How to use Quick Transfer option in SBI Online Banking
SBI online banking has a number of useful features. One of the handy features in SBI online banking is the Quick Transfer option. This post explains in detail about this feature and how to use it.
SBI online banking has a number of features quite useful for account holders. One of these features is Quick Transfer option that allows people to transfer money online without adding a beneficiary. This post explains in detail about the features, benefits and limitations of SBI Quick Transfer option.
How to use Quick Transfer option in SBI banking
Precautions related to SBI online Quick transfer
1. It is very important to add the exact recipient details while making the transfer. If there is any error in the account number, money may get credited to the wrong account. It is very hard to reverse such transactions even with the bank's consent. A simple solution to this problem is to make a transfer of a small amount like Rs. 100 or so and then confirm with the recipient before making a bigger transaction. I had personally gone trough this problem but luckily in my case the wrong account number which was entered did not exist.
2. One of the biggest limitation of this feature is that it allows instant transfer only before 8 pm. If you use this option after 8 pm, money will be transferred the next day.
Other important featuresThere are various other important features in SBI Online Banking as well. For instance, you can even create a Fixed Deposit with the SBI Internet banking. Money will be deducted from your savings account once you give details like amount and tenure of Fixed Deposit. Once the FD gets matured, it will automatically get credited to your savings account. This saves a lot of time as you need not visit the branch for opening an FD or getting the maturity amount.
One important requisite for this option is that there should be at least one transaction done with the account. An important thing to note here is that all the facilities available while opening normal FD at bank are available with the online option as well. For example, you can pre-mature the FD and there is additional interest for senior citizens. Another useful feature in SBI Online Banking is that it allows instant transfer to linked PPF account as well. However, transferring the maturity amount of PPF to savings account is not possible online. One has to visit the local SBI branch for this purpose.