Understanding Beneficiary Activation Times for HDFC and SBI Banks
When you add a new beneficiary to your bank account for fund transfers, the activation time can vary. This article discusses the typical activation times for beneficiaries with HDFC and SBI banks, advises on how to check the activation status, and addresses common queries related to the activation process.
Beneficiary Activation Times in HDFC Bank
When you add a new beneficiary to HDFC Bank, the activation process can take a few hours. Typically, it takes 1-3 hours for the beneficiary to be activated. However, in some cases, it may take up to 24 hours, especially if the beneficiary is added outside of banking hours or if additional verification is required. It is recommended to check your HDFC Bank app or website for the status of the beneficiary. If it shows as activated, you can proceed with the transfer.
SBI Bank's Beneficiary Activation Process
For SBI Bank, a new beneficiary added between 6.00 AM to 9.00 PM IST is usually activated within 4 hours. The activation time can vary, but generally, it should not take more than 2 hours and you will receive a SMS once it is done. For accounts with different rules, like overdraft accounts, you may need to take an OK from the branch manager before the beneficiary can be activated.
FAQs on New Beneficiary Addition Process
What is the change in the beneficiary addition process?
Now, you can add and approve only one beneficiary in each of the following categories: Intra-bank, Inter-Bank, VISA, State Bank Group, and IMPS in a calendar day. The beneficiary will be activated by the internet banking system within 4 hours if approved by you during the period from 6.00 AM to 8.00 PM IST. Beneficiary approved after 8.00 PM will be activated on the next day by 8.00 AM IST. You can commence funds transfer to the new beneficiary only after its activation. During the first 4 days after activation, you can transfer a total of Rs. 500,000 to a new beneficiary if activated by the system.
What is IRATA?
IRATA stands for Internet Banking Request Activation Through ATM. It is a secure method of instantly activating beneficiary access using an ATM. To use IRATA, generate the IRATA reference number and follow the steps provided to activate your account.
Can a new beneficiary be activated immediately with full limit for transfer of funds?
To activate the beneficiary immediately with full limit, choose either the branch activation or IRATA option. If you use the branch activation option, you must submit the duly signed form. If you choose IRATA, you must activate through an SBI Group ATM in India.
What if I want to add more than one beneficiary in a day?
If the previous request for beneficiary activation was processed through your branch or by using IRATA, you can add a new beneficiary. If previously added beneficiary was activated by the internet banking system within 4 hours, the limitation of only one beneficiary addition in a calendar day will be applicable.
How will I come to know that the beneficiary added by me has been activated?
You will receive a confirmation SMS advising activation of your beneficiary on your Internet Banking registered mobile number.
Can I transfer funds to beneficiary up to the daily limit of Internet Banking immediately upon activation?
During the first 4 days after activation, you may not transfer more than Rs. 500,000 in the aggregate to the beneficiary added by you. Thereafter, the full per day limit as set by you, subject to a maximum of Rs. 10 lakh, will become available. For beneficiaries activated through the branch or using IRATA, the full limit will be available.
Can I get my newly added beneficiary activated over a phone call or by sending an email to the bank or its representative?
Such requests have to be made in writing under your signature and submitted to the branch that has given you Internet Banking. Alternatively, you can use an SBI Group ATM in India for activating the beneficiary.
Can I approve the newly added beneficiary without One Time Password (OTP)?
Yes, if you do not have a mobile number registered for Internet Banking or you have not received the OTP for approving a new beneficiary, you can click on the appropriate option.
Can I schedule a transaction for a new beneficiary immediately upon activation?
You cannot schedule a transaction for a new beneficiary for four days from the date of activation. For branch or IRATA approved beneficiary, transaction can be scheduled instantly.
Why am I getting an error message that I cannot schedule a transaction after adding a beneficiary for NEFT remittance during off hours?
NEFT is not a 24x7 service; it is available only during certain hours on weekdays. If you attempt to send NEFT remittance at a time when the service is not available, the system treats it as if the remittance is being scheduled and does not permit it. This limitation is not applicable if the beneficiary is activated using a branch or IRATA.