36403What problems are there with recycled mobile numbers?

State Bank of India has once again reminded customers to use digital banking services in these Covid times to transfer money or use other services. The bank’s customers can avail the facility through YONO, YONO Lite and its online banking service.

The options are IMPS, NEFT and RTGS. Besides, one can also send money through BHIM app or any other payment platforms such as GPay, Phonepay, Fastrecharge, etc, within a minute.

IMPS

Interbank Mobile or the Immediate Payment System (IMPS) is one of the real time methods. The service empowers customers to make instant online funds transfer. Just enter the details and transfer money within seconds.

IMPS can be done even on Sundays and holidays. A person can transfer money to whoever he wants within seconds.

Besides the sender just needs to know the mobile phone number of the receiver that is linked to an account. If he/she does know that phone number, he should know the account number and IFSC of the branch.

IMPS operates in real time, which means the fund will be credited to the account of the beneficiary within seconds. This is not like NEFT or RTGS transfer, which generally take 30 mins to transfer the amount.

IMPS can be done over any platforms like mobile banking, net banking or SBI YONO app.

The procedure

Once your beneficiary has been added, you can follow these steps to make the transfer:

Log into online SBI account through internet banking or mobile banking.

Choose “Payment/Transfer” and select “IMPS fund transfer”. Opt for “Person to Person” option.

If the beneficiary has an account at a different bank, then select “Person to Account”. Enter the transaction amount.

An OTP (one-time password) will be sent to your registered mobile number. Use this OTP to verify the transaction and the payment will be done.

But for payment through the mobile application or YONO app there is no need to register a payee, just follow the steps and you will be able to do the transaction.

NEFT

SBI offers National Electronics Funds Transfer (NEFT) services for all customers through internet banking or phone banking facility.

NEFT can be used to transfer funds from one bank account to another and also to pay medical bills in these grim times. NEFT is a speedy, hassle-free and convenient method to transfer funds across the country.

One can transfer up to Rs 2 lakh at a time over NEFT.

Log on to the SBI internet banking account. After logging in, click on the ‘Payments Transfers’ option.

There are two options for fund transfer: Within SBI and Outside SBI. Choose the appropriate type of transaction.

To do a NEFT transaction outside SBI, click on the ‘Inter-Bank Beneficiary’ option, choose ‘NEFT’, and click on proceed.

Select the account from which you want to do the NEFT transfer, key in the sum to be transferred in the ‘Amount’ column.

Choose the beneficiary details such as account number, beneficiary name, bank name, IFSC and the amount you wish to transfer.

Select the beneficiary account number and choose the ‘Select a schedule option’ to select at what time the fund needs to be sent.

There are three options one can choose from: ‘Pay Now’, ‘Schedule Later’, or ‘Standing Instruction’.

Accept the terms and conditions, enter the transaction password and click on the ‘Submit’ option.

Verify the details and click on ‘Confirm’. And the transaction will be done. Within 20-30 minutes the amount will be credited to the account of the beneficiary.

RTGS

With the help of the SBI RTGS facility, you will be able to send any amount between Rs lakh and Rs 1 crore at a single time, without waiting. These payments also have an RTGS code, which allows an efficient way of working.

Procedure

Log into the SBI netbanking account or YONO app using your customer ID and password.

Under the tab ‘transactions’, select the option for fund transfer either within SBI or to other bank accounts. Now click on RTGS.

Select payee’s bank account and the beneficiary account details. All the details will appear on the screen then put the amount one need to transfer.

Click on ‘Submit’ after filling out the details and authorise the payment with the help of OTP to complete the payment.

After submitting the authorising details, payee will receive a message regarding the RTGS payment. Once all the details are entered correctly, the RTGS payment will be successful.

It will take a maximum of 30 minutes for the amount to be credited.