Yes, you can transfer money online. SBI and Union banks both are government banks but that doesn’t mean that you can only transfer to the government but also to the private, cooperative, and international bank.
Transferring money isn’t that hard if you follow the steps. Online transfer is secure, fast, and more efficient. And what I mean by efficient here is, to avoid visiting the bank branch.
Also here in SBI, you can also transfer funds using the ATM machine and branch using RTGS/NEFT form. But this article is for all the customers who are holding net-banking accounts of SBI and as all of their customers know how many people visit the SBI branch is massive.
Now before transfering funds you need to know how much money you want to transfer and in which method 3 are here –
- IMPS – Maximum amount can be transferred is up to 2 lack/day and is available 24*7 and charges are 0.
- RTGS – Maximum amount can be transferred up to 10 lack/day with a minimum amount of 2 lack/day must be transferred and charges are nil.
- NEFT – There is no bar in minimum and any starting amount can be transferred but with a limitation of up to 10 lack/day and charges are nil.
Now if you haven’t added your beneficiary you have to add it and wait for 4 hours until then you cannot transfer funds at least through RTGS/NEFT.
So before starting the transferring amount online let’s start with how to add the Union bank’s beneficiary to the SBI account and this also applies to any other bank.
How to add beneficiary to SBI’s online account ?
To transfer more than 10,000 Rs you need to add the beneficiary however if this is not your concern and you want to transfer funds under 10,000 chose the quick pay option that I will show next to this solution.
Already added Beneficiary skip to transfer method.
For now, start with logging into the SBI’s net-banking account then look for Payments/Transfers > Add & Manage Beneficiary