You can transfer money through SBI internet banking to any bank account in India or abroad. I presume that you are using SBI internet banking to transfer money, for the first time. So you have to add a beneficiary account first. It will take about 16 hours or so to get your beneficiary account activated, till then you won't be able to transfer the amount. The first step to transfer money via SBI online banking is to set up a beneficiary account. The beneficiary account is simply the details of the bank account that you want to transfer the money to.
To set up a beneficiary account
- Login to your SBI online banking account, click on Profile Tab
- Click on Manage Beneficiary, enter your Profile Password and hit enter
- Choose Intra-Bank beneficiary ( Transfer to bank account in SBI) or Inter-Bank beneficiary (Transfer to accounts in other banks) or credit card or State Bank Group Beneficiary. All details about the options will be shown once you hover the mouse pointer over the options. Choose the one that you want.
- Give the details of the beneficiary account such as Name of the account holder, address,location etc and click submit.
- You will receive an sms notification once your beneficiary account is activated. It normally will take about 16 hours.
In order to transfer money through internet banking
- Log In to your SBI internet banking Account
- Click on Payments/Transfers Tab
- Now you will be taken to a page where you will be asked whether to transfer money to own account in the same bank or any other account in another SBI branch or any other Bank
- Choose the appropriate one, if you want to transfer money to a a bank account of a different bank and that too of a different person, choose Outside-SBI-Inter-Bank Beneficiary
- Now choose transaction type whether RTGS/NEFT, For RTGS minimum transaction amount should be 2 Lakhs and the amount will be credited to the beneficiary account the same day itself ie. real time transfer. In case of NEFT, it may take a few hours.
- If you click NEFT (for amounts less than 2 Lakh), you will be asked to fill in the account details such as the amount,remarks etc.
- Click submit and you are done, the amount will be credited to the beneficiary account in a few minutes.
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