Although the idea of digital transactions is to save your time and bring flexibility in receiving and paying money, it is still time consuming in some ways. The only that takes time is to add beneficiaries. We are all aware that the moment you open your net banking portal, we have to add beneficiaries to transfer or receive payment, this is a one time process but still takes time as we have to wait for almost 30 mins to finally to carry financial operations with the other person. In a major good news! Largest state-bank lender State Bank of India (SBI) has introduced Quick Transfer service which helps you to eliminate the need of adding beneficiaries. 

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SBI tweeted through its official handle saying, “Simplify life with the #QuickTransfer service that doesn’t require you to add a beneficiary to #TransferFunds up to Rs 25000/- per day (Rs 10000/- per transaction).”

All we have to do is download the SBI Anywhere Personal app and avail of the benefit along with many more.

Here’s how Quick Transfer service benefits you. 

The "Quick Transfer" facility enables RINB users to send small value of remittances upto Rs.10000/- per day to a third party without registration of beneficiary.

If the beneficiary's account is maintained with SBI, the remittance amount is credited instantly. Also, two options viz. IMPS and NEFT are available for sending remittance.

 

If mode of transfer is choosen as NEFT, Transaction will be processed maximum within next working day depending on NEFT settlement time. 

Quick Transfer facility using IMPS mode is currently available between 8 a.m to 8p.m. However, it needs to be noted that, the auto refund for the failed IMPS transaction will be credited to your account on next working day.

No Service charge is being levied if the beneficiary's account is maintained with SBI. However, the service charges for NEFT mode will be recovered in addition to the remittance amount, the service charges for IMPS mode will be recovered separately from your debit account.