I have decided to write this post on how to add beneficiary in SBI to help the SBI customers to transfer their payments online through the SBI Net-Banking facility.
State Bank of India is the largest bank in India with branches in every nook & corner of Indian villages & cities. After April 2017, the merger of six nationalized banks including State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore, and Bharatiya Mahila Bank with State Bank of India happened making SBI rank among the top 50 global banks.
The one thing you need
To transfer the payment online from your SBI Bank Account, SBI Net Banking facility is obviously a must. If you do not have the SBI Net Banking facility, you will not be able to transfer the payment online. You will have to either activate the Net-Banking facility by filling up the Internet Banking Registration Form of the SBI and submit to your bank branch with required documents.
Ways to transfer payment through SBI Net-Banking
There are two way you can make the payment through SBI Net-Banking Facility:
- Without adding beneficiary: You can make the payment of up to Rs. 25,000 per day with a transaction limit of Rs. 10,000/- per transaction using SBI Mobile Banking. And, you don’t need to add beneficiary to make such payments. The other option is to use the Net-Banking Facility (not Mobile Banking). You can transfer the payment up to Rs. 10,000/- per day with a transaction limit of Rs. 10,000/- per transaction without adding beneficiary. While making the payment, you just have to provide the Bank Account details of the beneficiary using the SBI Quick Transfer facility in the Net-Banking Portal/Mobile-Banking App.
- By adding beneficiary: The other method is to add beneficiary and transfer the payment using SBI Net-Banking.
If the payment you are making is a one-off transaction and not likely to be repeated often and the amount is not more than Rs. 10,000/-, I would suggest you to transfer the payment without adding beneficiary. It will be the easiest method for such transactions.
For the payments you will be making regularly, I would not recommend transferring the payment without adding beneficiary. It will be cumbersome to fill in the account details every time you make the payment.
Adding Beneficiary in SBI Net-Banking Portal/Mobile-Banking App
I will show you the step-by-step process to add beneficiary in the SBI Net-Banking portal and Mobile-Banking App. You don’t have to add beneficiary in both Net-Banking portal as well as Mobile-Banking App. You can add beneficiary in either Net-Banking Portal or Mobile-Banking App. The beneficiary updates automatically in both Net-Banking and Mobile-Banking App.
Let’s start with the process of adding beneficiary using SBI Net-Banking facility:
- Go to www.onlinesbi.com using your browser.
- Click on the Login button under the “Personal Banking” section of the website.
- Click on “Continue to Login”
- Enter your Net-Banking User Name and Password.
- You have now logged in to the SBI Net-Banking portal.
- Click on the “Payments & Transfers” in the Navigation Menu
- Click on the “Add & Manage Beneficiary” in the Payments & Transfer section.
- You will have to enter the Net-Banking Profile Password to proceed with the next step. Enter the Profile Password.
- You are now in the “Add & Manager Beneficiary” section.
- Select whether you have to add “Intra-Bank (SBI-to-SBI) Beneficiary” or “Inter-Bank Beneficiary”. Click on the appropriate option. There are other Beneficiary options as well. You can choose the right option for you as per your requirement.
- I have selected the “Inter-Bank Beneficiary” option as most people use this option to add beneficiary. You can choose as per your requirement.
- Now, you will have the option to add, modify, delete, view and approve the beneficiary. We will go with the default “Add” option as we have to add the beneficiary.
- Fill in the required information exactly as per the bank details of the beneficiary. The information required will be Name, Account Number, Address(it’s not mandatory), inter-bank transaction limit (you can set it as per requirement), IFSC Code & Mobile Number.
- Please click & tick on the Terms and Conditions and click on “Submit” button.
- You have added the beneficiary. Now, you will see the link “Approve Now” in the portal. Click on it to approve the beneficiary. You have to approve the beneficiary before you can make the payment.
- Select “Approve Beneficiary” from the options given.
- In the next window, you have to select the method to approve the beneficiary. The available options are 1. Through ATM or 2. Through OTP. If you have already added mobile in your SBI account, you can select the OTP option. It is easier in comparison to the ATM option where you will have to provide the ATM Number and PIN details online.
- Select the OTP option.
- In the next window, the beneficiary details can be verified. You will also have to enter the OTP which you have received on your mobile number. Enter the OTP and click on the “Approve” button.
- Please note that it takes around 4 hours to activate the beneficiary. If you add the beneficiary after 8 pm, it will be activated only the next day.
If you have any trouble to add beneficiary, please do share your concerns in our comments section. We will do our best to help you with your problems.
Hope you liked this post on how to add beneficiary in SBI to transfer payment.
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