State Bank Group Transfer - FAQ
- What is State Bank Group Transfer?
State Bank Group Transfer is a special service that allows you to transfer funds among all branches of State Bank Group.
- What is the minimum/maximum amount for State Bank Group Transfer transactions?
||Rs. 5 Lakhs
- When does the beneficiary get the credit for a State Bank Group Transfer payment?
Under normal circumstances the beneficiary bank's branch receives the funds in real time as soon as funds are transferred by the remitting bank.
- If a State Bank Group Transfer transaction is not credited to the beneficiary account, does the Remitter get back the money?
Yes. If the money cannot be credited for any reason, the beneficiary's bank has to return the money to the remitting bank. Once this amount is received back by the remitting bank, the amount is credited to the Remitter's account by the remitting bank branch.
- At what time during the day /week is the State Bank Group Transfer service available?
State Bank Group Transfer transactions will be processed based on the following schedule:
|Monday to Working Saturday
Please note that all the above timings are based on Indian Standard Time (IST) only.
- What is the mandatory information required to make a State Bank Group Transfer payment?
The Remitter has to provide the following details:
- Amount to be remitted
- Account number which is to be debited
- Name of the beneficiary bank
- Name of the beneficiary
- Account number of the beneficiary
- Address of the beneficiary
- Remarks or description, if any
- The IFSC code of the beneficiary branch
- How do I find the IFSC code of the beneficiary branch?
You can find the IFSC code through a simple search operation– by Location, Bank & Branch. The IFSC code will automatically be populated in the beneficiary addition form. If you know the IFSC code of the beneficiary bank, you can provide it directly.
- Do all bank branches in India provide State Bank Group Transfer service?
No. State Bank Group Transfer facility is enabled only in State Bank Group branches across India.
- What are the service charges applicable for State Bank Group Transfer transactions?
Charges for State Bank Group Transfer transactions are as listed in the following table:
|Upto Rs.1 lakh
||Rs.5/- per transaction
|Above Rs. 1 lakh
||Rs.25/- per transaction
- How do I go about using the State Bank Group Transfer service?
- You should be an active Internet Banking user with transaction rights.
- Log on to https://www.onlinesbm.com by using your Internet Banking ID and Password.
- Click on the ‘Manage Beneficiary’ link in the ‘Profile’ tab.
- Select ‘State Bank Group Beneficiary’.
- Select the ‘Add’ option
- To register the beneficiary, provide the Beneficiary Name, Beneficiary Account Number, Beneficiary Bank, Beneficiary Address and funds transfer limit.
- You can provide the IFSC code of the Beneficiary's bank in two ways:
- If you know the IFSC code of the beneficiary branch, click the IFSC Code option. A textbox is displayed where you can enter the 11 digit IFSC Code of the Beneficiary Bank.
- If you do not know the IFSC code, click the Location option, the interface displays the following form elements.
- Beneficiary Bank Name – Dropdown Menu
- Location – Dropdown Menu
- Branch – Dropdown Menu
- Enter the IFSC code or select the bank/location/branch to populate the IFSC code automatically.
- Select the checkbox in the Terms and Conditions link.
- The submit button will be enabled only after you accept the terms and conditions.
- After providing all the details, the beneficiary will be added.
- You will receive a high security password in your mobile number. This is done basically to double check your identity. Provide the password to approve the Beneficiary. After a beneficiary is approved you can start transferring funds.
- You can proceed to make payments by clicking the ‘Inter bank Transfer’ link in the ‘Payments/Transfers’ tab.
- Select ‘State Bank Group Transfer’.
- Select the Beneficiary from the list of registered Beneficiaries.
- Enter the amount and remarks for the transaction.
- You can either make a payment on the current date, or schedule the transaction for a future date.
- Please note that a transaction cannot be scheduled later than 90 days from the current date.
- Also, if the transaction scheduled date is of a State Bank Group Transfer holiday, the same will be scheduled for next transaction date.
- You can confirm or cancel the transaction.