add beneficiary in sbi: How to add beneficiary in SBI net banking for fund transfer

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To transfer funds using State Bank of India’s net banking service, you must add a beneficiary (i.e. recipient of transfer/payment) before transferring funds online. In a single day, you can only add and approve one beneficiary in each of the following categories: intra-bank, inter-bank, VISA, State Bank Group and IMPS. The beneficiary added will be activated by the internet banking system within four hours if accepted by you between the hours of 6 a.m. and 8 p.m. (IST), according to SBI website.

Note that beneficiaries approved after 8 p.m. will be activated the following day after 8 a.m. (IST).

Information required to add beneficiary

  • SBI net banking user ID and password required to log in.
  • Beneficiary (i.e the person/entity you want to transfer funds to) details such as Name, Account number, IFSC code.
  • Your mobile number should be registered with your SBI account.

How to add beneficiary in SBI net banking account to transfer funds online

Step 1: Log into SBI Online Banking website

Step 2: On the main page in your net banking account, click on ‘Funds Transfer’ tab

Step 3: Under ‘Payments/ Transfers’, click on ‘Add/manage beneficiary’

Note: Here you have to enter the profile password of your account. Note that this password is not same as your login password.

Step 3: A new page will open. In that new page, select the type of beneficiary you want to add such as SBI beneficiary or beneficiary with account in another bank.

Step 4: Enter beneficiary details such as name, account number, select the IFSC, and also enter the maximum amount of funds that the system should allow to be transferred to that particular beneficiary. After adding all of this information, click on submit.

Step5: Check the details on the next page and confirm the same.

Once you are done adding the beneficiary you need to approve the same.

Step 6: Now, click on the ‘Approve’ tab on the page.

Step 7: Enter the profile password again and select ‘Approve beneficiary’.

Step 8: From the option mentioned, select ‘Approve through OTP’.

Step 9: Enter the OTP received on your registered mobile number and click on ‘Approve’.

You can check the status in the ‘View’ tab.

Generally, the beneficiary will be added within 30 minutes and you will receive the message regarding the same. However, it depends as to what time of the day you approve your beneficiary.

How to add beneficiary in your account in the SBI Yono Lite App?

Step 1: Download the app and log in

Step 2: To add or manage a beneficiary, go to ‘Settings’ >> ‘Profile Management’ >> ‘Add/Manage Beneficiary.’

Step 3: In the right-hand corner, click the ‘Add’ icon.

Step 4: From the selection menu, choose ‘Other Bank Account.’

Step 5: Provide the account number (required), limit (required), address (optional), and IFS code (required) before clicking the ‘Submit’ button.

Step 6: In the pre-confirm screen, double-check the information.

Step 7: Then press the ‘Submit’ button.

Step 8: Enter the OTP that was sent to your phone and hit the ‘Submit’ button.

Only after the new beneficiary has been activated in the system can you begin transferring funds to them. After the beneficiary linkage has been activated, you can transfer a total of Rs 5,00,000 to a new beneficiary during the first four days after activation. This means that you cannot send more than Rs 5,00,000 in the first four days.

If you want to send the beneficiary the full transaction limit set at the time of adding beneficary, you will need to use the branch activation or Internet Banking Request Approval Through ATM (IRATA) option. If you pick the branch activation option, you must submit a duly signed form to your home branch for immediate activation with the full transfer limit. If you choose IRATA, you must activate your account at a State Bank ATM in India.

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