SBI Money Transfer: No need of adding beneficiary account, transfer money to anyone - Here is how

Country's largest commercial lender, State Bank of India (SBI) is offering a money transfer facility, which allows you to transfer funds to anyone without adding a beneficiary account on your net banking. This service is called ‘quick transfer’, which enables customers to request a remittance. The service is only available for the customers who are using SBI’s internet banking facility and the bank has set a limit of Rs 10,000 a daily limit using quick money transfer service via SBI net banking website or app.

How to use 'Quick Transfer' service 

The quick transfer service can be used by customers who have subscribed to SBI’s internet banking service. For this, they can login details to get access to the facility. The service is available on the bank’s internet banking portal onlinesbi.com and its app YONO SBI.

Money transfer limit without a beneficiary

SBI allows its customers to use quick transfer facility with a daily transfer limit of Rs 10,000. This means that the customer can make money transfer up to Rs 10,000 at a time using SBI quick transfer daily transaction limit. 

According to SBI, in case the beneficiary’s account is with SBI itself, the transferred amount is credited instantly, while if the beneficiary’s account belongs to some other bank, the money is sent via Immediate Payment Service (IMPS) or National Electronic Funds Transfer (NEFT) options.