New Delhi: The State of India offers instant money transfer service. SBI’s instant money transfer service allows the customer to instantly transfer rupee funds to anybody anywhere anytime. In order to transfer the money, only the beneficiary’s mobile number, name and address are required to be known to the sender.
It may be noted that the registration of the beneficiary by the sender is carried out by the system. The sender does not have to provide the name and address for recurring payments. With IMT, the beneficiary can withdraw money from select SBI ATMs, to begin with, without using a debit card.
As per SBI website, IMT once created cannot be cancelled. The beneficiary has to withdraw the whole amount in a single transaction. IMT can be created through SBI net banking and for that, first you have to add IMT beneficiary under Profile section-> Manage beneficiary-> IMT beneficiary.
A newly added beneficiary, if approved by the sender between 6:00 am to 8:00 pm will be activated on the same day within 4 hours. Beneficiary approved beyond this period will be activated on the next day after 8:00 am. Once the added beneficiary activated, you can initiate the IMT creation.
1. There is a minimum transaction limit of Rs 100 and multiples of Rs 100 thereafter.
2. 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.
3. The maximum amount per sender in a calendar month is Rs 50,000 and there is a maximum number of 10 beneficiaries per sender.
IMT service charges and validity:
1. The sender will be charged a nominal fee of Rs 25 per transaction at the source. There will be no charges at the beneficiary end.
2. The beneficiary has T+2 days to withdraw the IMT else the money will automatically be refunded back to the sender’s account. However, charges will not be refunded.
IMT withdrawal process:
Step 1: Visit an SBI ATM.
Step 2: Use the bottom right FDK/touch screen in the idle screen of the ATM against IMT logo.
Step 3: Enter Beneficiary mobile number, sender code, SMS code received on mobile and amount (full IMT amount).
Step 4: Select YES or NO on the confirmation screen.
Step 5: Collect the cash
Worth mentioning here is that the beneficiary cannot withdraw IMT amount without registration. Suppose an IMT has been initiated before registration, the SMS code (OTP) will not be received on the beneficiary mobile as it is not registered. Once the registration will be done after the IMT initiation the SMS (OTP) will be received on the beneficiary mobile and he can withdraw the money.