Looking to transfer funds from your SBI Account? There are different ways to transfer the amount from your bank account to another bank account. Though there are a diverse number of options to send money, one thing you must do is to add a beneficiary i.e., the recipient’s account details before transferring the funds. To transfer funds online, you need to add the beneficiary account and get approval from the bank before proceeding to the next step. Wondering How To Add Beneficiary In SBI? We’ve come up with a detailed guide about the different ways to add and delete a beneficiary in SBI Account. Have a glimpse!
How To Add Beneficiary In SBI
Individuals can add a beneficiary to their SBI account through multiple methods i.e., net banking, YONO SBI mobile app, and through the SBI ATM. There are different categories of bank accounts to which you can transfer funds. Intra-bank, Inter-bank, VISA, IMPS, and State Bank Group are the different categories to transfer funds from your bank account. Once you have added a beneficiary to your SBI account in any of the categories, you must wait for some time until you receive approval from the bank.
Things Required To Add Beneficiary
Before heading to add a beneficiary to your SBI account, you must require some crucial information. Here is a list of things you require to add a beneficiary to your SBI account.
- SBI Net Banking Credentials [User ID and Password]
- SBI Profile Password
- Beneficiary Account Details such as the Beneficiary’s Name, Bank Account Number, and IFSC Code
- Registered Mobile Number with SBI Account
The beneficiary could be an individual or an organization or any other entity. To transfer funds to your SBI account, make sure that you have all the aforementioned things handy. Only then, you will be able to make an online transaction via IMPS, NEFT, or RTGS.
How To Add Beneficiary In SBI Net Banking
If you’re an existing SBI net banking customer then, you can access this method to add a beneficiary to your SBI bank account. Make sure you have a valid net banking user id and password to add a beneficiary online i.e., via internet banking. Check the detailed guide mentioned below to add a beneficiary to your SBI account.
- First of all, open the official website of the State Bank of India.
- Navigate to SBI net banking web page.
- Log into your SBI net banking account using your Username and Password.
- After landing on the home page of your account, you can find your account’s dashboard comprising a variety of banking services.
- On the top of the page, you can find the tab ‘Funds Transfer’. Click on it.
- Further, you need to tap the option ‘Add & Manage Beneficiary’ under the Payments/Transfers tab.
- The next step is to provide the profile password of your SBI net banking account.
- To access the secured way of fund transfer, you need to enter your SBI profile password. Keep in mind that your SBI profile password is not the same as your net banking login password.
- On the next page, you need to choose the beneficiary type that you wish to add as a beneficiary to your SBI account. Your beneficiary could be any individual or an entity holding an account in SBI bank or any other bank.
- You can find a variety of options on this page. SBI Beneficiary [Account Holder of SBI], Other Bank Beneficiary [Account Holder of other banks], IMPS Beneficiary, and Credit Card [VISA] Beneficiary are the different types of beneficiaries.
- If the beneficiary holds an account in SBI then, you can select the option ‘SBI Beneficiary’. In case, the beneficiary holds an account in some other bank then, select the ‘Other Bank Beneficiary’ option.
- Soon after selecting the beneficiary type, you will be redirected to a new page i.e., Manage Other Bank Beneficiary.
- Under this tab, you can find a series of options from which you need to click on the option ‘Add’.
- You will be prompted to enter the beneficiary details in the given fields.
- Provide the beneficiary name, account number, and the IFSC code of the beneficiary bank account in the given spaces.
- Mention the address and enter the SBI New Beneficiary Transfer Limit [the maximum amount that the system must permit to transfer to the specific beneficiary].
- Make sure that you have entered all the beneficiary details correctly without any typos.
- Tick the checkbox to accept all the terms and conditions.
- Further, hit the ‘Submit’ button.
- Once again all your details will be displayed on the screen. Confirm that all the details mentioned earlier are correct by clicking the ‘Confirm’ button.
- After adding the beneficiary, you must approve the same.
