Adding SBI beneficiary: How to add a beneficiary in SBI net banking for the transfer of funds

To transfer funds using State Bank of India net banking service, you need to add a payee (i.e. transfer / payment recipient) before transferring funds online. In a single day, you can only add and approve one beneficiary in each of the following categories: intra-bank, inter-bank, VISA, State Bank Group, and IMPS. The added payee will be activated by the online banking system within four hours if you accept it between 6 a.m. and 8 p.m. (IST), according to the SBI website.

Note that beneficiaries approved after 8 p.m. will be activated the next day after 8 a.m. (IST).

Information required to add a beneficiary

  • SBI net banking username and password required to log in.
  • Details of the beneficiary (i.e. the person / entity you want to transfer funds to) such as name, account number, IFSC code.
  • Your mobile number must be registered on your SBI account.

How to add beneficiary in SBI net bank account to transfer funds online

Step 1: Log into the SBI Online Banking website

Step 2: On the main page of your net bank account, click on the “Funds transfer” tab

Step 3: Under “Payments / Transfers”, click on “Add / manage a beneficiary”

Note: You must enter your account profile password here. Note that this password is not the same as your login password.

Step 3: A new page will open. In this new page, select the type of beneficiary you want to add, such as SBI beneficiary or beneficiary with account in another bank.

Step 4: Enter beneficiary details such as name, account number, select IFSC and also enter the maximum amount of funds the system should allow to be transferred to this particular beneficiary. After adding all this information, click submit.

Step 5: Check the details on the next page and confirm the same.

Once you are done adding the beneficiary, you need to approve it.

Step 6: Now click on the “Approve” tab on the page.

Step 7: Enter the profile password again and select “Approve beneficiary”.

Step 8: From the mentioned option select “Approve via OTP”.

Step 9: Enter the OTP received on your registered mobile number and click “Approve”.

You can check the status in the “View” tab.

Usually the beneficiary will be added within 30 minutes and you will receive the message about it. However, it depends on what time you approve your beneficiary.

How to add a beneficiary in your account in the SBI Yono Lite application?

Step 1: Download the app and sign in

Step 2: To add or manage a beneficiary, go to “Settings”> “Profile management” >> “Add / Manage a beneficiary”.

Step 3: In the right corner, click on the “Add” icon.

Step 4: From the selection menu, choose “Other Bank Account”.

Step 5: Provide the account number (mandatory), limit (mandatory), address (optional) and IFS code (mandatory) before clicking on the “Submit” button.

Step 6: In the pre-confirmation screen, verify the information.

Step 7: Then press the “Send” button.

Step 8: Enter the OTP that was sent to your phone and press the “Send” button.

Only after the new beneficiary has been activated in the system can you start transferring funds to them. Once the beneficiary link is activated, you can transfer a total of Rs 5,000,000 to a new beneficiary within the first four days after activation. This means that you cannot send more than 5,000,000 Rs in the first four days.

If you want to send the entire transaction limit set when adding the payee to the payee, you will need to use the branch activation option or the internet banking request approval option via an automatic teller machine (IRATA). If you choose the branch activation option, you must submit a duly signed form to your home branch for immediate activation with the total transfer limit. If you choose IRATA, you need to activate your account at a State Bank ATM in India.

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