SBI Instant Money Transfer (IMT)
1. SALIENT FEATURES
A customer can instantly transfer rupee funds to anybody anywhere anytime.
Only the beneficiary’s mobile number, name and address are required to be known to the sender.
The registration of the beneficiary by the sender is carried out by the system. Hence, the sender need not provide the name and address for recurring payments.
The beneficiary can withdraw money from select State Bank Group ATMs to begin with without using a Debit Card.
An IMT once created cannot be cancelled.
The beneficiary has to withdraw the whole amount in a single transaction, i.e. no partial withdrawals are allowed, at present.
2. BENEFICIARY REGISTRATION& DE-REGISTRATION
Customers creating IMTs using ATMs will be required to provide the name and address of the beneficiary via SMS (to 567676) in the format: BREG 9912345678+VERMA+Nerul+400706,i.e, beneficiary’s mobile no., beneficiary’s name, beneficiaries location and location’s PIN number.
For de-registration in the formatUNREG 9912345678,i.e only the mobile number registration.
3. THRESHOLD LIMITS
There is a minimum transaction limit of Rs. 100/- and multiples of Rs. 100/- thereafter. A maximum of Rs. 10,000 per transaction subject to the monthly cap of Rs. 25,000 per month per beneficiary will be applied automatically by the system. The maximum amount per sender in a calendar month is Rs.50,000/- and there is a maximum number of 10 beneficiaries per sender.
4. SERVICE CHARGES
The sender will be charged a nominal fee of Rs. 25/- (Rupees Twenty five only) per transaction at source. There will be no charges at the beneficiary end.
5. VALIDITY OF THE TRANSACTION
The beneficiary has T+2 days to withdraw the IMT else the money will automatically be refunded back to the sender’s account. However, charges will not be refunded.
PROCESS FLOW FOR INITIATING IMT USING STATE BANK GROUP ATM :
a) Select transfer option
b) Enter debit card PIN
c) Select IMT option
d) Select IMT Initiate
e) Enter beneficiary mobile number-10 digits
f) Enter your mobile number-10 digits
g) Enter sender code-4 digits ( to be shared only with beneficiary )
h) Re-enter sender code
i) Enter amount ( in multiples of Rs.100/- and max Rs.10000/-)
j) Select YES or NO on confirmation screen
k) Select account type- Savings/Current
l) After successful IMT initiation a 15 digit IMT ID will be generated and a 4 digit SMS code will be sent to Beneficiary mobile number.
PROCESS FLOW FOR IMT STATUS ENQUIRY:
a) Select transfer option
b) Enter debit card PIN
c) Select IMT option
d) Select IMT status Enquiry
e) Enter 15 digit IMT ID
f) Select account type- Savings/Current
PROCESS FLOW FOR WITHDRAWING IMT
The beneficiary can use any State Bank Group ATM to make a cardless withdrawal of the amount. At present, this service is present on a limited number of ATMs. However, all ATMs will get covered shortly. The step-by-step process for withdrawal of an IMT is as under:
a) Use bottom right FDK/touch screen in idle screen of the ATM against IMT logo
b) Enter Beneficiary mobile number
c) Enter sender code
d) Enter SMS code received on mobile
e) Enter amount (Full IMT amount, partial withdrawal not allowed)
f) Select YES or NO on confirmation screen
g) Collect the cash.
Frequently Asked Questions
Q.1) What is the Instant Money Transfer (IMT) ?
Ans : IMT is a unique product that can be used to send money instantly to any mobile number in India. The receiver can withdraw the money through an ATM without using a card.
Q.2) What can I use this service for?
Ans : You can use this service to transfer money instantly to family and friends. In addition, the service can be used for self-withdrawal. The main target audience is customers requiring long-distance remittances, parents sending money to children, emergency transfers (forgotten wallet, lost debit card, etc.).
Q.3) Does the service work only during branch hours?
Ans : No, the service is available 24x7x365 days a year.
Q.4) How do you send money to a mobile number?
Ans : Money can be sent using State Bank Debit Card.
Q.5) How does the recipient withdraw the money?
Ans : The recipient can withdraw the money from any State Bank Group enabled ATM by entering his/her mobile no. and entering (i) the sender’s password and (ii) the system generated password.
Q.6) Does the sender need to hold a SBI account?
Ans : Yes, the sender is required to have an account with State Bank of India.
Q.7) What information is the sender required to provide?
Ans : The sender is required to provide the Bank with the beneficiary's mobile number, name and address only.
Q.8) Is there any limit applicable on the sender?
Ans : Yes, there is a minimum transaction limit of Rs. 100/- and multiples of Rs. 100/- thereafter. A maximum of Rs. 10,000 per transaction subject to the monthly cap of Rs. 25,000 per month per beneficiary as prescribed by RBI will be applied automatically by the system.The maximum amount per sender in a calendar month is Rs.50, 000/- and there is a maximum number of 10 beneficiary per sender.
Q.9) Does the sender need to visit the branch for registration?
Ans : No, the sender need not visit the branch for registration of the recipient.
Q.10) Can a person add any number of beneficiaries?
Ans : A customer can have a maximumof 10 beneficiaries at a time. If any new beneficiary is to be added, he has to deregister one of the existing 10 beneficiaries.
Q.11) Is there any beneficiary registration process?
Ans : Yes, A one-time mapping of the sender with the beneficiary is carried out by the system. Hence, the sender need not provide the name and address for recurring payments.
Q.12) How do you register a beneficiary?
Ans : Customers using the ATMs to initiate an IMT will be required to provide the name and address of the beneficiary via SMS to 567676.
Q.13) How long does the beneficiary have to withdraw the IMT?
Ans : The beneficiary has T+2 days to withdraw the money from the IMT.
Q.14) Can I cancel an IMT after creation?
Ans : No, once created an IMT cannot be cancelled.
Q.15) Can the beneficiary withdraw choice amounts?
Ans : No, the beneficiary has to withdraw the whole amount in a single transaction i.e. no partial withdrawals are allowed, at present.
Q.16) What are the charges applicable on IMT?
Ans : The sender will be charged a nominal fee of Rs. 25/- (Rupees Twenty five only) per transaction at source. There will be no charges at the beneficiary end.
Q.17) Does the receiver need to hold a SBI/any bank account?
Ans : No, the recipient of the IMT need not be an account holder of any Bank.
Q.18) What happens in case sender does not provide the beneficiary details on time?
Ans : In case the details are not received, the IMT is cancelled by the system and the IMT amount is re-credited to the sender. However, the charges are not refunded.
Q.19) What happens in case beneficiary does not withdraw the cash in time?
Ans : The IMT lapses and the amount is re-credited to the sender. However, the service charges are not refunded.
Q.20) Within how much time is the sender to register the beneficiary?
Ans : Beneficiary registration can be done both prior to or after IMT is initiated. However, in case of the latter it should be done before expiry of the IMT, i.e. T+2 days.