SBI IMPS Fund Transfer Procedure | State Bank of India IMPS Money Transfer

SBI IMPS Fund Transfer Procedure :

Following the simple and easy steps demonstrated in the SBI IMPS Fund Transfer Process described below you can send money online without any hesitation or doubts. The IMPS of SBI is a quicker, simpler and safer way to remit money. IMPS stands for Immediate Payment Service and using this feature of SBI, money can be moved through internet banking, mobile, ATM and a few others. All users who have an online SBI account can avail this feature for sending money.

How to transfer funds through SBI IMPS

Both SBI IMPS Fund Transfer to Other Bank and SBI IMPS Fund Transfer to Account Number of SBI are possible though SBI internet banking. You will have to choose one of for these options to send your money as you walk through the steps in the procedure to do SBI IMPS Fund Transfer. To transfer money through SBI IMPS, you are required to add the account no. and other particulars of the person to whom you are sending money, the beneficiary. The steps for adding of the beneficiary are put down below.

  1. So as to begin the SBI IMPS Fund Transfer Procedure open the site www.onlinesbi.com and log into your account.
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  1. In the page for accounts, click on ‘Profile’ and you will find yourself on the profile page. There you will have several options. From those options, pick Manage Beneficiary and press it with your mouse. It will be the third option from the left on the first row.
SBI IMPS Fund Transfer Procedure step 2
  1. A page opens now asking for the profile password. Enter it and press “Submit”
  2. The moment you press on “Submit” another page will open up. Here on this page, find IMPS beneficiary and click on it. You have to enter the information about the beneficiary in the current page on your screen. The fields in the page you will find are

Beneficiary Name, Beneficiary MMID, Confirm MMID, Country, Mobile Number, Fund Transfer Limit through IMPS.

After entering, the details click on “Submit”. After pressing Submit, a page displaying a message that the beneficiary has been added will appear. It will also show the beneficiary name, MMID and phone number.

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Note: The MMID (Mobile Money Identifier) is a figure of seven numbers. The four figures at the beginning are unique. You and your beneficiary must have to do the IMPS fund transferring.

  1. After adding, you will have to approve the beneficiary. For that, press the button labelled ‘Approve now’ in the page that is now shown on your screen.
  2. You will be directed to a page, which will present you with two options- Approve through ATM and Approve through OTP.
  3. Select the first option only if you desire to complete the process by visiting a nearby SBI ATM. On selecting the second option, you can continue here. Therefore, select the second option. You will receive an OTP password in your mobile number that is registered with your SBI account. Enter the OTP in the field labelled ‘Enter High-Security Password’ and then press ‘Approve‘. You will see a message that the beneficiary is approved and will be activated in four hours.

SBI IMPS Money Transfer Adding Beneficiary

After adding the beneficiary, the further steps to transfer money is described below. SBI IMPS Fund Transfer Limit is somewhat like this: after activation of the beneficiary, on the first day, you can send up to Rs. 10,000.  From the next five days, the amount for transfer is up to Rs. 50,000. The maximum is one lakh.

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  1. You need to login your account to do the second part of the SBI IMPS Fund Transfer Process after the activation of the beneficiary to start the transferring of funds.
  2. Select Payment/Transfers tab. In the Payment/Transfer section, Under the Funds transfer, in the sixth column, you will find IMPS Fund Transfer. Click on it.
  3. The next page will open up with two options namely Person to Account and Person to Person. The first one is for SBI IMPS Fund Transfer to Other Bank and the other is for SBI IMPS Fund Transfer to SBI Account Numbers. Person to Account requires the IFSC code of the branch of the bank. Person to Person requires MMID. Here, for now, opt for Person to Person. Select it and press ‘Proceed’.
  4. Now, you have to select that account number from which you are going to transfer money to the receiver. Then select the beneficiary to whom you have to send money. Now, fill in the amount to be sent and put in a few words in the remarks, which will help you remember the transaction and press Submit with your mouse.
  5. A page for verifying the information you have now entered. Check it and press, “confirm”.
  6. You will receive a message stating that the transaction is successful. SBI IMPS Fund Transfer Timing is around 30 seconds.
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IMPS Fund Transfer in SBI using Mobile Banking

The SBI IMPS Fund Transfer Procedure for mobile and ATM are similar to the internet banking. While adding the beneficiary if you choose to approve through ATM then maximum limit for sending money will double the maximum amount you can send through OTP. Refer to step 6 of adding an approval of the beneficiary. Coming to charges, as of now, there are no SBI IMPS Fund Transfer Charges. It is free.

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