If you want to make instant transfers across distances, SBI has an instant solution. SBI or State Bank of India, the largest lender of the country with 22,500 branches in India and 59,000 ATMs offers a facility of instant money transfer (IMT) via which you can transfer money instantly to any receiver. He/ she can receive it without a debit card. Only the beneficiary's mobile number, name and address are required to be known to the sender. The receiver can withdraw the money through an ATM without using a card, SBI says.
Here are the key details about SBI's IMT service:
Features of SBI Instant Money Transfer
You need to first register the beneficiary in the SBI system. Hence, the sender need not provide the name and address for recurring payments, according to sbi.co.in.
The beneficiary has to withdraw the whole amount in a single transaction, i.e. no partial withdrawals are allowed.
An IMT once created cannot be cancelled.
How to register/de-register beneficiary under SBI Instant Money Transfer service
Beneficiary registration can be done both prior to or after SBI IMT is initiated, stated sbi.co.in. However, in case of the latter, you need to do it before expiry of the IMT.
Customers creating SBI IMTs using ATMs will be required to provide the name and address of the beneficiary via SMS (to 567676) in the following format: BREG 9912345678+VERMA+Nerul+400706,i.e, beneficiary's mobile no., beneficiary's name, beneficiaries location and location's PIN number.
For de-registration, SBI customers need to send an SMS in the following format: UNREG 9912345678,i.e only the mobile number registration.
Transaction limits under SBI IMT service
SBI has put a minimum transaction limit of Rs. 100 and in multiples of Rs. 100 thereafter on its IMT service. A maximum of Rs. 10,000 per transaction subject to the monthly cap of Rs. 25,000 per month per beneficiary is applied automatically by the system. The maximum amount per sender in a calendar month is Rs.50,000 and there is a maximum number of 10 beneficiaries per sender, said SBI on its website sbi.co.in.
Service charges of SBI's IMT service
The sender will be charged Rs. 25 per transaction at source. SBI does not charge anything from the beneficiary.
Validity of SBI IMT service
The beneficiary has trade day+ two days to withdraw the IMT else the money will automatically be refunded to the sender's account. However, charges will not be refunded.