State Bank of India Fund Transfer

Can you tell me about Funds Transfer Services offered by SBI (State Bank of India) for its customers as I want to make use of the facility?

One can avail funds transfer services in State Bank of India through Internet banking like - Transfer funds within your own accounts; transfer funds to third party account held in the same bank; make an Inter bank funds transfer to any account held in any bank including State Bank Group; pay any VISA credit card bill; transfer funds to religious and Charitable institutions; record standing instructions to transfer a fixed amount at a scheduled frequency for a period not exceeding one year and transfer funds to NRE PIS accounts to facilitate online trading.

SBI Instant Money Transfer (IMT)

There is a minimum transaction limit of Rs. 100/- and multiples of Rs. 100/- thereafter. A maximum of Rs. 10,000 per transaction subject to the monthly cap of Rs. 25,000 per month per beneficiary will be 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.

Salient Features

One can instantly transfer rupee funds to anybody anywhere anytime.

Only the beneficiary’s mobile number, name and address are required to be known to the sender.

The registration of the beneficiary by the sender is carried out by the system. Hence, the sender need not provide the name and address for recurring payments.

The beneficiary can withdraw money from select State Bank Group ATMs to begin with without using a Debit Card.

An IMT once created cannot be cancelled.

The beneficiary has to withdraw the whole amount in a single transaction, i.e. no partial withdrawals are allowed, at present.


SBI Instant Money Transfer (IMT)

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Answered By StudyChaCha Member