Online money transfer using SBI internet banking is a 2 step process. Firstly we have to add the beneficiary who is the person receiving the money and secondly do the money transfer. Adding beneficiary is a one time process after which we can start transferring funds as many times as we want.
In the article, we first explain both these steps in detail and then execute it for real in a YouTube video at the end.
Step 1. Adding new Intrabank Beneficiary
- Login to your onlinesbi.com account and go to ‘Profile’ section.
- Click on ‘Manage Beneficiary’.
- Enter profile password for authentication.
- Click on ‘Intra-bank Beneficiary’ since the receiver(ie beneficiary) holds an account with SBI.
- Enter bank account details and payment limit in the form that appears. Payment limit is the maximum amount you could pay to the beneficiary. You can change it later as well. Submit the form to proceed.
- After adding the beneficiary, its time to approve it. To do this, click on the ‘Approve Now’ button that appears.
- Select ‘Approve Beneficiary’ to approve the newly added beneficiary.
- Select ‘Approve through OTP’ option.
- You’ll receive an OTP code on your registered mobile number. Enter the sent code to complete process of adding beneficiary to your SBI netbanking account.
Step 2. Transferring money online to the added beneficiary
After you’ve successfully added a beneficiary and bank has activated it, you can start sending money online immediately. To do online money transfer carry out the following steps,
- Login to OnlineSBI and goto ‘Payments/Transfers’ section.
- Select ‘Accounts of Others’ under ‘Within SBI’ block to see a list of all SBI beneficiaries added by you.
- Select account, enter the amount and remarks to remember the transaction. This remark would show in the mini-statement of yours and the beneficiary. Click ‘Submit’ to initiate funds transfer.
- Finally click ‘confirm’ to send money.
- A confirmation message will show up and that’s it. You’ve successfully made SBI to SBI online money transfer using SBI netbanking. Money will be debited from your account and credit to the other account almost immediately.
Here is a video by CyberHowTo explaining the entire SBI to SBI online money transfer process,