Sbi Instant Money Transfer Imt - Personal Banking
SBI Instant Money Transfer IMT
SBI Instant Money Transfer (IMT)
- 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.
- 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.
- 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.
- 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.
- 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
Process Flow For Initiating Imt Using State Bank Group Atm :
- Select transfer option
- Enter debit card PIN
- Select IMT option
- Select IMT Initiate
- Enter beneficiary mobile number-10 digits
- Enter your mobile number-10 digits
- Enter sender code-4 digits ( to be shared only with beneficiary )
- Re-enter sender code
- Enter amount ( in multiples of Rs.100/- and max Rs.10000/-)
- Select YES or NO on confirmation screen
- Select account type- Savings/Current
- 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
- Select transfer option
- Enter debit card PIN
- Select IMT option
- Select IMT status Enquiry
- Enter 15 digit IMT ID
- Select account type- Savings/Current
Process Flow For Imt Status Enquiry
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
- Use bottom right FDK/touch screen in idle screen of the ATM against IMT logo
- Enter Beneficiary mobile number
- Enter sender code
- Enter SMS code received on mobile
- Enter amount (Full IMT amount, partial withdrawal not allowed)
- Select YES or NO on confirmation screen
- Collect the cash.
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.
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.).
No, the service is available 24x7x365 days a year.
Money can be sent using State Bank Debit Card.
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.
Yes, the sender is required to have an account with State Bank of India.
The sender is required to provide the Bank with the beneficiary's mobile number, name and address only.
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.
No, the sender need not visit the branch for registration of the recipient.
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.
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.
Customers using the ATMs to initiate an IMT will be required to provide the name and address of the beneficiary via SMS to 567676.
The beneficiary has T+2 days to withdraw the money from the IMT.
No, once created an IMT cannot be cancelled.
No, the beneficiary has to withdraw the whole amount in a single transaction i.e. no partial withdrawals are allowed, at present.
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.
No, the recipient of the IMT need not be an account holder of any Bank.
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.
The IMT lapses and the amount is re-credited to the sender. However, the service charges are not refunded.
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.
Last Updated On : Thursday, 19-12-2019
Interest Rates
2.70% p.a.
less than Rs.10 Cr. w.e.f 15.10.22
3.00% p.a.
Rs.10 Cr. and above w.e.f 15.10.22
2.70% p.a.
Balance below Rs. 10 crs
3.00% p.a.
Balance Rs. 10 crores and above