- On the next screen, you need to approve the 3rd party beneficiary. At the end of the page, you need to tap on the button ‘Approve Now’.
- You will be asked to enter your SBI Profile Password once again. Enter the same and choose the option ‘Approve Beneficiary’.
- Further, choose the mode of approval. You will be given a couple of options i.e., Using ATM and Approve via OTP.
- If you select the OTP approval option, you must enter the OTP sent to your registered mobile number. Hit the ‘Submit’ button.
- If you choose the OTP approval option, the approval might take a few hours. Also, the maximum initial limit will be Rs. 500000. If you select this option, you will be able to add only 3 beneficiaries per day.
- If you select the option ‘Approve through ATM] then, you will get instant request approval through ATM in India.
- After receiving the OTP on your registered mobile number, enter the same in the provided field and hit the ‘Approve’ button.
- Further, you can view the status of the approval for your beneficiary addition under the ‘View’ tab.
- Usually, the time for adding a beneficiary in SBI takes at least 30 minutes.
- A message that reads ‘You have successfully added and approved XXXXX as a new beneficiary for transfer of funds from your account will be shown on the screen.
- Once the beneficiary addition is done, you will get a message regarding the same on your registered mobile number. Yet, the time of adding the beneficiary depends on the time of the day you approve your beneficiary.
- In case, your beneficiary approval is done between 06:00 AM and 09:00 PM then, the beneficiary activation will be done within 4 hours. If in case, you have approved a beneficiary after 09:00 PM then, activation of the beneficiary will be done after 08:00 AM on a subsequent day.
This is the detailed procedure about How To Add Beneficiary In SBI through net banking.
How To Add Beneficiary In SBI YONO App
Wondering How To Add Beneficiary In SBI YONO App? Well, YONO SBI is a popular mobile application that allows its customers to access a wide array of banking services right from their mobile phones. SBI account holders have another alternative to add a beneficiary to SBI through the YONO SBI app. Go through this detailed procedure to add a beneficiary to your SBI account through the YONO app. Check it out!
- Initially, download the SBI YONO mobile app on your mobile phone.
- Finish the installation procedure by following the on-screen instructions.
- Open the YONO SBI app on your device. Log into your account by entering the MPIN or your net banking login credentials.
- On the dashboard, you will find a plethora of options.
- Click on the option ‘YONO Pay.
- On the next screen, you must select the option ‘Bank Account’.
- Further, click on the option ‘Pay a New Beneficiary’ present at the bottom of the screen.
- You will be prompted to enter your SBI net banking profile password. Further, click on the ‘Submit’ button.
- On the next screen, you will be asked to select the beneficiary’s bank.
- If you want to transfer funds to another SBI account, select the option ‘SBI’. If you want to transfer funds to another bank then, select the option ‘Other Bank’.
- Choose the relevant option and in the next step, you must enter the beneficiary accountholder name, account number, IFSC Code, and the maximum limit in the given fields. Providing the address is optional.
- If you’re transferring funds within your bank then, you need not mention the IFSC Code. IFSC Code of the beneficiary account is required only if the beneficiary holds an account in some other bank.
- After entering the details precisely, click on the ‘Next’ button.
- On the next screen, you can find the payment details i.e., the beneficiary account number. Your account’s available balance and the maximum limit will be shown on the screen.
- You need to enter the amount you wish to transfer to the beneficiary account.
- Further, you need to select the purpose of transferring the amount from the drop-down menu options.
- If your option is not available, you can simply choose the ‘Others’ option.
- You will find an option to pay an amount of Re. 1 to add a beneficiary.
- Enter the remarks and further, proceed to tap on the ‘Pay’ button.
- On the next screen, you can review the payment detail. Once you’ve confirmed that all the details mentioned are correct, just tick the checkbox to accept the terms and conditions.
- Hit the Confirm button.
- On your registered mobile number, you’ll receive an OTP. Enter the same in the given field.
- Hit the ‘Next’ button.
- Immediately, a pop-up message will be shown on the screen saying that the transaction is successful.
