Everyone loves internet banking. It gives you freedom to transfer money from one account to another, without even visiting your bank. All you need to is an internet connection.
If you are looking for simple guide that explains how to transfer funds using SBI online banking, then watch this following video. It will save your time.
However if you are on slow internet connection, or would like to see the step by written guide then scroll down.
In this article you will find how to transfer fund from SBI to HDFC bank using net banking. For demonstration I will use screenshot from SBBJ account but the transfer process is same for all 5 SBI associated branch.
To transfer funds using online banking you will need to add the person as your beneficiary. For this you need his/her name, account number and branch IFS code.
Add beneficiary in SBI
Assuming that you already register for Online Banking. Login to your Internet Banking website. Always pay special attentions to the url, to avoid phishing attacks.
Before you transfer funds to another account you will have to add them as beneficiary. This keep your account secure.
Go to Profile > manage beneficiary. Once you are there, select inter-bank beneficiary to transfer fund to account outside SBI. To understand all three options, I suggest you watch the video at the bottom of this page.
Enter details like Name, Account number, branch address or IFS code. Once you are done click on submit.
You will get OTP on your register mobile no. Verify the same by going to account verification option.
Beneficiary approval from the bank may take up to one day. Once the status is active you can proceed with next step.
Once the beneficiary is approved by the bank. You are ready to make fund transfer. Go to Payment/ Transfer > Inter bank beneficiary.
Next select the transaction type as NEFT or RTGS.
Note: If you are not sure about the transactions types read this guide first. In 90 percent cases, it is NEFT.
Select the Beneficiary name, enter amount and submit it.
Next page will ask you to verify your details once again, hit confirm if everything is correct or cancel to go back to previous page.
You may want to know ..
When will the beneficiary get the money?
It depends. If you are transferring funds within state bank groups then fund transfer take place in real time. But if your are transferring funds to other bank like SBI to HDFC then transaction take place between 8 AM to 6.30 PM for NEFT.
What are SBI net banking charges ?
Like above question, net banking charges also depends on some factors. For instance there is no charges of registering for online banking. However for third-party transfer, you may have to pay 5-10 rs extra per transaction.
Similarly bill payment and mobile recharge using net banking is generally free, however sometimes the merchant (like irctc) may charge extra.
Please note that, the above statements are general overview. I would suggest you go though SBI’s official faq page for details.
How to transfer funds using SBI online banking (Video)
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For any query feel free to ask them in comments below.