For transferring money through SBI netbanking, we first need to add the payee as beneficiary.
The process of adding beneficiary includes 2 steps: first is to enter beneficiary details and the second step is to approve it.
[Here, we're considering you to be adding beneficiary having an SBI account(SBI to SBI transfer). For beneficiary having accounts with non-SBI banks, the process is slightly different. We'll be bringing a tutorial on this very soon.]
Adding beneficiary details
- Login to your SBI netbanking account. Click the ‘profile’ tab at the top.
- In the profile page, click ‘Manage Beneficiary’. Enter password when asked.
- Click ‘Third Party Payee’.
- Enter details of the payee which includes name, account number and transfer limit. Transfer limit is the maximum amount you could pay to this payee. For one time payment, set transfer limit same as the paying amount. If you’re supposed to pay regularly then choose a maximum amount that you could ever pay. You can change the limit again.
Click ‘submit’ to complete.
- This step is over. Don’t close the confirmation page you see next.
In the final step, you need to approve the beneficiary. This step requires you to enter a high security code sent to your mobile phone.
- To do this click ‘Goto approve third party’ link in the confirmation page.
- Check ‘Approve Beneficiary’.
- Enter the high security code sent to your mobile. Click ‘approve’ to finish.
Now you’VE successfully added the beneficiary to your SBI netbanking account.
This account will be verified by SBI within 16 hours (usually takes 6-8). Once the account is verified you can start transferring money to the beneficiary. Bank will inform you via SMS when the account completes verification process.