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 do is register for online banking, have an internet connection, their account details.
If you are looking for simple guide that explains how to transfer funds using SBI online banking, then I highly suggest you watch the following video. It will not only save your time but will also give you better idea of how things are done.
However if you are on slow internet connection, then you can scroll down and see the step by step screenshots as well.
In this article you 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 screenshot from sbbj account but the transfer process is similar in all SBI associates bank.
To transfer funds using online banking you will need to 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 IFS code. Once you are done click on submit.
The beneficiary approval from the bank may take up to one day. Once the status is active you can proceed with next step.
After the beneficiary has been 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% 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.
When does the beneficiary get the credit?
Well, 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 no. of factors. For instance there is no charges of registering for online banking. However if you transfer funds via online banking then you may have to pay 5-10 rs extra per transaction.
Similarly bill payment and mobile recharges 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 official faq page for details.
For any query feel free to ask through comments below.