SBI Instant Money Transfer (IMT)
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Process FlowProcess Flow For Initiating Imt Using State Bank Group Atm :
Process Flow For Imt Status Enquiry
Process Flow For Imt Status EnquiryThe beneficiary can use any State Bank Group ATM to make a cardless withdrawal of the amount. At present, this service is present on a limited number of ATMs. However, all ATMs will get covered shortly. The step-by-step process for withdrawal of an IMT is as under
What is the Instant Money Transfer (IMT) ? IMT is a unique product that can be used to send money instantly to any mobile number in India. The receiver can withdraw the money through an ATM without using a card. What can I use this service for? You can use this service to transfer money instantly to family and friends. In addition, the service can be used for self-withdrawal. The main target audience is customers requiring long-distance remittances, parents sending money to children, emergency transfers (forgotten wallet, lost debit card, etc.). Does the service work only during branch hours? No, the service is available 24x7x365 days a year. How do you send money to a mobile number? Money can be sent using State Bank Debit Card. How does the recipient withdraw the money? The recipient can withdraw the money from any State Bank Group enabled ATM by entering his/her mobile no. and entering (i) the sender’s password and (ii) the system generated password. Does the sender need to hold a SBI account? Yes, the sender is required to have an account with State Bank of India. What information is the sender required to provide? The sender is required to provide the Bank with the beneficiary's mobile number, name and address only. Is there any limit applicable on the sender? Yes, there is 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 as prescribed by RBI will be applied automatically by the system.The maximum amount per sender in a calendar month is Rs.50, 000/- and there is a maximum number of 10 beneficiary per sender. Does the sender need to visit the branch for registration? No, the sender need not visit the branch for registration of the recipient. Can a person add any number of beneficiaries? A customer can have a maximumof 10 beneficiaries at a time. If any new beneficiary is to be added, he has to deregister one of the existing 10 beneficiaries. Is there any beneficiary registration process? Yes, A one-time mapping of the sender with the beneficiary is carried out by the system. Hence, the sender need not provide the name and address for recurring payments. How do you register a beneficiary? Customers using the ATMs to initiate an IMT will be required to provide the name and address of the beneficiary via SMS to 567676. How long does the beneficiary have to withdraw the IMT? The beneficiary has T+2 days to withdraw the money from the IMT. Can I cancel an IMT after creation? No, once created an IMT cannot be cancelled. Can the beneficiary withdraw choice amounts? No, the beneficiary has to withdraw the whole amount in a single transaction i.e. no partial withdrawals are allowed, at present. What are the charges applicable on IMT? The sender will be charged a nominal fee of Rs. 25/- (Rupees Twenty five only) per transaction at source. There will be no charges at the beneficiary end. Does the receiver need to hold a SBI/any bank account? No, the recipient of the IMT need not be an account holder of any Bank. What happens in case sender does not provide the beneficiary details on time? In case the details are not received, the IMT is cancelled by the system and the IMT amount is re-credited to the sender. However, the charges are not refunded. What happens in case beneficiary does not withdraw the cash in time? The IMT lapses and the amount is re-credited to the sender. However, the service charges are not refunded. Within how much time is the sender to register the beneficiary? Beneficiary registration can be done both prior to or after IMT is initiated. However, in case of the latter it should be done before expiry of the IMT, i.e. T+2 days. Last Updated On : Thursday, 19-12-2019  Interest Rates Start From8.55%* p.a.w.e.f. 01.10.2022 2.70% p.a.Upto 1 lakh(w.e.f. 31.05.2020) 2.70% p.a.Above 1 lakh (w.e.f. 31.05.2020) 8.00% p.a.SBI Realty Gold Loan 8.00% p.a.SBI Personal Gold Loan 2.70% p.a.Upto 1 lakh (w.e.f. 31.05.2020) 2.70% p.a.Above 1 lakh (w.e.f. 31.05.2020) 8.00% p.a.**T&C Apply.7.85% p.a.5.45%3 years to less than 5 year 5.50%5 years to less than 10 years Can we transfer money from debit card to bank account online?With the debit card online money transfer you can transfer funds to your bank account or to various payment apps. The details of both of these is listed as follows. OTP to check your offers.
How do I transfer money from my debit card to my account?How to do Account to Account Funds Transfer via ATM?. Step1: Visit an ATM and insert the ATM/debit card.. Step 2: Choose the preferred language.. Step 3: Enter the debit card PIN and click 'Yes' to continue.. Step 4: Then choose the “Fund Transfer” option provided at the bottom most corner of the ATM display.. Can I transfer money from my debit card to someone else's bank account?Using money transfer apps, you can send money to someone else's bank account using the funds from your bank account, debit card, or credit card. You don't need to know the recipient's personal or bank account details to make a transaction.
Can we transfer money from card to bank account?Direct transfer from credit card to a bank account
You can use an online banking app or a smartphone to directly transfer the funds from your credit card to your bank account. However, you should remember that the daily transfer limit of funds can often vary from one bank to another.
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Online money transfer from debit card to bank account
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