Rs 10,000. This means that the customer can make money transfer up to Rs 10,000 at a time using SBI quick transfer daily transaction limit.

According to SBI

  • In case the beneficiary’s account is with SBI itself, the transferred amount will be credited instantly,
  • If the beneficiary’s account belongs to some other bank, the money is sent via Immediate Payment Service (IMPS) or National Electronic Funds Transfer (NEFT) options.

Author: Admin Bankedge

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