State Bank of India's quick transfer service
SBI (State Bank of India)'s quick transfer service supports remittance up to Rs 25,000 per day without the requirement of registration of beneficiary.
State Bank of India (SBI) offers a money transfer service in which the customer is not required to add a beneficiary in order to send money. This service, called "quick transfer", enables SBI customers who have subscribed to the bank's internet banking facility to request a remittance - the act of sending money - without having to register the beneficiary under certain conditions. SBI has set a limit of Rs 10,000 per transaction and a daily limit of Rs 25,000 using this money transfer service.
However, money transfer services such as NEFT and RTGS require SBI internet banking subscribers to register a beneficiary by providing details such as beneficiary's name, account number and bank branch.
Who can use SBI quick transfer service?
The service is available on QuickSBI, the bank's internet banking portal (onlinesbi.com). SBI customers who have subscribed to the bank's internet banking facility can use their login details in order to use the service.
SBI quick transfer transaction limit
SBI allows transactions amounting up to Rs 10,000 through the quick transfer facility with a daily transfer limit of Rs 25,000. That means you can make money transfer up to Rs 10,000 at a time using this facility and amounting to a maximum of Rs 25,000 in a day.
When does money transfer take place?
If the beneficiary's account is with SBI itself, "the remittance amount is credited instantly", according to SBI's internet banking portal. In case the beneficiary's account belongs to some other bank, the money is sent through either of the IMPS or NEFT options, according to SBI.
TERMS & CONDITIONS:
1.The "Quick Transfer" Facility enables Internet Banking users to send small values of remittances upto Rs.10000/- per day to a third party without registration of beneficiary.
2.If the beneficiary's account is maintained with SBI,the remittance amount is credited instantly.
3.If the beneficiary's account is with a bank other than SBI,two options IMPS & NEFT are available for sending remittance.
4.If mode of Transfer is choosen as NEFT,Transaction will be processed maximum within next working day depending on NEFT Settlement time.
5.Quick Transfer facility using IMPS mode is currently available between 8 am to 8 pm.
6.Please note that auto refund for the failed IMPS transaction will be credited to your account on next working day.
7.No service charge is being levied if the benificiary's account is maintained with SBI.Otherwise 5 to 6 rupees will be required for the transaction.
