How to add beneficiary in SBI? [3 Easy Methods]
The State bank of India is the largest bank in India. SBI provides many online facilities to its customers for easily managing their accounts. One such service is to transfer money online using Internet banking. To transfer money via NEFT, IMPS, and RTGS, you must first add a beneficiary. In this post, we will see how to add beneficiary in SBI online using Internet banking and SBI Yono Lite App. Guide also explains the cooling period for the beneficiary addition and how to transfer money without adding a beneficiary.
Table of Contents
Things required to add beneficiary in SBI online
- SBI Internet banking Username and Password.
- SBI profile password.
- Beneficiary Account Number and IFSC Number.
- Registered Mobile Number with SBI bank account.
How to add beneficiary in SBI Online?
There are two methods available to add beneficiary in state bank of India Bank.
- Via SBI internet banking
- Using ATM
- Using Yono Lite App
We will see each method in detail –
Method 1 – How to add beneficiary in SBI using Internet Banking?
- Open the SBI internet banking website on your computer/smartphone –https://retail.onlinesbi.com/retail/login.htm.
- Click on Continue to Login button.
- Enter your SBI Username and Password correctly. Also, enter the CAPTCHA code and click on the Login button.
- Now, from the main page, click on the Funds Transfer option.
- Now, click on Add & Manage beneficiary option.
- Now, you have to enter the SBI profile password to access the secured option. Remember that your profile password is different from your internet banking password. If you forgot the profile password, reset it by reading this guide – How to reset the SBI Profile password?
- From the new page, select which category you want to add a beneficiary. If the Beneficiary is an SBI account holder, then select the “SBI Beneficiary” option. And if the beneficiary has any other bank account, select the “Other bank Beneficiary” option.
- On the new page, click on Add option and then enter the BEneficiary details like – Name, Account number, Transfer limit, and IFSC code.
- At last, accept the terms and conditions and click on Submit button.
- Once again, check the details are entered correctly and click on Confirm the button on the next page.
- On the new page, you have to approve the Third-party beneficiary. Click on Approve Now option at the bottom of the form.
- Once again, enter the Profile Password and then select the “Approve Beneficiary” option.
- Now, select the approval method. You can select the “Using ATM” and “Approve via OTP” option. The ATM method will instantly approve the beneficiary, while the OTP method will take some time.
- For now, we will select an Online method which is “Approve Through OTP“.
- Select the account number on the next page. You will receive an OTP on the registered mobile number via SMS.
- Enter this OTP and click on Approve button.
- Beneficiary addition is successful now. If you have approved a beneficiary between 6 AM to 9 PM, then the beneficiary will be activated within 4 hours. And if you have approved a beneficiary after 9 PM, the beneficiary will be activated after 8 AM the next day.
- You can check the beneficiary activation status under the “View” section.
Must Read – [Easiest method] SBI Account Statement Online download in just 2 minutes
Method 2 – How to add beneficiary in SBI through ATM: SBI IRATA method – No cooling period required, instant activation
- After adding the beneficiary details, click on the IRATA method to approve the SBI beneficiary.
- On the next page, you will receive a 10 digits reference number. Note down this reference number.
- Now, visit the nearest SBI ATM and insert your ATM card.
- Enter the Debit card PIN and choose the “Services” option from the menu.
- On the new screen, select “Others” and then select the “Internet banking Request Approval” option.
- Now enter the 10-digit reference number that you got in step 2.
- Once the number is confirmed, the beneficiary will be approved instantly.
Must Read – How to change SBI ATM PIN online? [3 Easy Methods]
Method 3 – How to add beneficiary in SBI using Yono Lite SBI App?
You can do the same process to add beneficiary in Yono Lite SBI App.
Download Yono Lite SBI App for Android
Download Yono Lite SBI App for iOS
Know how to register for SBI Yono App?
Once you log in and created MPIN for the App, you can read the steps to add beneficiary in SBI account.
- Login to SBI Yono Lite App by entering Easy PIN or Internet banking login details.
- Now, tap on the “Funds Transfer” option.
- From the next page, tap on the “Add/Manage Beneficiary” option.
- Enter the “Profile password” and tap on Submit button.
- Bow select type of account as SBI account or third party account.
- For third-party accounts, enter the beneficiary name, account number, and IFSC code.
- Now, enter the OTP received on the mobile and tap on Submit button.
- Now, you have to approve the account using the OTP method or ATM method.
- Using the OTP method, you can transfer a maximum of 5,00,000 Rs. in the first four days of beneficiary activation.
- The ATM method is an instant activation method in which you will get a ten-digit reference number which you have to enter in the ATM to approve the beneficiary.
How much time does it take to add a beneficiary in SBI? SBI Beneficiary activation time.
It takes some time to add a beneficiary to the SBI bank. Generally, the beneficiary will be added within 30 minutes, and you will get a confirmation message on your mobile phone via SMS.
SBI has given a time required in each period –
- Beneficiary approved between 6 AM to 9 PM – The beneficiary will be activated within 4 hours on the same day.
- Beneficiary approved after 9 PM – The beneficiary will be activated after 8 AM the next day.
- Beneficiary approved using ATM (IRATA Method) – Beneficiary will be activated instantly.
You will receive an SMS over the mobile phone about successful beneficiary activation.
Also Read – How to download SBI bank statement on mobile in PDF format? [Quick 2 minutes Process]
How to transfer money from SBI without adding beneficiary?
SBI keeps you waiting for 4 hours or till the next day if you added a beneficiary after 9 PM. But if you have an emergency and you have to send the money urgently, then you can also transfer the money without adding a beneficiary. But the limit to Quick transfer is only 25,000 Rs.
- Login to SBI internet banking and click on the “Funds Transfer” option.
- Then select the “Quick Transfer” option from the list of options displayed on the screen.
- On the new page, enter the beneficiary account number, Payment option as within SBI Or Other Bank Transfer, Amount, and purpose of the transfer.
- Also, select the mode of transfer as NEFT or IMPS.
- At the bottom, accept the terms and conditions at the bottom and then click on the Submit button.
- On the next page, check the entered details are correct, and then click on Confirm button.
- Now, enter the OPT received on your mobile.
- Done, the money is transferred quickly to a receiver’s account.
There are other modes to transfer money from an SBI account without adding beneficiary. Read our complete guide on this topic – All methods to transfer money from an SBI account without adding beneficiary.
You can add beneficiary in SBI online within 5 minutes. SBI will take approximately 30 minutes to activate the newly added beneficiary. You can also use the SBI Yono Lite app and SBI Yono app on your smartphone to add beneficiary on the go. If you have any questions/queries regarding the information provided about how to add beneficiary in SBI, please write to us in the comment section below.
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