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What is the State Bank Group Transfer? The State Bank Group Transfer is a unique facility that allows you to transfer funds among all the branches of State Bank Group.
What is the range for State Bank Group Transfer transactions? There are no limitations to the amount for State Bank Group Transfer transactions.
When will the beneficiary receive credit for their State Bank Group Transfer payment? In standard circumstances, the beneficiary's bank will receive the funds in real-time as soon as the funds are transferred by the remitting bank.
If a State Bank Group Transfer transaction fails, will the Remitter be refunded? Yes. If the money cannot be credited for any reason, the beneficiary's bank has to return the money to the remitting bank. Once the remitting bank receives the amount, the amount is credited to the Remitter's account.
When is the State Bank Group Transfer service operational? State Bank Group Transfer transactions will be initiated according to the following schedule:
- Day Start Time End Time Monday to Working Saturday 07:00 hrs 17:00 hrs Please note that all the above timings are based on Indian Standard Time (IST) only.
- What information is mandatory while making a State Bank Group Transfer payment? The Remitter must provide the following particulars:
- Amount to be transferred Account number to be debited Name of the beneficiary bank Beneficiary's Name Beneficiary's address Account number of the beneficiary Remarks or description, if any The IFSC code for the beneficiary's branch
How can the IFSC code for the beneficiary branch be found? The IFSC code can be found through a quick search operation- by Location, Bank & Branch. The system will automatically populate the IFSC code in the beneficiary addition form. If you know the IFSC code of the beneficiary bank, you can provide it directly.
Are all bank branches in India providing State Bank Group Transfer services? No. The State Bank Group Transfer facility is available only in the State Bank Group branches throughout India.
What are the fees for State Bank Group Transfer transactions? No fees for State Bank Group Transfer transactions.
How can I avail State Bank Group Transfer services? To avail of the State Bank Group Transfer services, you should be an active Internet Banking user. Log on to https://www.onlinesbi.sbi/corporate/sbi_home.html using your Internet Banking ID and Password. Click on the ‘Manage Beneficiary’ link in the ‘Profile’ tab. Choose ‘State Bank Group Beneficiary.' Choose 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 on 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 on the Location option, and 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 on 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 ‘Interbank Transfer’ link in the ‘Payments/Transfers’ tab. Choose ‘State Bank Group Transfer’. Choose 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 the next transaction date. You can confirm or cancel the transaction.
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