Fund transfer is the basic banking service that everyone has a bank account uses. There are different types of fund transfer methods that you can use to send money to other bank accounts.
In this guide, you’ll learn how to transfer funds from your State Bank of India account using mobile & Net Banking, etc.
Table of Contents
Online Fund Transfer
Online fund transfer is one of the easiest and most convenient ways of transferring funds. There are two different means using which you can transfer funds, which are as follows-
Mobile Banking
In the Mobile Banking method, the account holder must download, install and activate their SBI YONO app, before initiating any fund transfer. After activating their SBI YONO app, you’ll be able to transfer funds online using the SBI YONO app, which is as follows-
- Open the SBI YONO app and login to your account using your login credentials
- After logging in, click on the YONO Pay option and after that you’ve two option to follow for bank transfer which is as follow-
By Adding Beneficiary
- Now, click on the Bank account tab followed clicking on the “Pay New Beneficiary” button
- You’ll have to enter your internet banking password for moving further with the bank transfer process
- Now, on the next screen, you’ll find the two options- SBI or other bank account, choose accordingly as per your transfer requirements
- After selecting the appropriate option, you’ll have to provide the name, account number, Bank IFSC Code, etc. details of the account holder followed by clicking on next button
- After clicking on the next button, you’ll have to enter the OTP sent on your mobile number to finish adding the beneficiary
- After beneficiary is added, it’ll take a maximum of 24 hours for verifying the account
- After verification is done, you can transfer funds by navigating to the bank transfer tab under the SBI YONO followed by selecting the beneficiary you want to transfer fund to
- Now, you’ll have to enter the amount you want to transfer in the given field followed by clicking on the next button
- After clicking on the next button, an OTP will be sent to your mobile number which you’ll have to enter and confirm the payment
- Your payment will be transferred successfully
By Quick Pay (Capped at Rs.25,000/- daily)
- If you’ve chosen the Quick pay option, you’ll be prompted with two option, SBI or other bank accounts which you’ll have to choose accordingly
- Now, enter the name, account number, Bank IFSC Code followed by entering the amount you want to transfer and click on the next button
- After clicking on the next button, an OTP will be sent to your mobile number which you’ll have to enter and confirm the payment
- Your payment will be transferred successfully
Net Banking
Net Banking is another amazing feature using which you can access your bank account. For using the feature, you’ve to activate your SBI Net Banking. The following are the step by step instructions on transferring funds using Net Banking-
- Visit the official net banking portal and login to your account using your login credentials
- After logging in, you’ll have to navigate to the “Payments/Transfer” tab
- Now, you’ll have two option for fund transfer, which are Quick Transfer or by adding beneficiary
By Adding Beneficiary
- By clicking on the Adding Beneficiary, you’ll be prompted to provide the profile password
- After entering the profile password, you’ll have to select which type of beneficiary to add, you can choose appropriately
- Now, enter the bank details of the fund transfer account i.e. name, account number, transfer limit, etc.
- After beneficiary is added, it’ll take a maximum of 24 hours for verifying the account
- After verification is done, you can transfer funds by navigating to the bank transfer tab and clicking on the fund transfer you want to initiate- within SBI or other than SBI
- A new window will appear which where you have to select the beneficiary from the list who you want to transfer funds to followed by entering the amount you want to transfer followed by clicking on the next button
- After clicking on the next button, an OTP will be sent to your mobile number which you’ll have to enter and confirm the payment
- Your payment will be transferred successfully
By Quick Transfer (Capped at Rs.25,000/- daily)
- Now, a new window will appear where you’ll have to enter the name, Account number, transfer amount, Transfer mode, and Bank IFSC Code followed by clicking on the next button
- After clicking on the next button, an OTP will be sent to your mobile number which you’ll have to enter and confirm the payment
- Your payment will be transferred successfully
Offline Fund Transfer
Offline payments are rather simple and you can transfer funds by issuing cheques in favor of the beneficiary. You can also ATM transfer feature of the SBI using which you can deposit the cash in the ATM machine and the bank will transfer the funds on behalf of you to the beneficiary. The process for transferring funds using ATM bank transfer is as follows-
- Visit the SBI ATM can insert your ATM card in the slot
- Now, select the transfer option from the menu followed by entering your 4-digit ATM PIN
- You’ll be provided with multiple option i.e. Account based transfer, Corporate fund transfer, Credit card bill pay, or card to card fund transfer
- You can choose the Account based transfer option
- Now, enter the type of account you want to transfer the funds to followed by entering the beneficiary account number into ATM
- After entering the account number, enter the Amount you want to transfer followed by clicking on the confirm button
- Now, your transaction will be processed and after processing of the account is completed, your amount will be transferred
Unified Payment Interface (UPI)
For smaller transactions, you can also use the UPI payment interface to transfer funds from one account to the other, there are different ways of transferring funds, which are as follows-
Scanning the QR Code
- Open your UPI App and click on the scan QR code option
- Now, locate the QR code of the vendor and scan the QR code using your UPI app
- Now, enter the funds you want to transfer followed by clicking on the next button
- You’ll be prompted to provide the 4-digit UPI PIN which you’ll have to enter
- After successfully entering the UPI PIN, your amount will be transferred to the beneficiary account
Using the Bank Account Details
- Open UPI App and click on the send button followed by clicking on the Account and IFSC Code tab
- Now, enter the payee name, account number, Bank IFSC Code followed by clicking on the send button
- After clicking on the send button, you’ll be prompted to provide the 4-digit UPI PIN which you’ll have to enter
- After successfully entering the UPI PIN, your amount will be transferred to the payee account
Using VPA
- Open UPI App and click on the send button followed by clicking on the UPI ID button
- Now, enter the UPI ID of the payee followed by entering the amount you want to send
- After clicking on the send button, you’ll be prompted to provide the 4-digit UPI PIN which you’ll have to enter
- After successfully entering the UPI PIN, your amount will be transferred to the payee account
I’m Shiv Kumar, a graduate with a passion for finance, marketing, and technology. My journey into finance started with a desire to understand money management and investing.
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