One of the biggest advantage of online banking is that it gives you freedom to transfer money anytime anywhere without even visiting your branch. You can Transfer money online to any account, in any bank. All you need is an internet connection, their account no and name.
Here is a demo video to transfer money using SBI net banking
In this article we will find out how to make a fund transfer from sbi to hdfc bank account using sbi net banking . For this demonstration I will use snapshot from sbbj account but the transfer process is similar in all SBI associates bank.
Now to transfer funds using online banking you will have to first add the person as your beneficiary where you need his name, account no and branch IFS code.
Steps how to add beneficiary in sbi for fund transfer
Assuming that you already have register for Online Banking, Login to your Internet Banking website. But If you are new you can read this article on SBI Net Banking Sign Up.
Before you transfer funds to another account you will have to add them as beneficiary. Go to Profile > manage beneficiary.
Now select inter-bank beneficiary to transfer fund to someone else account in another bank.
Now you will need to enter details like Name , Account no. Along with branch address or IFSC code. Once you are done click on submit.
The beneficiary approval from the bank may take upto one day. Once the status has been turn active you can proceed with next step.
After the beneficiary has been approved by the bank. 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% of cases it will be NEFT.
Next select the Beneficiary name and enter the amount to be transfer and submit it. You may need to verify your details once again, make sure the details are correct and hit submit button.
Well this is it your fund will be now transfer in next working hours of bank. For any query feel free to ask through comments below.
Read more on Sbi online banking
You can also transfer money using atm but this works within the same bank only. Click here to find out how it’s done.
Also see How to book train tickets using online banking [Video]