What is the SBI beneficiary activation time?
Have you added a beneficiary to your SBI account and waiting for its activation? If yes, then you must know the SBI beneficiary activation time so that you can get an exact idea of how much it will take to be able to transfer money to the beneficiary account. In this guide, we will see what is the SBI beneficiary activation time for the beneficiaries added by you via different methods.
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SBI beneficiary activation time : Different Methods of adding beneficiary in SBI and their respective activation time
Since there are multiple ways to add beneficiary in your SBI account, there is different activation time depending upon the method of beneficiary activation. We will see each method and the time taken for beneficiary activation –
1) What is the SBI beneficiary activation time added using Internet banking and approved via OTP?
- 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 next day after 8 AM.
2) What is the SBI beneficiary activation time added using Internet banking and approved via ATM(IRATA)?
- Beneficiary approved using ATM (IRATA Method) – Beneficiary will be activated instantly.
3) What is the SBI beneficiary activation time added using Yono Lite App/Yono App and approved via OTP?
- 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.
4) What is the SBI beneficiary activation time added by Visiting Branch?
- Beneficiaries added via branch by filling up the form will be activated instantly.
How many beneficiaries can be added in a day?
You can add only three beneficiaries can be added in a day in SBI, other banks (NEFT/RTGS), and the IMPS category.
What is the fund transfer limit for a newly added beneficiary?
SBI has set a transfer limit for newly added beneficiary based on the method of activation –
- Beneficiary added via Inetbanking/Yono Lite/Yono App – During the first 4 days after activation, you can transfer a total of Rs. 5,00,000 to a new beneficiary if activated by the system.
- For IRATA (ATM activation method) – No limit on transferring amount and you can transfer the amount as per NEFT, IMPS max limits.
- Beneficiary activated via Branch – No limit on transferring amount and you can transfer the amount as per NEFT, IMPS max limits.
More Help for you SBI account –
> How to enable transaction rights in SBI online?
> How to check monthly average balance in SBI?
> How to add beneficiary in SBI?
> How to delete beneficiary in SBI?
> How to get SBI passbook online
How can I transfer money to a new beneficiary without Limit?
During the cooling period, you can only transfer a limited amount of money to the beneficiary. To transfer the amount without Limit add the beneficiary using IRATA method or activate the beneficiary through the Branch.
Read more – About beneficiary addition on SBI website
Summary –
In this article, we have seen What is the SBI beneficiary activation time for various modes of the method. We have also seen the transfer limit for each method of beneficiary activation and how can you transfer the money without limit to a new beneficiary. If you have any doubt/query regarding “What is the SBI beneficiary activation time”, you can write below in the comment section.
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