SBI Online user? You can send money without using beneficiary account number, name - Here's how

Banking facilities are getting better with every passing day. The processes are becoming more and more flexible and hassle-free. The country's largest lender - State bank of India - offers a simple and quick way to claim funds sent by State Bank of India customers through OnlineSBI or State Bank Anywhere. With SBI mCASH you can easily make an instant payment to friends and family by contacts and Email ID. This allows an individual having Internet Banking facility to transfer funds to a third party without beneficiary registration, either through mobile number or email-ID of the beneficiary. 

As per a notification by the bank, the beneficiary with an account of any Bank can claim the fund either through State Bank mCASH Mobile App or mCASH link available on OnlineSBI. 

For this transaction, the recipient will receive a link in the SMS or email and 8 digit passcode based on the medium chosen by the sender. After which the beneficiary is required to enter the Account Number, IFS Code, and Passcode, Mobile number or Email address. After due validations, “Real Time” funds would be transferred to the desired account.

In simple words, the beneficiaries can claim money using Mcash application and get the money transferred to any bank accounts. 

State Bank mCASH app has two options as namely Claim and Favourites. 

In the “Favourites” section, customers can store account number and IFSC code for future claims. The maximum 5 accounts can be saved for future transactions/ claims.

The facility has been made available at www.onlineSBI.com and State Bank Anywhere mobile app. Also one should know that the nominal charge of Rs 2.50 per transaction is applicable on each transaction.