State Bank of India (SBI) offers a money transfer service in which the customer is not required to add a beneficiary in order to send money. This was said by SBI, the country's largest bank, on microblogging site Twitter. This service, called "quick transfer", enables SBI customers who have subscribed to the bank's internet banking facility to request a remittance - the act of sending money - without having to register the beneficiary under certain conditions. SBI has set a limit of Rs 10,000 per transaction and a daily limit of Rs 25,000 using this money transfer service.
However, money transfer services such as NEFT and RTGS require SBI internet banking subscribers to register a beneficiary by providing details such as beneficiary's name, account number and bank branch.
With the #QuickTransfer service available on OnlineSBI, you can #TransferFunds up to ₹25000/- per day (₹10000/- per transaction) easily without having to add a beneficiary.#StateBankOfIndia #SBI #Banking #DigitalBanking #Beneficiary pic.twitter.com/GCKW6wflWA
Who can use SBI quick transfer service?
The service is available on QuickSBI, the bank's internet banking portal (onlinesbi.com). SBI customers who have subscribed to the bank's internet banking facility can use their login details in order to use the service. (Also read: How SBI instant money transfer service works)
SBI quick transfer transaction limit
SBI allows transactions amounting up to Rs 10,000 through the quick transfer facility with a daily transfer limit of Rs 25,000. That means you can make money transfer up to Rs 10,000 at a time using this facility and amounting to a maximum of Rs 25,000 in a day.
When does money transfer take place?
If the beneficiary's account is with SBI itself, "the remittance amount is credited instantly", according to SBI's internet banking portal. In case the beneficiary's account belongs to some other bank, the money is sent through either of the IMPS or NEFT options, according to SBI.
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