State bank of India offers online fund transfer facility to its mobile and internet banking users. Those who have activated any of the mentioned services can transfer money from their account to any other bank account. With SBI fund transfer facility, you can send money SBI to SBI, SBI to Other Bank like HDFC, ICICI, PNB; or can send money internationally where its branches exist.To avoid any fraudulent activity, the bank has introduced beneficiary activation procedure, which means if you want to send money to someone then first you will have to register that person as a beneficiary to your bank account. This way bank ensures that no one can misuse your account.There are no upper limits or lower limits to send money through this process, you can send any amount ranging from RS. 1 to any number.In this post, I've come up with a very easy guide to help you to add a beneficiary to SBI Online Banking. You can follow the instructions given below to do so.Step 1: Simply login to SBI Online; as usual you do to access your internet banking account. You can click here to know how to activate SBI net banking; if you're not an e-banking user or you can click here if you forgot your login password.Step 2: After logging in, click on profile tab.Step 3: Upon clicking on the tab, click on manage beneficiary.Step 4: You'll be asked to enter your profile password, just enter it and press submit button.Step 5: In the next page, you will see multiple options. You would need to click on appropriate option. Let me help you, read following lines to know which one should you click:Intra-Bank Beneficiary - Click on this link if beneficiary's account also belongs to SBI.Inter-bank Beneficiary - You can opt this option if the beneficiary's account belongs to other bank like HDFC, ICICI, PNB, IDBI etc.State Bank Group Beneficiary - If beneficiary is maintaining his/her account in any State Bank Group banks like SBP, SBT, SBBJ, SBH, then you can click on this option.International Beneficiary - Opt this option if beneficiary holds an international account. (Kindly note, the bank has limited overseas branches therefore verify that whether the bank has its branches in concerned country or not.)Step 6: Upon clicking on an appropriate option, in the next page, you will be asked to enter beneficiary details for example account number, bank IFSC code, address, and transfer limits (This option helps you select maximum amount that can be transferred to the beneficiary. You can enter up to 10 Lacs). After filling the form hit submit button.Note: Transfer limit means maximum amount that can be sent from your account to the beneficiary. Once you enter this limit then after beneficiary approval you can send any amount less than the set limit for example let's say I've set 1 lac transfer limit for a beneficiary. Then it means that I can send him RS. 1 to Rs. 1Lac but not more than Rs. 1 Lac. Also note that you can change transfer limits later.Step 7: In the next step, click on 'approve now' button. Next, select approve beneficiary radio button.Step 8: In the next page, you will be asked to select an option to approve beneficiary. You will find two options: Approve through ATM (IRATA) and Approve through OTP. Just select second option 'Approve through OTP'.Note: Approval through OTP takes some time for example 4 hours to one working day. If you don't need to send money urgently then use this option because it's easier than the other. On the flip side, approve through ATM is an instant approval process but you will need to visit your nearest SBI ATM to complete the approval process.Step 9: After clicking on the button, you'll receive a high security password on your registered mobile number. Simply click on the small radio button next to the beneficiary name and then enter the high security password. Subsequently, click on approve button.Step 10: That's it. You will be able to read a successful confirmation message. Now wait for beneficiary approval. You will receive a confirmation message on your registered mobile number.Once your beneficiary gets approval from your bank then you can transfer funds to him/her. Usually, if you add a beneficiary between 6.00 AM to 8PM then it will be activated on the same day within the 4 hours. If you want instant approval then use IRATA option and complete the procedure by visiting an SBI ATM.
