State Bank of India offers a range of online services through its internet banking portal, onlineSBI.com. One such facility, the Instant Money Transfer or IMT service, enables users to make electronic instant transfers of funds to other individuals.
State Bank of India’s IMT service enables a remitter – holding an SBI debit card – to instantly transfer funds in rupees to another individual by providing details such as mobile number, name and address of the recipient, according to the SBI internet banking portal (onlineSBI.com). This online service, provided by the country’s largest bank SBI, supports transfers of a minimum Rs. 100 and in its multiples up to Rs. 10,000 per transaction, according to the SBI internet banking website.
Instant Money Transfer :-
1. Who can send/receive money using SBI’s online service IMT
A person can remit funds through State Bank of India’s Instant Money Transfer service using a debit card of the lender. The beneficiary – the person to whom the funds are sent – can withdraw the whole amount at once from select SBI group ATMs without using a debit card, according to the SBI internet banking portal.
2. Details required to remit funds using the online SBI Instant Money Transfer service
The remitter or the sender is required to provide the beneficiary’s mobile number, name and address in order to send money using the bank’s IMT service. SBI also provides a beneficiary registration facility which enables the remitter to send funds without entering the name and address details for making recurring payments, according to SBI……..Read More>>