Money can be transferred to a beneficiary using SBI netbanking once it’s added and approved by the bank. Adding beneficiary is a one-time process wherein we register the payee with the netbanking account of a payer. Here is stepwise guide to add a SBI beneficiary.
Once a beneficiary is added and approved, money can be transferred using netbanking after 24 hours. Here are the steps to transfer money to from a SBI netbanking account to a beneficiary holding account with SBI.
- Login to SBI netbanking and click ‘Payments/Transfers’ tab.
- Select ‘Accounts of Others’ inside within SBI block. This option is chosen as we’ll be transferring money to the beneficiary having account with SBI.
- Enter amount, select the beneficiary and check ‘Pay Now’ option.
Finally click ‘Submit’ to proceed.
- Click ‘Confirm’ to transfer money to the beneficiary’s account.
- All done! You’ll see a receipt of money transfer. You can keep a print of it if you want.
Money would be credited instantaneously to the beneficiary’s account since this transaction is within SBI only.