SBI Online Saral: State Bank of India's banking service that small entrepreneurs need

SBI Online Saral: Budget 2020 has a huge focus on small entrepreneurs for creating new job opportunities in rural India. To meet that budget expectation, the State Bank of India (SBI) online banking 'Saral' is one of the most suitable net banking solutions that a small entrepreneur needs. In this SBI Online Saral allows small entrepreneurs to avail SBI online payment up to Rs 5 lakh per day. Apart from this, it gives the facility to online SBI netbanking user to schedule transactions for a later date and set beneficiary level limits. To know the entire benefits and register for SBI Online Saral, one can log in at the official website of the SBI — onlinesbi.com.

SBI Online Saral in simple terms is a simplified single user transactional product ideally suited for sole proprietorship concerns, micro-enterprises or individual businessmen who require online transaction facilities in their firm's accounts. The product provides transaction rights to the user involving the transfer of funds to own or third party accounts up to a limit of Rs 5 lakhs per day.

According to the onlinesbi.com, here are the following features and permitted transactions under SBI Online Saral:

Features:

1] Single user-operated and easy to use;
2] Facility to view account information and download account statement;
3] Transaction rights on the accounts;
4] Facility to schedule transactions for a later date;
5] Facility to set beneficiary level limits;
6] Facility to set separate limits for DD issue request and tax transactions; and
7] SMS based OTP for Beneficiary Additions, Fund Transfers, Merchant Transactions, etc.

Permitted Transactions:

1] Fund transfer to accounts in SBI (Intra bank payments) up to Rs 5 lakhs per day;
2] Funds transfer to accounts in banks other than SBI (Interbank payments) up to Rs 5 lakhs per day;
3] Request for DD issue up to Rs 5 lakhs per day;
4] Payment of Taxes- direct (CBDT), Indirect (CBEC, CUSTOMS, etc) and State Government taxes;
5] Payment of EPF subscription;
6] Merchant transactions;
7] Bill payments;
8] Payment to registered suppliers (For instance, petrol/LPG dealers can pay to the oil majors);
9] Application to IPOs through ASBA; and
10] Participation in the e-auction.