INSUBCONTINENT EXCLUSIVE:
SBI IMT transfer: The receiver can also withdraw the money through an ATM without using a card.State Bank Of India (SBI) offers an instant
Only the beneficiary's , or receiver's , mobile number, name and address are required to be known to the sender
The registration of the beneficiary by the sender is carried out by the system
Hence, the sender need not provide the name and address for recurring payments, said the country's largest lender on its website --
Transaction limit: Under the SBI's fund transfer feature, the minimum transaction limit is Rs
100 and in multiples of Rs 100 thereafter
The maximum amount is capped at Rs
10,000 per transaction, which is subject to a monthly cap of Rs
25,000 per month per beneficiary
charges the sender with a fee of Rs
However, there are no charges at the receiver's end.3
manage beneficiary, which is in the profile section
A newly added beneficiary, between 6:00 am to 8:00 pm will be activated on the same day within 4 hours
Receivers approved beyond this period will be activated on the next day after 8:00 am
Once the added beneficiary is activated you can initiate the IMT
However, an IMT once created cannot be cancelled.4
However, charges will not be refunded
The beneficiary has to withdraw the whole amount in a single transaction, i.e
The recipient can withdraw the money from any State Bank Group enabled ATM by entering his/her mobile number and entering the sender's
password and the system generated password
Then the receiver needs to enter the full IMT amount
