In the era of technology and every other thing moving at a fast pace, financial transactions should not be left behind. Instant Money Transfer is one such facility that many private and public banks provide to their customers. In this system, the funds are transferred from one party to another in real time. With instant transfer facilities by the banks, people no longer have to visit their bank branches to transfer money to another. Additionally, the instant transfer of funds is easy and faster compared to traditional methods.
Among all the major banks, the largest public bank, the State Bank of India benefits its customers with the instant money transfer facility. Here, the individual should be an SBI debit card holder to avail this facility. The beneficiary will be able to get the funds in real time and does not need a debit card to make the withdrawals.
The card holder can transfer funds to the desired destination by just entering one’s name, mobile number and address. Once a transaction is done, the beneficiary’s details get registered with the sender’s system for future recurring transactions. The beneficiary can withdraw the entire amount at one go from any ATM branch near him or her, without using a debit card. So to say, the sender can send funds to a beneficiary who does not have a debit card to make mainstream ATM withdrawals.
However, according to SBI, once an IMT is created, it cannot be cancelled hence one needs to be very careful when entering the details of the beneficiary.
SBI has a minimum transaction limit of Rs 100 and multiples of Rs 100 thereafter. A maximum of Rs. 10,000 per transaction subject to the monthly cap of Rs. 25,000 per month per beneficiary will be applied automatically by the system. Moreover, per calendar month, the maximum amount that can be transferred is Rs 50,000, with 10 beneficiaries per sender.
Since it is a transaction service, SBI levies a charge of Rs 25 per transaction at the sender’s end.
The beneficiary end should note that they only have T+2 days to make the withdrawal from the nearest ATM. If not, then the money will be refunded back to the sender by default system. The beneficiary can withdraw the funds by following the below-mentioned steps,
- Use bottom right FDK/touch screen in idle screen of the ATM against IMT logo
- Enter Beneficiary mobile number
- Enter sender code
- Enter SMS code received on mobile
- Enter amount (Full IMT amount, partial withdrawal not allowed)
- Select YES or NO on confirmation screen
- Collect the cash