The SBI Instant Money Transfer on ATM: SBI instant money transfer without adding beneficiary. State Bank quick transfer limit without adding beneficiary. SBI quick money transfer online at onlinesbi.com
SBI Instant Money Transfer
State bank ventures in multiple digital businesses offering customer quality, efficient and fast services. The bank provides remarkable transfer services from net banking, mobile app, payment wallets, and more. The majority of the services require internet connectivity or smart devices to operate. However, SBI has considered an exclusive money transfer method that favors all customers. The SBI account user requires a debit card to transact via ATM.
The IMT or Instant Money Transfer facility is the new unique banking service available to all SBI customers. The service is conducted through ATM and the receiver’s or beneficiary’s mobile number.
State Bank IMT service allows account users to transfer up to Rs. 10 000 to any person in India. The beneficiary doesn’t have to be an SBI customer for the system to work. Transactions through IMT don’t require any intermediary or commissions to complete the service. Eligible beneficiary has the privilege to withdraw funds through SBI IMT enabled ATM. They don’t need a card to withdraw the funds from the ATM.
SBI Quick Money Transfer Online
Benefits and Features of SBI IMT
- SBI bank customers can transfer money through IMT to any resident with a registered Indian mobile number.
- The process requires the receiver’s mobile number, name, and address.
- The SBI IMT system will register the beneficiary’s details.
- This helps the sender not to keep feeding the transaction details every time.
- Once the beneficiary receives the funds, they can withdraw from State Bank Group ATM without using a debit card.
- The creditor cannot cancel the IMT service.
- SBI doesn’t allow for partial withdrawal service; the beneficiary must withdraw all the amount received.
- It’s an easy and fast transaction facility, accessible on all mobile devices.
Registration for SBI IMT Service
It’s easy to register and unregister for the IMT service. The user can use the following methods to access the service.
- To avail of the service, the SBI account user must provide the beneficiary’s name, address and send it to 567676.
- IMT Register: BREG <space> mobile number > + <beneficiary name > + < location> + < Pin code>send to 567676.
- UNREG <space><mobile number >send to 567676
SBI IMT Fund Transfer Limit
The SBI IMT service charges a nominal fee which is quite affordable for the sender. The Bank has set a transfer limit per transaction as follows:
- A nominal fee of Rs. 25 from the sender’s account.
- The user can send Rs.10,000 per transaction and a monthly cap of Rs. 25 000 per month for every beneficiary.
- SBI allows for Rs.50,000 maximum transfer amount per month for 10 beneficiaries.
SBI IMT facility provides an efficient way to transfer money to non-SBI users. The bank offers two withdrawal days. This means the beneficiary should withdraw the money with two days, the actual date they receive the money, and the other two days.
If not, the system will automatically refund the money to the sender’s account. However, the nominal charges will not be refunded.
SBI Instant Money Transfer Without Adding Beneficiary
How to Send Money Using SBI IMT Through ATM
- Go to the nearest State Bank of India group ATM.
- Insert your debit card/SBI ATM card and enter the PIN.
- Next, click the “fund transfer > IMT tab to proceed.
- Key in the beneficiary’s mobile number and your registered mobile number.
- Enter a unique four-digit sender’s code, re-enter to confirm the code.
- Note you shouldn’t share the code with anyone but the beneficiary.
- Proceed and enter the amount you wish to send. Ensure to follow the SBI IMT transfer limit rules.
- Review the information and click “YES” to confirm.
- Choose the account number you want to debit the money.
- The system will display a 15-digit IMT number on the ATM screen.
- The beneficiary will get an SMS code on the mobile number regarding the transaction.
How to Withdraw Money Sent Through State Bank IMT
Once the amount is sent to the beneficiary, the bank provides two days for complete withdrawal. The receiver can use the following steps to get the amount.
- Visit the SBI group ATM.
- The beneficiary should have the SMS code sent to their mobile number during the fund transfer.
- Click on the IMT tab and enter the sender’s code.
- Next, enter the SMS code that you received on your mobile number.
- Key in the amount as sent by the sender.
- The ATM will provide the cash to complete the process.
- Can the beneficiary withdraw part of the money without using the whole amount?
No, the SBI bank requires the user to withdraw the whole amount from the ATM. The bank offers two withdrawal days; if the beneficiary doesn't collect the amount, the system automatically refunds the amount to the sender's account.
- What are the transaction charges for the SBI IMT service?
SBI account users need to pay Rs. 25 fee for SBI IMT money transfer.
- what is imt in sbi?
State Bank of India Immediate Money Transfer (SBI IMT)
- IMT Full Form?
Instant Money Transfer (IMT)