SBI customer? You can transfer money instantly using Yono Lite app; here is how

Over the last few years, more and more bank customers are turning towards UPI payments, with the aim of transferring money instantly. The payment mode is certainly more hassle free than any other digital mode of payment. If you are a State Bank of India customer, then you can easily access UPI payments using SBI Yono's Yono Lite SBI UPI. This mode of payment offers different channels for transferring funds. 

The app uses different channels for transferring funds: Transfer through Virtual Payment Address (VPA), Account Number + IFSC and through Aadhaar number. 

How much can you transfer?

There is a limit of Rs 10,000 per transaction and Rs 25,000 daily limit through the YONO LITE SBI App. Another advantage customers have is that the amount is transferred back instantly, in case the transaction fails. In case if the amount is not reversed, you can raise a dispute through YONO LITE SBI app itself.

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Are there any charges?

Presently, no charges are levied. What makes the process hassle free is that the customer need not register the beneficiary in order to transfer funds. However, in case of sending money using beneficiary’s Virtual ID, the beneficiary should mandatorily be registered with UPI. 

In case of payment through Account number +IFSC or Aadhaar number, the beneficiary need not be registered for UPI. However, the customers need to keep in mind that they cannot stop a payment request for funds transferred through UPI functionality of Yono Lite SBI App once the payment is initiated.

The app allows customers to create a QR code by entering details (Name, A/c Number, IFS Code etc.). The generated QR code can be shared (by the beneficiary) with any SBI customer to send money by scanning the QR code using Yono Lite SBI app.