SBI Money Transfer Process

Here you will come to know about the money transfer process in SBI internet banking. Go through the content till the end.

What is the mandatory information required to make a State Bank Group Transfer payment?

The Remitter has to provide the following details:

  • Amount to be remitted
  • Account number which is to be debeted.
  • Name of the beneficiary
  • Account number of the beneficiary
  • Address of the beneficiary
  • Remarks or description if any
  • The IFSC code of the beneficiary branch

– How do I find the IFSC code of the beneficiary branch?

You can find the IFSC code through  a simple search location- by Location, Bank & Branch. The IFSC code will automatically be populated in the beneficiary addition form. If you know the IFSC code of the beneficiary bank, you can  provide it directly.

-Do all bank branches in India provide State Bank Group Transfer service?

No. State Bank Group Tansfer facility is enabled only in state Bank branches across India.

-What are the service charges applicable for State Bank Group Transfer Transcation?

No charges for State Bank Group Transfer transactions.

-How do I go about using the State Bank Group Transfer service ?

  • You should be an active internet banking user with transaction rights.
  • Log on to  using you internet Banking ID and Password.
  • Click on the ‘ Manage Beneficiary ‘ link in the ‘Profile’ tab
  • Select State Bank Group Beneficiary ‘.
  • Select the add option.
  • To register the beneficiary,provide the Beneficiary Name,Beneficiary Account Number, Beneficiary Bank Beneficiary Address and funds transfer limit.
  • You can provide the IFSC  code of the Beneficiary bank in two ways:
  • If you know the IFSC code of the beneficiary branch, click the IFSC  Code option. A textboxis displayed where you can enter the 11 digit IFSC code of the Beneficiary Bank.
  • If you do not know the IFSC code, click the elements.
  • Location-Dropdown Menu
  • Branch- Dropdown Menu

Enter the IFSC code or select the bank/location branch to populate the IFSC code automatically.

  • Select the checkbox in the Term s and conditions link.
  • The submit button will be enable only after you accept the terms and condtions.
  • After providing all the details, the beneficiary will be added.
  • You will receive a high security passwordyour mobile number. This is done basically to double checki yu identity. Provide the password to approve the Beneficiary. After a beneficiary is approved you can start transferring funds.
  • You can proceed to make payments/Transfers’ tal.
  • Select the Beneficiary from the list of registered Beneficiaries.
  • Enter the amount and remarks for the transaction.
  • You can either make a payment on on the current date, or schedule the transaction for a future date.
  • Please note that a transaction cannot be scheduled later  than 90 days from the current date.
  • Also, if the transaction scheduled date is of a State Bank Group Transfer holiday, the same will be scheduled for next transaction date.
  • You can confirm or cancel the transaction.

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