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 have to add a beneficiary first. 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 beneficiary.
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 bank online
There are two methods available to add beneficiary in state bank of India Bank
- Via SBI internet banking
- Using Yono 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 then reset it by reading this guide – How to reset SBI Profile password?
- From the new page, select in which category you want to add beneficiary. If the Beneficiary is an SBI account holder then select the “SBI Beneficiary” option. And if the beneficiary is having any other bank account then 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.
- On the next page, once again check the details are entered correctly and click on Confirm the button.
- 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. ATM method will instantly approve 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 then the beneficiary will be activated after 8 AM the next day.
- You can check the beneficiary activation status under the “View” section.
How much time it takes to add 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 period and time required in each time 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.
How to add beneficiary in SBI instantly using ATM: SBI IRATA method – No cooling period required, instant activation
- After adding the beneficiary details, click on 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 then 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.
How to add beneficiary using SBI Yono Lite App?
You can do the same process to add beneficiary in SBI using Yono Lite App.
- 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 “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.
- 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 machine to approve the beneficiary.
How to transfer money from SBI without adding beneficiary?
SBI keeps you waited 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 and then click on 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 SBI account without adding beneficiary. read our exclusive guide on this topic – All methods to transfer money from 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 SBI Yono Lite app and SBI Yono app on your smartphone to add beneficiary on the go.