How To Add Beneficiary In State Bank of India To Transfer Funds?

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State Bank of India (SBI) is one of the largest banks in India. SBI has over 16,000 branches and has over 190 offices across 36 countries. Banking with SBI is extremely beneficial and very easy as well. Like most large banks, SBI enables their customers to transact online without the need to walk into any branch. A major chunk of banking transactions involves transferring funds to another person. Thankfully with online banking, this can be done within a few clicks in the comfort of your home or office. Before transferring funds to anyone else, here are the steps to add a beneficiary to SBI online banking.

How To Add Beneficiary In State Bank of India To Transfer Funds?

  • Go the SBI online banking URL (https://retail.onlinesbi.com/retail/login.htm) and login using your username and password.
  • Click on the ‘Payments / Transfers’ tab on the top of the page.
  • Here you need to select if the payee is an SBI customer or if they hold an account outside SBI. Once you select the type of payee, you need to click on proceed.
  • On the next page you need to select the type of transaction. This could be IMPS, RTGS, NEFT or State Bank Group. Please note that whatever payment type you select will hold true every time you choose to transfer funds to that person.
  • Once you select the transaction type, click on ‘Proceed’.
  • One the next page you will see a hyperlink that would say ‘Click here to add a new Inter-Bank Beneficiary’. Click that link.
  • Once you click on it, you will be prompted to enter your internet banking password once again.
  • Once you confirm your password, you need to enter the details of the beneficiary. You will need the complete name, account number, transfer limit, IFSC code and branch location. You then need to click on the radio button that says ‘I accept the Terms and Conditions’
  • Once you have done the above, you need to click ‘Submit’ to add beneficiary.
  • The beneficiary can be activated instantly by entering a onetime password (OTP) received on the mobile number that is registered with the bank.

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