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;
| Mode of Transaction | Transaction Amount | Service Charge |
| NEFT | Up to ₹ 10,000/- | ₹ 1 + GST |
| IMPS | Up to ₹ 1,000/- | Nil |
| IMPS | ₹ 1,001/- to ₹ 10,000/- | ₹ 1 + GST |
Mentioned below are the SBI RTGS Charges:
| Transaction Amount | SBI RTGS Charges |
| INR 2 lakhs – INR 5 lakhs | INR 20 + GST |
| More than INR 5 lakhs | INR 40 + GST |
Mentioned below are the SBI NEFT Charges:
| Transaction Amount | NEFT Charges for Branch | NEFT Charges for Net Banking |
| Up to INR 10,000 | INR 2.00+ GST | NIL |
| Up to INR 10,001 to INR 1 lakh | INR 4.00+ GST | NIL |
| Above INR 1 lakh up to INR 2 lakh | INR 12.00+ GST | NIL |
| Above INR 2 lakh | INR 20.00+ GST | NIL |
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.
Lakshmi Mittal 