INSUBCONTINENT EXCLUSIVE:
SBI online: State Bank of India customers holding the bank's debit card can make IMT transactionsSBI or 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
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
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
Who can send/receive money using SBI's online service IMTA 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.( SBI online - How to report unauthorised electronic transaction)2
beneficiary's mobile number, name and address in order to send money using the bank's IMT service
for making recurring payments, according to SBI.( SBI online - How to activate new ATM card, register for net banking)3
How to withdraw money from SBI group ATMs using the IMT service (SBI online banking)The State Bank of India Instant Money Transfer service
is available at a limited number of ATMs on the lender's network
SBI has listed the following steps for an IMT beneficiary to withdraw funds from an SBI ATM supporting the service:Use bottom right option
on the idle ATM screen against the Instant Money Transfer logoEnter the mobile number (beneficiary)Enter the sender codeEnter the SMS code
received on mobileEnter the amount: The full IMT amount needs to be entered here and a partial withdrawal is not allowed.Select YES on the
State Bank of India online IMT transaction limit (SBI online banking)Funds can be sent in the multiples of Rs 100 using the Instant Money
Transfer (IMT), up to Rs 10,000 per transaction subject to a monthly cap of Rs 25,000 per beneficiary, according to the bank's online
SBI allows a maximum transaction amount of Rs 50,000 per sender in a calendar month and a maximum 10 beneficiaries per sender.An IMT
transaction cannot be cancelled and the beneficiary has to withdraw the whole amount in a single transaction within two days, according to
In case the beneficiary does not withdraw the amount from eligible State Bank of India group ATMs, the money is automatically refunded back
The Instant Money Transaction charges paid by the remitter are not refunded, according to the SBI online banking portal.( Your SBI savings
account balance may fetch lesser interest, here's why)5
State Bank of India online IMT charges - charges you need to pay for sending money using IMTThe sender has to bear a charge of Rs 25 per
transaction at source for remitting money using the IMT service
There are no charges applicable at the beneficiary end.( Looking for a home loan Find out SBI interest rates and processing fees)How to
register a beneficiary under the SBI online IMT serviceSBI has mentioned the following steps for a debit card holder of the bank to register
or deregister a beneficiary:An IMT can be created through Internet banking: First, the user is required to add an IMT beneficiary by
selecting "IMT beneficiary" by selecting the "manage beneficiary" option under the "profile section"A newly added beneficiary, if approved
by the user between 6:00 am and 8:00 pm, is activated the same day within 4 hours, whereas a beneficiary approved beyond this period is
activated the next day after 8:00 amOnce the added beneficiary activated, the user initiate the creation of an IMT transactionGet the latest
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