There is a minimum transaction limit of Rs 100.
State Bank Of India (SBI) customers can instantly transfer funds to anybody, anywhere, anytime via Instant Money Transfer (IMT), as mentioned on country's largest lender's website- sbi.co.in.
For sending money to the sender, only beneficiary's mobile number, name and address are required.
The receiver can withdraw the money through an SBI ATM without using a card.
However, the beneficiary has to withdraw the whole amount in a single transaction only, informed SBI.
The registration of the beneficiary by the sender is carried out by the system.
It is vital to note here that an IMT once created cannot be cancelled.