SBI has recently launched instant Money Transfer (IMT) facility for the customer. Now SBI account holder can instantly transfer money to any mobile number in India. On the other hand, a receiver can withdraw the money from ATM machine without using a card. Features, benefits and usage details of SBI Instant Money Transfer are given below.
SBI Instant Money Transfer Features
- Transfer instant money to anyone anywhere anytime.
- Only name, mobile number and address of beneficiary are required by the sender.
- The beneficiary can withdraw money from SBI ATM with or without using ATM card.
- No partial withdrawal allowed to the beneficiary.
- An IMT created once cannot be cancelled.
- The service charge applicable for the IMT is Rs.25 per transaction at sender end.
- The minimum transaction amount is Rs.100 and maximum is Rs.10,000 per transaction with monthly limit Rs.25,000 per month per beneficiary.
- The T+2 days are given to the beneficiary for the IMT withdrawal. If money is not withdrawn it will be automatically refunded back to the sender.
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How to Transfer money via SBI Instant Money Transfer?
Step -1 – Register Beneficiary
The first step before IMT is registration of beneficiary. To register new beneficiary you need to send SMS on 567676 mentioning a mobile number, name and pin code of beneficiary in the following format.
BREG 9800000098 + Raviraj + Parekh + 394510
Step -2 – Instant Money Transfer using SBI ATM
- Visit nearest ATM Center.
- Insert your ATM card and select transfer option.
- Enter your debit card PIN.
- Select IMT option and IMT Initiate option.
- Enter beneficiary mobile number and your mobile number.
- Enter 4 digit code and enter the amount for money transfer.
- Select YES or NO on the confirmation screen.
- Select your account for the money transfer.
- Once IMT is initiated 15 digit IMT ID will be generated and 4 digit SMS code will be sent to Beneficiary mobile number.
Step -3 – Withdrawal of money by beneficiary
The beneficiary can withdraw IMT money from SBI group of ATM with or without ATM card.
- Visit nearest ATM Center.
- Click on IMT logo appearing at the bottom right touch screen.
- Enter your mobile number and sender code.
- Enter SMS code received on your mobile.
- Enter withdrawal amount and give confirmation by pressing YES.
- Collect the cash.
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Over to you –
SBI Instant money transfer is very good innovative service especially when you want to do long distance remittances or emergency money transfer. This facility is also useful when you forgot your wallet or lost your debit card.
What is your take on SBI Instant Money Transfer Facility?
Do share your views in the comment section.
Ketan
Although it sounds quite a smart way to transfer money, in big cities, relatively few people have accounts in SBI. Most people use SBI accounts only to open a PPF a/c I guess. So this method should be introduced by banks like ICICI, HDFC, Axis, Kotak, etc. to make it more popular in big cities. But it is good for those who already have an a/c in SBI.
My relative’s boss has a son in IIT Bombay. Needs to transfer money to him from Gandhinagar in Gujarat. So he has to go via my bank account. If they had an SBI a/c, he could just walk in to the closest SBI ATM and collect the remittance. Good idea!
AKSHAY UGALE
I CANT REGISTER A BENEFICIARY CAN I GET REFUND