State Bank of India(SBI) one of the major banks in India providing various online services to make its customer life easy. The most important part of online banking is to transfer funds. But in order to transfer funds through IMPS, we need to add the person as a Beneficiary. In this article, we will see How to Add Beneficiary in SBI, its limits, charges, etc.
Registering beneficiaries is very helpful in case if you want to transfer a bigger amount on a regular basis. with the SBI fund transfer facility, you can transfer funds from SBI to SBI, SBI to any other bank without any issues.
Let’s now try to understand the process of how to add beneficiaries in SBI.the process is very easy. you just have to follow few steps.
How to Add Beneficiary in SBI
There are mainly two ways you can add beneficiaries in SBI. we will discuss each one of them in detail.
- Through Internet Banking
- Through YONO LITE SBI Mobile App
How to Add Beneficiary in SBI Through Net Banking
We can add beneficiaries in SBI by following a few simple steps. follow the process mentioned below.
- Visit SBI Internet Banking Official Website https://www.onlinesbi.com/
- Log in using your Username and Password.
- On Home page select My Accounts and Profile tab and click on Profile.
- On Next screen click on Add & Manage Beneficiary.
- Enter your Profile Password and click on Submit.
- Select Other Bank Beneficiary (Account holder of other banks like HDFC, Canara, PNB, etc) else select SBI Beneficiary (Account holder of SBI)
- Enter the details of the beneficiary like Name, Account Number, Other Banks Transfer Limit (INR), IFSC Code, check the box I accept terms & conditions, and click on Submit.
- Check the beneficiary details After this click on Confirm button.
- Next window you will a message saying this person has been added successfully as your beneficiary. here click on Approve now.
- Enter your Profile Password In order to approve the added beneficiary .
- Now, Select the method to Approve. you will find two options: –
- Approve through ATM (IRATA)
Instant Approval of Internet Banking Request Approval Through ATM in India. This is a quick way of getting SBI beneficiary approval but to complete this process you have to visit an SBI ATM.
2-Approve through OTP (One time Password)
If you select this option then beneficiary approval will happen after a cooling period of some hours.
- Select Approve through OTP. As soon as you select Approve through OTP you will get a High-security Password to your registered mobile number. Enter that and click on Approve.
- Finally, a message will be displayed showing you have successfully added a person as a new beneficiary for the transfer of funds from your account.
Now you have successfully added beneficiary into your SBI account.
How to Add Beneficiary in YONO LITE SBI
SBI Provides services online as well to its customers. Follow the procedure below to add beneficiaries through SBI Mobile App.
- Download YONO LITE SBI App for your smartphone or IPhone.
- Log in using your User Name and Password.
- On the Dash Board Click on Fund Transfer.
- Now Click on Add/Manage Beneficiary, Enter your Profile Password, and click on Submit. You can Reset your profile Password if you Forgot.
- On the next screen Select Beneficiary Type from the drop-down and click on Add Symbol. Select Other Bank Account if the beneficiary account is not SBI like HDFC, PNB, Kotak, etc, Select State Bank Account if the beneficiary account in SBI.
- On the next screen fill in the required details like Beneficiary Category and Name, IFSC Code, Beneficiary Account Number, Confirm this Account Number, Address, Transfer Limit, check the box I accept terms and Conditions and click on Submit.
- After this Check the details once again and click on Confirm.
- After clicking on confirm button OTP will be sent to the registered mobile number to approve beneficiary. Enter OTP and hit Submit button.
You are done with adding beneficiary from your end. SBI needs to approve finally.
Important Points while adding beneficiary
There are few important points which everyone should be aware of while adding a new beneficiary to their account. You can have a look.
- The new beneficiary if approved between 6:00 AM to 9:00 PM (IST) Will be activated on the same day. mostly within 4 hours after approval. beneficiary approved beyond this period will be activated on the next day after 8 AM (IST).
- If you wish to activate the beneficiary immediately with full transfer limit use the “beneficiary Activation by Branch” link Appearing under the view tab.
- Only three beneficiaries can be added in a day. if you want to add more than three in a day, use IRATA or the branch option for activation.
We have seen the above easy way to add beneficiaries in SBI. you can follow the above process and it will help you to add beneficiaries in a smooth way.
1.How to add/modify/view/delete the beneficiaries?
you can do all this under a single tab. Follow the below steps to proceed. Let’s first understand the meaning of each one.
Add -When you need to register a new beneficiary to your account.
Modify -when you need to change the limit amount or name of the beneficiary.
View -Here you can check the status of the added beneficiaries.
Delete -you can delete any added beneficiaries from this tab
- Visit SBI Internet banking Portal.
- Click on My Accounts & Profile
- Select Profile
- Click on Add & Manage Beneficiary.
- Enter your Profile Password
- Click on Other Bank Beneficiary (Account holder of other banks). Under this tab, you will see all the options like add/delete/view/modify.
2. How many days it will take to add beneficiary in SBI?
You can add 3 beneficiaries in a day.it will get activated within four hours if it is approved using OTP between 6 AM to 8 PM (IST). beneficiary approved after 8 PM will be activated on the next day after 8 AM (IST).
3-What is the limit for transferring amount after adding beneficiary?
During the first 4 days after activation you can transfer up to Rs.500000 to a new beneficiary.