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How To Add A Beneficiary To A SBI Account?

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How to work Banking System in India

Want to add beneficiary account in branch of SBI? This is the guest post by banksifsccodes.com. Here you can get idea about how to add a beneficiary to a SBI Account.

In order to facilitate transfer of funds between two bank accounts at State Bank of India, it is of extreme importance to possess two accounts. For this reason, adding a beneficiary account will come in handy, as it eases out the process of transferring funds through the online platform.

Currently SBI is working at a pretty large facility that comprises of over 12500 branches in India with 25000 ATM’s all over the city, with 80 million bank account holders relying on it for monetary needs. The online platform that the bank provides makes it easier to transfer funds.

How to work Banking System in India

Steps For Add Beneficiary

In order to add a beneficiary to a SBI account’s online platform, one needs to follow the following steps.

Firstly, one should login to the online banking platform of SBI. For this purpose you could use the website www.netpnb.com. If you have a savings account, click on the “retail user” button, which is located at right side of the home page. After entering the ID and password, a secure login will be facilitated to the SBI online platform.

It is important to remember to enter the right password without any mistakes, as multiple login attempts will trouble the system.

After logging in, you will find a link that reads “Transactions”. from the menu, click on the “Manage Beneficiary” option to further the process.

You will come across different options like “Add NEFT Payee”, “Add within SBI” and “Add RTGS Payee”. If you are adding a beneficiary with a SBI account, select the 2nd option. The other two are useful for beneficiaries without a PNB account. Here I am adding NEFT Payee.

Add Beneficiary in SBI Account

After selecting this option, click “Okay” to complete this step.

Subsequently, you will be asked for beneficiary’s account number and a Nick Name.

Once this is filled in, validate the account and also select whether you want to provide it Global or Local access.

Once this is done, enter the IFSC code of the beneficiary’s bank branch, after which you will be asked to define the transaction limits on the same screen. A transaction password needs to be filled up for added security. Enter transaction password and click “Submit” button.

“Hint: IFSC code is necessary for RTGS, IMPS and NEFT Transactions. For example ifsc code of pnb bank of a particular branch is PUNB0339800”.

Once this step is done without any hassles, you will have to confirm beneficiary from the confirmation list. Just tick the current beneficiary and click the “confirm” button to confirm the addition of the beneficiary to the account.

Conclusion

Thanks to technology and the immense speed of the internet, the One Time Password, will be sent to you in a jiffy to your registered mobile number. After you enter the OTP and confirm the beneficiary you would have added the beneficiary to the SBI bank account and check status all by crossing your legs at home.

The best part about the SBI online portal is that it allows you to add beneficiaries who possess accounts in other banks as well.  This has far simplified the ease with which these online transactions take place, as a result of which more people have started utilizing these mind -blowing features with utmost ease.

Author:Harshil Patel

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