- Your SBI bank or other bank account beneficiary will be added within 24 hours.
That’s all! This is the simple procedure to understand How To Add Beneficiary In SBI YONO App.
How To Add Beneficiary In SBI Through ATM
If you are willing to add a beneficiary to your SBI account through ATM then, just follow the steps furnished below:
- Follow the 1st method until the addition of beneficiary details. Whenever you reach the beneficiary approval step, you must select the option ‘Using ATM i.e., IRATA method to approve the SBI beneficiary’.
- A message will be shown on the screen that reads ‘Your request has been generated with reference number xxxxxxxxxx.
- Make sure you note down this reference number which will be required in the further procedure.
- The next step is to visit the nearby SBI ATM center in your location.
- Place your SBI Debit Card in the card slot.
- Enter your PIN Number.
- From the next screen, select the option ‘Services’ under the menu.
- On the next screen, choose the option ‘Others’ and choose the option ‘Internet Banking Request Approval’.
- You will be prompted to enter the 10-digit reference number that you have received in the 2nd step.
- The beneficiary will be approved immediately after the confirmation of the reference number.
SBI Beneficiary Activation Time
Till now, we have mentioned the different methods to add a beneficiary to your SBI account. The important point to be noted is the SBI Beneficiary Activation Time. In general, you can add a beneficiary to your SBI account within 30 minutes. You will receive an SMS on your registered mobile number once the beneficiary is added to your SBI account. However, there is some variation in the SBI Beneficiary Activation Time depending on the time you have initiated a beneficiary addition to SBI.
- If you approve a beneficiary between 06:00 AM and 09:00 PM then, your beneficiary activation will be done within 4 hours.
- In case, if your beneficiary is approved after 09:00 PM then, the beneficiary will be activated on the next day i.e., after 08:00 AM.
- If you prefer beneficiary approval through ATM or IRATA method then, your beneficiary activation will be done instantly.
Advantages Of Adding Beneficiary In SBI Account
- One of the key benefits of adding a beneficiary to an SBI account is money transfer becomes quite easy and quick. Through any of the channels [IMPS, RTGS, and NEFT], you can quickly transfer funds to your existing beneficiary.
- Payments can be done repeatedly at any time without having to add the beneficiary account details again and again.
How To Delete Beneficiary In SBI
Deleting a beneficiary in SBI is almost similar to the procedure to add a beneficiary to an SBI account. Here’s the detailed procedure to learn How To Delete Beneficiary In SBI. Check it out!
- Log into your SBI net banking account by entering the username and password.
- Navigate to ‘Funds Transfer’ from the menu on the dashboard of your net banking account.
- Hit the option ‘Add & Manage Beneficiary’.
- Provide your SBI Profile Password on the next page.
- Further, select the type of beneficiary account i.e., SBI bank or another bank account.
- Under the Manage Other Bank Beneficiary, you can find a series of options that include Add, Modify, Delete, View, and Approve.
- Click on the tab ‘Delete’.
- Below that, you can select a beneficiary to delete from the list of beneficiaries.
- Tick the radio button next to the beneficiary account that you want to delete.
- Hit the ‘Delete’ button.
- Confirm the same by clicking on the option ‘Ok’.
- Your beneficiary will be deleted successfully.
This is everything you need to know about the procedure of How To Add Beneficiary In SBI. If you have any doubts regarding this post, let us know in the comments section. Stay tuned to our website INDonline to learn more about the banking services offered to customers.
You may still have a few doubts or queries about this article. Here are some of the frequently asked questions furnished below along with the precise answers. Check it out!
1. How Much Time It Takes To Add Beneficiary In SBI?
Usually, it takes 30 minutes to add a beneficiary to SBI. However, it depends on the time of your beneficiary approval.
2. Can I Add More Than Two Beneficiaries In A Day?
Customers can add up to 2 beneficiaries in a calendar day. The activation of the beneficiary will depend on the time of the beneficiary's approval.