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SBI to ICICI Online Money Transfer

SBI Internet Banking allows people to transfer funds instantly to other bank including foreign banks also.

Online Banking money transfer is the simple facility that Not just saves Time, but also give complete details about transaction.

Requirements


  1. SBI Internet Banking (with Transaction facility)
  2. ICICI Account Number and IFSC Code
  3. Optional Details - Name, address (it can be what ever)
  4. Internet Connection and web browser

Step 1:

Login to SBI Internet Banking Account

If You are Login to SBI For the First Time follow up this Tutorial

Step 2:

Choose Payment / Transfers Menu.

Now the important links are shown up here. It may confuse the first time users.

ICICI is Outside of State Bank group, choose Outside SBI - Inter-Bank Beneficiary


Step 3:

RTGS or NEFT

RTGS is Real time gross Payment Directly Deposited to the Receiver account.
Minimum Amount -  2 Lakh or Above
Maximum - No Limit

NEFT is National Electronic Fund Transfer Handled by RBI. So There is Money Processing Time, ie During Banking hours only you can transfer money.



Now am going to transfer 90 Rupees. RTGS is not applicable for this, so Choosing NEFT.

Step 4:

If you can see the Beneficiary Account Name and Number (if you have added earlier then you can see).

In my case the ICICI Account to which I am going to transfer money was not added to my Internet banking Profile.

Adding an ICICI Account

Click on add a new Inter-Bank Beneficiary


Enter the profile Password. You may Receive an Profile Section Login Alert. Its Because you have accessed the Profile Section.

Enter the Details. The Account number and IFSC Code must be correct, but other informations may not needed to be accurate.

Enter the 12 Digit Account Number or add 0000 Before 12 Digit account number to make it 16 Digits.


Step 5:
Approve the Beneficiary 
Now approve the Beneficiary by entering the OTP Received as SMS




Note: It takes 4 Hours to approve the Beneficiary during 6 AM to 8 PM. For other Hours it may take upto 16 Hours.

Once Approval was Done by BANK , you can make money transfer.
* You cannot able to transfer the amount greater than 50,000 for the first five days.


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