SBI Instant Money Transfer Service: How To Send Money To Anyone Through SBI Debit Card

SBI online: State Bank of India customers holding the bank's debit card can make IMT transactions
SBI online: State Bank of India customers holding the bank's debit card can make IMT transactions

SBI or State Bank of India offers a range of online services through its internet banking portal, One such facility, the Instant Money Transfer or IMT service, enables users to make electronic instant transfers of funds to other individuals. State Bank of India's IMT service enables a remitter - holding an SBI debit card - to instantly transfer funds in rupees to another individual by providing details such as mobile number, name and address of the recipient, according to the SBI internet banking portal ( This online service, provided by the country's largest bank SBI, supports transfers of a minimum Rs 100 and in its multiples up to Rs 10,000 per transaction, according to the SBI internet banking website. (Also read: SBI online - How to enable/disable SMS alerts | Looking for a home loan? Find out SBI interest rates and processing fees)

Here's all you need to know about State Bank of India's online service IMT (Instant Money Transfer):

1. Who can send/receive money using SBI's online service IMT

A person can remit funds through State Bank of India's Instant Money Transfer service using a debit card of the lender. The beneficiary - the person to whom the funds are sent - can withdraw the whole amount at once from select SBI group ATMs without using a debit card, according to the SBI internet banking portal.

2. Details required to remit funds using the online SBI Instant Money Transfer service

The remitter or the sender is required to provide the beneficiary's mobile number, name and address in order to send money using the bank's IMT service. SBI also provides a beneficiary registration facility which enables the remitter to send funds without entering the name and address details for making recurring payments, according to SBI.

3. How to withdraw money from SBI group ATMs using the IMT service (SBI online banking)

The State Bank of India Instant Money Transfer service is available at a limited number of ATMs on the lender's network. SBI has listed the following steps for an IMT beneficiary to withdraw funds from an SBI ATM supporting the service:

  • Use bottom right option on the idle ATM screen against the Instant Money Transfer logo
  • Enter the mobile number (beneficiary)
  • Enter the sender code
  • Enter the SMS code received on mobile
  • Enter the amount: The full IMT amount needs to be entered here and a partial withdrawal is not allowed.
  • Select YES on the confirmation screen
  • Collect the cash

4. State Bank of India online IMT transaction limit (SBI online banking)

Funds can be sent in the multiples of Rs 100 using the Instant Money Transfer (IMT), up to Rs 10,000 per transaction subject to a monthly cap of Rs 25,000 per beneficiary, according to the bank's online banking portal. SBI allows a maximum transaction amount of Rs 50,000 per sender in a calendar month and a maximum 10 beneficiaries per sender.

An IMT transaction cannot be cancelled and the beneficiary has to withdraw the whole amount in a single transaction within two days, according to the bank's website. In case the beneficiary does not withdraw the amount from eligible State Bank of India group ATMs, the money is automatically refunded back to the sender's account. The Instant Money Transaction charges paid by the remitter are not refunded, according to the SBI online banking portal.

SBI Instant Money Transfer Service: How To Send Money To Anyone Through SBI Debit Card

5. State Bank of India online IMT charges - charges you need to pay for sending money using IMT

The sender has to bear a charge of Rs 25 per transaction at source for remitting money using the IMT service. There are no charges applicable at the beneficiary end.

How to register a beneficiary under the SBI online IMT service

SBI has mentioned the following steps for a debit card holder of the bank to register or deregister a beneficiary:

  • An IMT can be created through Internet banking: First, the user is required to add an IMT beneficiary by selecting "IMT beneficiary" by selecting the "manage beneficiary" option under the "profile section"
  • A newly added beneficiary, if approved by the user between 6:00 am and 8:00 pm, is activated the same day within 4 hours, whereas a beneficiary approved beyond this period is activated the next day after 8:00 am
  • Once the added beneficiary activated, the user initiate the creation of an IMT transaction