When you need to send money to someone online using your SBI account, then the first step is to add a beneficiary.
Beneficiary refers to the person to whom the payment is to be made. You need to enter the details of the beneficiary before money transfer can take place.
You can send money to any bank account holder in India using your SBI account.
In this post, I am showing how to add SBI Beneficiary (Account holder of SBI) as well as Other Bank Beneficiary (Account holder of other banks) in your SBI account using Net Banking.
How to add Intra Bank Beneficiary in SBI/SBI Beneficiary (Account holder of SBI)
1. First of all, login to your onlinesbi.com account.
2. Now click on ‘Payments / Transfers’ tab and choose ‘Add & Manage Beneficiary’ option.
3. Then enter your Profile Password.
4. Now you will have six options to choose from, as shown in the pic.
5. Choose SBI Beneficiary (Account holder of SBI / एस बी आई का खाताधारक).
6. Now enter the beneficiary account name, account number and transfer limit and click on Submit.
Note: Make sure to enter the correct Beneficiary Account Number since it will ONLY be used for Electronic Fund Transfer. The Beneficiary Name provided will not be considered for Electronic Fund Transfer as per RBI guidelines.
7. Now you will come to this screen where you have to approve the beneficiary.
8. Click on ‘Approve Now’, and you will get this screen where you have to choose the approval type.
9. Select ‘Approve Beneficiary’, and you will get this screen where you have two options.
10. Select ‘Approve through OTP’, and you will get this screen where you have to choose beneficiary you want to approve and enter High-security transaction password received in your Mobile Phone.
11. After clicking ‘Approve’, you are done.
12. Now you have to wait 4 hours before you can send the money to the beneficiary. You will get an SMS alert when the beneficiary gets activated.
How to Add Inter Bank Beneficiary in SBI/Add Other Bank Beneficiary (Account holder of other banks)
1. First of all, login to your onlinesbi.com account.
2. Now click on ‘Payments / Transfers’ tab and choose ‘Add & Manage Beneficiary’ option.
3. Then enter your Profile Password.
4. Now you will have six options to choose from.
5. Choose Other Bank Beneficiary (Account holder of other banks).
6. Now enter the beneficiary account name, account number, transfer limit and IFS code and click on Submit. Confirm once again.
7. Now you will come to this screen where you have to approve the beneficiary.
8. Click on ‘Approve Now’, and you will get this screen where you have to choose the approval type.
9. Select ‘Approve Beneficiary’, and you will get this screen where you have two options.
10. Select ‘Approve through OTP’, and you will get this screen where you have to choose beneficiary you want to approve and enter High-security transaction password received in your Mobile Phone.
11. After clicking ‘Approve’, you are done.
12. The new beneficiary, if approved by you during the period from 6.00 AM to 8.00 PM (IST), will be activated on the same day within 4 hours. Beneficiary approved beyond this period will be activated on the next day after 8.00 AM (IST).
I hope this post helped you. If you have any doubts or questions, ask in comments.
Also Read: