SBI allows its customers to transfer funds from one account to the other (both within SBI and other banks) with the help of Quick Transfer. This method of SBI Fund transfer has the added advantage of instant money transfer without any requirement of adding a beneficiary to the bank account. This service can be availed by both net banking and mobile banking customers. With the help of net banking customers can transfer funds via NEFT and IMPS. Mobile banking users can transfer funds with the help of IMPS only with no requirement of paying a fee of up to INR 1000 to transfer funds.
Features of SBI Instant Money Transfer
Mentioned below are the features of instant money transfer:
The funds can be transferred to anyone anywhere and at any time.
For transferring funds, only the beneficiary’s mobile number, name, and address are required.
Once the sender registers the beneficiary’s details in the system, he is not required to provide the name and address for the recurring payments.
The beneficiary can withdraw money from select State Bank Group ATMs, to begin with non-usage of a Debit Card.
An IMT once created cannot be cancelled.
The beneficiary has to withdraw the whole amount in a single transaction, i.e. no partial withdrawals are allowed at present.
SBI Quick Transfer Charges
An account holder is required to pay a nominal fee to make transactions via Quick Transfer. Let us consider the charges for each kind of transaction:
Mentioned below are the SBI Quick Transfer Charges;
Mentioned below are the SBI IMPS Charges for remitting money:
Amount Slab
Proposed IMPS Charges
Commission Amount debited from customer + GST
INR. 1 - 5,00,000
NIL
No Charges
How to Quick Transfer in SBI through Anywhere App
Accountholders can carry out the below-mentioned transactions via the SBI Quick Transfer service in the Anywhere app:
Send Money
Receive Money
Donations
Follow below mentioned steps in case you want to transfer funds to a beneficiary:
Step 1: Open the SBI Anywhere personal app and log into the account.
Step 2: Select “Quick Transfer & Donations” option.
Step 3: Click on “Send Money”.
Step 4: Select the “Debit Account” from which the amount is to be transferred.
Step 5: Choose whether the amount is to be paid via QR Code or using the account details.
Step 6: Enter the details and click on “Submit”.
Step 7: The amount will then be transferred to the beneficiary’s account.
Follow below mentioned steps in case you want to receive funds from the remitter:
Step 1: Share your account details or QR Code with the remitter.
Step 2: If the QR Code has not been generated previously, in that case, a new QR code may be generated using account details.
Step 3: Click on the share QR to share the encrypted account details with the remitter.
Step 4: Also, the account details can also be shared using the other alternatives as well.
Limit for Quick Transfer/ RTGS/ NEFT
Mentioned below is the limit for funds transfer via SBI Quick Transfer:
SBI Quick Transfer Limit
Mode of Transaction
Limit per transaction
Limit per day
Minimum
Maximum
Minimum
Maximum
SBI Net Banking
₹ 1/-
₹ 10,000/-
₹ 1/-
₹ 10,000/-
SBI Mobile Banking
₹ 1/-
₹ 10,000/-
₹ 1/-
₹ 25,000/-
Mentioned below is the limit for funds transfer via SBI RTGS/ NEFT:
Minimum / Maximum amount for RTGS / NEFT transactions under Retail Internet Banking
Type
Minimum
Maximum
RTGS
INR 2 Lakhs
INR 10 Lakhs
NEFT
No Minimum
INR 10 Lakhs
Minimum / Maximum amount for RTGS / NEFT transactions under Corporate Internet Banking
Type
Minimum
Maximum(per transaction)
Maximum(per day)
RTGS
INR 2 Lakhs
Saral – INR 10 Lakhs
Vyapaar – INR 50 Lakhs
Vistaar – INR 2000 Crores
Saral – INR 10 Lakhs
Vyapaar - No Limit
Vistaar - No Limit
NEFT
No Minimum
Saral – INR 10 Lakhs
Vyapaar – INR 50 Lakhs
Vistaar – INR 2000 Crores
Saral – INR 10 Lakhs
Vyapaar - No Limit
Vistaar - No Limi
How to Use SBI Quick Transfer via Net Banking:
With the help of Internet Banking, customers can transfer their funds using Quick Transfer without adding a beneficiary. Mentioned below are the steps to transfer funds via Quick Transfer without adding a beneficiary:
Step 1: Log in to the SBI Internet Banking account.
Step 2: Click on “Quick Transfer (Without Adding Beneficiary)” in the “Payments/ Transfers”.
Step 3: Choose the bank account from which the amount will be deducted.
Step 4: Enter the details required like beneficiary name, account number payment option, IFSC Code, transfer mode, amount, and purpose.
Step 5: Click on “Submit”.
Step 6: Verify the details entered and click on “Confirm”.
Step 7: Enter the password sent to the registered mobile number to complete the transaction.
Step 8: The amount will then be transferred to the bank account of the beneficiary.
Step 9: A transaction ID will be received that can be used to check the status of the transaction.
To Whom Funds can be transferred?
The funds via SBI Quick Transfer can be transferred to:
Own account,
Third-party account held in the State Bank of India.
Third-party accounts held in any other Banks apart from the State Bank of India
To other bank accounts, you can transfer funds using IMPS, NEFT, and RTGS. The mode of transfer is intelligently selected by YONO based on the amount, time of transfer, and type of beneficiary.
You can also do UPI transactions in YONO.
Customer Care
To report any unauthorized transaction, raise any query, or make a complaint, customers can connect with the HDFC customer care number without even bothering about the SBI Bank Timings as it is available 24*7 to the customers. The SBI toll-free number is 18001234, 18002100, 1800112211, 18004253800.
Piyush Goyal recalled that in February, Narendra Modi and Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025. (Photo: Getty Images)
INDIA’s commerce and industry minister Piyush Goyal on Thursday said that negotiations on the proposed trade agreement between India and the United States, which began in March, are progressing in a positive atmosphere and both sides are satisfied with the discussions.
He recalled that in February, Indian prime minister Narendra Modi and US president Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025.
“Discussions have been going on in a positive atmosphere with seriousness since March. It is progressing, and both the countries are satisfied with the progress,” Goyal told reporters. On Wednesday, he had also said that India is in “active dialogue” with the United States.
Trump this week said there would be “no difficulty” for the two countries to reach a successful conclusion and that he looked forward to speaking with his “very good friend” Modi in the coming weeks. In a post on Truth Social, he wrote he was “pleased to announce that India, and the United States of America, are continuing negotiations to address the Trade Barriers between our two Nations.”
Modi responded on X, welcoming Trump’s statement and expressing confidence that the negotiations would help unlock the potential of the partnership. He said India and the US are close friends and natural partners and are working to conclude the discussions at the earliest.
The two countries have completed five rounds of negotiations since March. The sixth round, scheduled to take place in India last month, was deferred after Washington imposed an additional 25 per cent tariff on Indian goods over purchases of Russian crude oil.
The aim of the pact is to more than double bilateral trade in goods and services to USD 500 billion by 2030 from the current USD 191 bn. Trade ties have been strained due to tariffs, with the US imposing a 50 per cent import duty on Indian goods from August 27. The move has hit exports from labour-intensive sectors such as shrimp, textiles, leather and footwear. India has described the tariffs as unfair, unjustified and unreasonable.
Talks have also been delayed over US demands for greater access in sensitive sectors such as agriculture and dairy. India has said repeatedly that it will not compromise the interests of small and marginal farmers and cattle rearers.
The US is India’s largest trading partner. In 2024-25, bilateral trade in goods was USD 131.8 bn, with India’s exports at USD 86.5 bn and imports at USD 45.3 bn. The US is also the third-largest investor in India, with foreign direct investment of USD 76.26 bn between April 2000 and June 2025, accounting for 10 per cent of India’s total FDI inflows.
On protests in Nepal, Goyal said the Indian government is monitoring the situation and working to bring back Indian citizens stranded there. He added that the Indian mission in Nepal is ready to provide support and expressed hope for normalcy to return soon.
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At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)
INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.
At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.
Bhatt was born in 1984 in Poquoson, Virginia, to immigrant parents from Gujarat, India. His father, an aerospace engineer, worked at NASA. He grew up in a household where English was a second language and money was limited. He later attended Stanford University, where he studied physics and earned a master’s degree in mathematics.
In 2013, Bhatt co-founded Robinhood with Vlad Tenev, a fellow Stanford graduate. The platform introduced commission-free stock trading to retail investors in the United States and later expanded into retirement accounts and high-yield savings products. The company gained widespread attention during the Covid-19 pandemic, when trading activity surged around so-called meme stocks.
Robinhood went public in 2021 at the height of the retail investing boom. Bhatt served as co-CEO with Tenev until 2020, when he moved into the role of chief creative officer. In 2024, he stepped down from his executive position but continues to serve on Robinhood’s board of directors while retaining his 6 per cent stake.
Robinhood’s stock has seen significant gains over the past year, rising by about 400 per cent. The increase has been linked to a boost in cryptocurrency-related sales, new products such as individual retirement accounts and high-yield savings, and a strong performance in 2024, when the company reported USD 3 billion (£2.2 billion) in revenue.
Bhatt’s recognition in the Forbes 400 list underscores the continuing influence of technology entrepreneurs in the American financial sector. His career reflects the trajectory of several Indian-origin leaders in the United States, who have made a mark in technology and finance in recent years.
Forbes’ annual ranking of the 400 wealthiest Americans is based on estimates of net worth, which include publicly disclosed stakes in companies, real estate holdings, and other assets. Bhatt joins the ranks of young billionaires who have built fortunes through technology-driven ventures.
In addition to his role with Robinhood, Bhatt has been noted for his early life influences. Growing up in Virginia, he was exposed to science and technology through his father’s aerospace career. His academic path at Stanford provided the foundation to pursue entrepreneurial opportunities in financial technology.
Robinhood, under the leadership of Bhatt and Tenev, has changed how millions of Americans approach investing by lowering barriers to entry. While Bhatt is no longer in an executive role, his continued stake in the company keeps him closely tied to its growth and future direction.
Bhatt’s inclusion in the 2025 Forbes 400 as one of the youngest billionaires highlights his role in shaping retail investing and signals the growing presence of Indian-origin entrepreneurs in the US technology and finance industries.
(With agency inputs)
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The Canary Wharf business district including global financial institutions in London. (Photo: Getty Images)
UK's ECONOMY showed no growth in July, according to official data released on Friday, adding to a difficult week for prime minister Keir Starmer’s government.
The Office for National Statistics (ONS) said gross domestic product was flat in July, following a 0.4 per cent rise in June.
The government has faced two major setbacks this week. Deputy prime minister Angela Rayner resigned over failing to pay a property tax, and on Thursday, Starmer dismissed Peter Mandelson as ambassador to Washington after new disclosures about his ties with sex offender Jeffrey Epstein.
While the July GDP figure matched market expectations, limiting the effect on the pound, the government admitted challenges in lifting growth.
"We know there's more to do to boost growth, because, whilst our economy isn't broken, it does feel stuck," a Treasury spokesperson said, as Labour prepared for its budget announcement in late November.
The data showed a 1.3 per cent fall in production, offsetting gains in services and construction.
"The stagnation in real GDP in July shows that the economy is still struggling to gain decent momentum in the face of the drag from previous hikes in taxes and possible further tax rises to come in the budget," said Paul Dales, chief UK economist at Capital Economics.
Chancellor Rachel Reeves said last week that she would maintain a "tight grip" on public spending, setting November 26 for her budget speech.
The UK economy has faced weak growth since Reeves raised taxes and reduced public spending after Labour’s election win in July last year.
Separate ONS data on Friday showed exports of goods to the United States rose in July but stayed below levels seen before US president Donald Trump’s tariff measures.
Exports to the US increased by £800 million after London and Washington reached a trade deal that eased some tariffs, particularly on UK-made vehicles.
Trump will visit the UK next week for a state visit that includes talks with Starmer and a banquet hosted by King Charles.
(With inputs from agencies)
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India’s $283 billion IT industry, which contributes more than 7 per cent to the country’s GDP, has for over three decades provided services to major clients including Apple, American Express, Cisco, Citigroup, FedEx and Home Depot.
INDIA’s IT sector is facing uncertainty as US lawmakers consider a 25 per cent tax on companies using foreign outsourcing services.
Analysts and lawyers said the proposal has led to customers delaying or re-negotiating contracts, raising concerns in India, the world’s largest outsourcing hub.
