State Bank of India (SBI), the country's largest lender, offers an easy for its bank account holders to transfer funds online to a beneficiary from another bank. The procedure by which funds are transferred from one bank to another is referred to as Inter Bank Fund Transfer. Customers need to access SBI's website - onlsinesbi.com or its app to accomplish this transfer. Customers must first add the beneficiary into their account and then follow a simple fund transfer procedure, SBI recently described on microblogging site Twitter.
Transfer funds easily from your account to your non SBI account beneficiaries with Inter Bank Fund Transfer option. https://t.co/skxitj3AFX— State Bank of India (@TheOfficialSBI) November 6, 2017
Here are 10 steps in which you can make an online inter-bank transfer in SBI:
1. Log into your account in online SBI. Click on Payments/Transfers tab on top left.
2. Click on 'other bank transfer' option.
3. You will then see three payment options: IMPS, RTGS and NEFT. Immediate Payment Service (IMPS) helps one transfer funds immediately. The maximum amount of funds that can be transferred under this option is Rs 2 lakh. Real Time Gross Settlement (RTGS) helps transfer funds in real-time. RTGS transactions are not put through a waiting period but are accomplished as soon as they are processed. The minimum limit for an RTGS is Rs 2 lakh and the maximum is Rs 10 lakh. National Electronic Fund Transfer (NEFT) option has no minimum limit but is subjected to a maximum limit of Rs 10 lakh. NEFT transactions may take some time. Click on any one of the three ways of payment and then 'proceed'.
5. Input the amount that you want to transfer. Also select the purpose of the transaction.
6. Select the beneficiary name.
7. 'Schedule Date' will show three options: a. Pay Now b. Schedule Later c. Standing Instruction If you select 'Pay Now', the funds will be transferred on the same day. If you want the funds to be transferred on a later date, select 'schedule later'. Then select the date and month of fund transfer. If you want to transfer funds in regular intervals, select 'Standing Instruction'. Select any one of these options.
8. Accept the terms and conditions and click on 'submit'
9. Verify the details and click on 'confirm'.
10. You will receive a high security password on your registered mobile number. Type it out and click on 'confirm'. A message will then be displayed that funds have been transferred successfully.
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