How to Perform an Interbank Transfer in SBI

Interbank transfers are a convenient way to transfer funds between different banks in India. This article will guide you through the process of transferring money from an SBI account to any other non-SBI account. By the end of this guide, you will understand the necessary steps and methods involved in performing an interbank transfer. Let's dive in!

Registering Recipient's Bank Account Details

To initiate an interbank transfer from an SBI account, you need to provide the recipient's bank account details. This information is crucial for a successful transaction and includes the following:

Account Holder Name: The full name of the account holder as it appears on the recipient's bank statement. Account No.: The unique account number assigned to the recipient's bank account. Bank Name: The official name of the recipient's bank. IFSC Code: The Indian Financial System Code assigned to the branch where the recipient's bank account is held.

Once you have gathered all this information, proceed to the next step.

Waiting for Registration Approval

After submitting the necessary details, you will need to wait for approval from your bank branch manager. This step ensures that the details provided are accurate and valid. The approval process may take a few business days, so patience is key.

Executing the Transfer

After the registration is accepted, you can proceed to execute the transfer using one of the following three methods:

Immediate Money Payment Service (IMPS)

IMPS allows you to send and receive funds instantly through mobile phones. Here's how to use IMPS for an interbank transfer:

Open the IMPS app or navigate to the IMPS section on your SBI mobile banking app. Enter the recipient's mobile number associated with their mobile banking account. Enter the amount you wish to transfer and the account type (check or saving). Confirm the transaction by entering your ATM/Debit card PIN.

IMPS is perfect for urgent transfers as it offers fast processing.

National Electronic Funds Transfer (NEFT)

NEFT is a secure and reliable option for interbank transfers in India. Here's how to use NEFT:

Log in to your SBI online banking or mobile app. Select NEFT and provide the recipient's bank account details. Enter the amount you wish to transfer and confirm the details. Submit the transaction and confirm your transaction PIN.

NEFT is ideal for regular and large transactions as it is available 24/7.

Real-Time Gross Settlement (RTGS)

RTGS is designed for large and urgent transactions. Here's how to use RTGS for your transfer:

Go to the SBI online banking or mobile app. Select RTGS and fill in the recipient's details, including the IFSC code. Enter the amount you wish to transfer and confirm the details. Submit the transaction and enter your transaction PIN to confirm.

RTGS transactions are instantly credited to the recipient's account and are ideal for large sums or immediate requirements.

Conclusion

Performing an interbank transfer in SBI can be as simple as following the steps outlined in this guide. Whether you need to use IMPS, NEFT, or RTGS, the process is streamlined and secure. By registering the recipient's account details and following the appropriate method, you can ensure a smooth and efficient transfer of funds.