Thursday, January 10, 2019

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How To Add Beneficiary In SBI

Internet Banking users of SBI need to add the beneficiary in order to transfer money online from one account to another account. The process of adding Inter-bank or Intra-Bank Beneficiary in SBI is very simple.

But before that, you should know that you can add a beneficiary to your net banking account:-
  • With Intra-bank Beneficiary Option (Transfer Funds within SBI)
  • With Inter-bank Beneficiary Option (Transfer Funds Outside SBI)

Difference between Inter-Bank and Intra-Bank Beneficiary of SBI

Internet banking users of SBI should understand the difference between Inter Bank Beneficiary and Intra Bank Beneficiary as it is important in the money transfer process. Simply people have only two options in the money sending process. Either they send money to the same bank account or they send money to different bank account. In simple words “Intra” means within an “Inter” means without. You can understand clearly about these from below:

What is “Inter-bank” Beneficiary in SBI?

Inter Bank Transfer funds enable electronic transfer of funds from the sender SBI account to the account of the beneficiary account maintained with any other Bank.

For example: If you are an SBI net banking user and you are transferring money to any other bank account (Bank of Baroda, Axis etc). You can Inter Bank Transfer money with IMPS, RTGS or NEFT.

What is “Intra Bank” Beneficiary in SBI?

Intrabank transfer means transferring of money SBI account to a beneficiary account having which is available in the same bank.
For example, A person who has a net banking account in SBI transferring money to the beneficiary account who also has an account in the SBI.

How to Add Beneficiary in SBI Online

In order to add a beneficiary in SBI account, one should have Internet banking with a valid user ID and password. On successful SBI login, you can add beneficiary in sbi (inter-bank beneficiary / intra-bank beneficiary) from profile option. You will see add Inter-Bank Beneficiary and Intra-Bank Beneficiary option using which you can add the beneficiaries and can transfer money easily. Now, check the complete procedure to add beneficiaries.

Procedure to add a beneficiar in SBI – Inter-Bank Beneficiary:

For the sake of adding an interbank beneficiary in SBI online, you will have to first activate SBI net banking account. Then, if you have activated your Internet Banking Account in SBI then follow below instructions step by step carefully.

  • Firstly, visit the SBI net banking login page & click on continue to log in.
  • Now, login to SBI Net Banking Account by using your username & password.
  • Then, click on Payments/Transfers mentioned on Top Menu.

  • Click on "Add&Manage Beneficiary under the Payment/Transfer Section

  • Enter Profile Password And Click on Submit Button,now you will see first 2 option 1)intra-Intra-Bank Beneficiary 2)inter-Bank Beneficiary here we are selecting inter-bank beneficiary so click on “Inter-Bank Beneficiary”. (Do similarly for Intra-Bank beneficiary).
  • Fill the required details & at last tick on I accept the Terms and Conditions

  • Thereafter, click on Approve Now to proceed to approve an interbank beneficiary.,Now click on Approve Beneficiary button.

  • Now there you will find two options named
    • (1) Approve through ATM (IRATA*)
    • (2) Approval through OTP.

Approve Beneficiary Through ATM:

If you are going to choose IRATA then, a number will be generated & shown on your screen. You will have to note this number & use it to approve the beneficiary through any SBI ATM. First, you will have to swipe your ATM Card in SBI ATM then put your PIN & follow these instructions: Services ->Others ->Inter Banking Request Approval->Enter the IRATA No.

Approve Beneficiary Through OTP:

If you go for this option then you will receive an OTP on your mobile. Then you will have to or need to enter that OTP number in the space provided. Finally, the beneficiary will be approved.

Now you will get a message saying that you have successfully added & a new beneficiary for the transfer of funds from your accounts Within 4 hours


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