State Bank of India (SBI) the largest public sector bank in India offers various online services through its internet banking and mobile banking. A few of the prominent services include transferring funds, getting account statements, checking balances, and many more. Fund transfer is very commonly used on a daily basis. We will learn how to transfer money in SBI through various methods in this article.
SBI provides various methods to do a fund transfer online. Having knowledge of all the possible ways to do fund transfer is required in case if any of them is not working at a time.
Ways to Transfer Money in SBI
- Transfer funds through SBI Net Banking
- Transfer funds through SBI ATM
- Fund transfer through SBI YONO App
We will discuss each of the methods in detail. Let’s discuss it one by one.
How to Transfer Money through SBI Net Banking
Transferring funds via SBI Net Banking is very fast, easy, and convenient. for this, you need to add a beneficiary to your SBI Account. Once this is done follow the steps below.
- Visit the SBI Internet Banking portal.
- Click on the Payment /Transfers tab and select Other Bank Transfer under outside SBI Option.
- If you want to transfer funds within SBI select the option Accounts of Others Within SBI.
- On the next screen select the payment option between IMPS, RTGS, & NEFT. Select IMPS for instant fund transfer and click on Proceed.
- Now Select the type of Transaction as Person to Account (using IFSC Code) and click on Proceed.
- On the next screen enter the Amount, select purpose, choose the beneficiary account, check the box I accept Terms & Conditions, and click on Submit.
- Verify the entered details once again and click on Confirm.
- An OTP i.e. High-security Password will be sent to your registered mobile number. Enter that OTP and click on Confirm.
- A message will display on the screen after successful transaction. you will get SMS as well confirming the same.
How to Transfer Money from SBI ATM
Transfer of funds became very easy due to advancements in technology. SBI provides the facility to transfer funds to another SBI account via ATM.
This facility uses the card-to-card transfer of funds as ATMs do not have the functionality to transfer funds to one saving account.
The prerequisite thing is that you should have a Debit card with you along with the debit card number of the Recipient. if this is all set follow the process below.
- Visit nearest SBI ATM.
- Swipe your Card in the ATM machine.
- On the right bottom side of the screen you will able to see transfer option.
- Select transfer option and Enter your Debit card PIN number.
- On the next screen select the card to card transfer option and enter the card number of the recipient twice.
- Now Enter the amount and select your account type i.e. savings or current account.
- The Recipient account will be credited and you will get an SMS regarding the same.
NOTE: Make sure to check the entered amount and the receipt is the same.
How to Transfer Money from SBI YONO App to Other Bank Account
We can transfer money using SBI YONO App in a very easy way. you can follow the steps mentioned below.
- Download SBI YONO App to your mobile phone.
- Log in to SBI YONO App using MPIN or internet banking username & password.
- On the home screen click on YONO Pay tab.
- Next, click Bank Account option.
- Now, select the account to transfer means other bank Accounts or other SBI accounts. from the dropdown choose the beneficiary account you wish to transfer money.
- On the next screen enter the Amount, Remarks, and click on Next. you can schedule a payment as well by checking the box pay Later.do not forget to enter the date.
- Next, verify the details once again, check the box Terms and Conditions and click on the Confirm button.
- An OTP will be sent to your registered mobile number. enter that OTP and click on Next.
- A message will display on the screen for payment confirmation. Also, you will receive an SMS for the successful transfer of funds.
Recently SBI updated its YONO SBI Mobile app and it has introduced the functionality of QUICK PAY. you can use the Quick pay service to transfer money even faster. follow the procedure mentioned below.
- On the Dashboard of SBI YONO App Select QUICK PAY option.
- Log in through MPIN.
- Select Beneficiary you wish to pay by clicking on the Beneficiary option. Enter the Amount and click on Pay.
- Enter the OTP you received on your registered mobile number and click on Submit.
- A success message will display on the screen confirming the transfer done.
We have seen different methods to transfer funds in SBI. you can use any of them to transfer your money anytime.
1: What is the limit for YONO SBI transactions?
There is a limit of Rs. 10000 per transaction and Rs. 25000 per day via YONO SBI App.
2: Is there any charges for transferring funds through YONO SBI App?
Currently, there are no charges on money transfers through YONO SBI App.
3: What is the full form of YONO?
YONO stands for “you need only one”. this app provides Banking, Investing, and shopping altogether.
4: How will a payee know if the amount is transferred through ATM or not?
Both Sender and Receiver will get a message to their registered mobile number for Debit & Credit of money.
5: Can I transfer funds through IMPS without adding a Beneficiary?
No, you have to add Beneficiary.
6: What is QUICK PAY service in YONO SBI App?
Quick pay service provides you the fastest means to transfer funds using the Recipient contact number. Enter the contact number of the recipient, Amount, and click on Pay.
In order to work this, your mobile number should be registered with the bank and you should have a UPI ID for that mobile number.
7: What is IMPS?
IMPS full form is Immediate Fund Transfer Service. It is an electronic fund transfer method that is convenient and easy to use. IMPS transfer can be done through internet banking as well as mobile banking.