They said the bill is unlikely to pass in its current form but could trigger long-term changes in how American firms purchase IT services. Companies heavily dependent on outsourcing are expected to resist the move, setting up lobbying and possible legal battles.
India’s $283 billion IT industry, which contributes more than 7 per cent to the country’s GDP, has for over three decades provided services to major clients including Apple, American Express, Cisco, Citigroup, FedEx and Home Depot. The industry has also faced criticism abroad over jobs shifting to India.
Last week, Republican Senator Bernie Moreno introduced the HIRE Act, which proposes taxing companies that hire foreign workers instead of Americans. The bill also aims to prevent firms from claiming outsourcing expenses as tax-deductible, with the revenue directed toward US workforce development.
The proposal comes at a difficult time for Indian IT, which is already seeing weak revenue growth in its key US market as clients cut non-essential spending due to inflation and tariff concerns.
“The HIRE Act proposes sweeping changes that could alter the economics of outsourcing and significantly increase the tax liability associated with international service contracts,” said Jignesh Thakkar, EY India’s compliance head.
In some cases, combined federal, state and local taxes could raise the levy on outsourced payments to as much as 60 per cent, Thakkar added.
“While its partisan proposal may seem initially attractive, it’s ultimately an artificial cost which makes organisations less competitive and profitable globally,” said Arun Prabhu, partner at Cyril Amarchand Mangaldas.
The idea has been gaining traction. This month, White House trade adviser Peter Navarro reposted a call from far-right activist Jack Posobiec for tariffs on services as well as goods.
“When political noise turns into regulatory risk, clients quickly insert contingencies, reopen pricing and demand delivery flexibility,” said Saurabh Gupta, President of HFS Research. “Clients will simply take longer to sign, longer to renew, and longer to commit transformation dollars,” Gupta said.
Backlash expected
Industry watchers said US firms are likely to push back strongly against the bill and challenge it legally if it is enacted.
“A bill like this would probably face a lot of backlash from US companies that rely heavily on outsourcing, who would likely bring litigation to challenge various aspects of the bill, if it were ever to be passed into law,” said Sophie Alcorn, CEO of Alcorn Immigration Law.
Analysts noted that sweeping restrictions are unlikely due to the difficulties of enforcement. “More likely is a diluted version, with narrower provisions or delayed enforcement,” said HFS Research CEO Phil Fersht.
The bill could also affect US firms’ global capability centres (GCCs), which have developed from offshore back offices to high-value hubs for research, finance and operations.
“It will be hard to pull back from existing work, but new set-ups and expansion may get impacted,” said Yugal Joshi, partner at Everest Group.
The proposed tax will affect the cost advantage that drives GCC location decisions, said Bharath Reddy, partner at CAM.
“However, the lack of availability of appropriate human capital in the US will continue as a problem, and which can be addressed in the near future only through outsourcing,” he added.
(With inputs from Reuters)
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'Our economy isn't broken, but it does feel stuck,' Reeves said, speaking alongside the release of a finance ministry report on business property taxation, known as rates.
CHANCELLOR Rachel Reeves said on Thursday she is considering changes to business property taxes to support small firms looking to expand, as part of her plans to boost growth.
Reeves’ comments come ahead of her annual budget on November 26, at a time when concerns about possible tax rises and inflation are weighing on businesses and households.
Economists expect Reeves will have to raise tens of billions of pounds in additional revenue, citing higher borrowing costs, weaker growth prospects and parliament’s rejection of welfare cuts.
"Our economy isn't broken, but it does feel stuck," Reeves said, speaking alongside the release of a finance ministry report on business property taxation, known as rates.
The report suggested reducing sudden tax increases for small businesses when they expand.
"Tax reforms such as tackling cliff-edges in business rates and making reliefs fairer are vital to driving growth," Reeves said in a statement.
Other options under review include changes to how the tax is calculated and additional reliefs when a property’s value rises after improvements. Further details will be set out in the budget, the ministry said.
Helen Dickinson, chief executive of the British Retail Consortium, welcomed the proposals but said the government should provide clarity on a promised reduction in rates for retail, hospitality and leisure businesses.
"Until we get clarity on these changes, which isn’t expected until the budget, many local investments in jobs and stores are being held back," she said.