In a world where UPI transactions take the cake in terms of facilitating easy transactions and payments, there is still the need for an online banking facility. While UPI transactions have a smaller limit to the amount you can transfer to a beneficiary, that is not the case with online banking. Whether you wish to transfer money to a beneficiary via IMPS or NEFT, adding a beneficiary is crucial to the process. This can be done via your SBI Yono app. But how to add a beneficiary in the SBI Yono app? Here is a complete guide that explains the process to add a beneficiary in SBI Yono!
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What Is A Beneficiary, And Why Is Adding One Required In Yono SBI?
A beneficiary, in banking terms, is an entity or individual that benefits or receives funds from a financial transaction or account. In simple words, a beneficiary is a recipient of the funds that are transferred from your account to theirs.
For example, you wish to transfer INR 5000 to your friend’s bank account. In this scenario, your friend is a beneficiary. Adding a beneficiary in the Yono app is a crucial step that ensures your funds are transferred accurately and securely to the intended recipient. The process of adding a beneficiary undergoes a verification process that ensures that the funds you transfer are sent to a legitimate account and not a fraudulent one.
Moreover, if you do not add a beneficiary in the SBI Yono app and make the transfer via other methods, you might end up transferring it to the wrong account accidentally. This can result in an inconvenience or even a financial loss if your bank is unable to aid you with the funds’ retrieval process. When you add a new beneficiary in SBI Yono, you verify all the details related to the beneficiary’s account. This includes things such as IFSC code, account number, name, bank name, etc. Taking this extra step allows you to send the funds to the correct bank account.
When you know how to add a new beneficiary in the SBI Yono app, it serves as an additional security measure to prevent activities such as phishing, identity theft, or any variant of online scam. Verifying recipient account details ensure your transaction is legitimate, and this reduces potential risks associated with unauthorized transactions.
Now that you know how important it is to opt for the Yono SBI beneficiary add method, let us learn how to get it done the right way without any error.
Add Beneficiary via SBI Yono Application
If you are wondering how to add a beneficiary in SBI Yono or can I add a beneficiary in Yono SBI, you need to follow the steps listed below:
- Start by logging into your SBI Yono application with your User ID and password
- Now, click on the ‘Yono Pay’ icon
- You will now be redirected to the page with several options displayed. Here you have to tap on the ‘Bank Account’ option
- Next, tap on the Fund Transfer tab and then select the ‘Pay a New Beneficiary’ option
- Select the Beneficiary’s Bank.
- Now, you need to add the beneficiary’s name as registered with their bank. This is also applicable if you wish to learn how to add other bank beneficiaries in Yono SBI
- Now, Enter the bank Account number, re-enter the bank account number and verify the details
- Next, you need to add other details like the recipient bank’s IFSC Code as well as the maximum limit and Nick Name
- Click on Next to Proceed
You will be prompted to enter the OTP which you receive on your registered mobile number and the Transaction Password.
Once you fill these details the beneficiary will be added, the bank will only approve one beneficiary on a working day.
The activation happens within four hours if the OTP approval happens within the time period of 6 am and 8 pm IST. However, if the activation is attempted beyond this time frame, the activation will happen the next day.
After the beneficiary has been added, for the first 24 hours, you might not be able to send a large amount to the beneficiary’s account. This cap is to avoid any fraudulent transaction and is a wise safety measure by the banking system. Once this cap is over, you can easily transfer up to INR 10,00,000 per day via RTGS or NEFT.
Moreover, if you are wondering how to add a beneficiary in the SBI Yono app without paying, the answer is you don’t really have to pay. This service is completely free, and you don’t incur charges. Moreover, for SBI customers that are wondering how to add a beneficiary in the SBI Yono Lite app, the process is just the same as that of SBI Yono.
Conclusion
Adding a beneficiary via SBI Yono is a safe option that can help you with funds transfer to friends or family. It is a safe process that ensures your hard-earned money reaches the right beneficiary account. The process is fairly straightforward and simple, which makes the transactions faster and easier. This is especially helpful if you happen to make frequent transactions. So, make sure you take the full benefit and learn how to add a new beneficiary in Yono SBI for secure transactions.
Frequently Asked Questions(FAQs)
After you implement the steps explaining how to add a beneficiary in Yono SBI mobile app, you will have to wait at least four hours for the activation to happen. If the beneficiary activation has been done using OTP within the time period of 6 am and 8 pm, it will take a maximum of four hours. However, for activation that has happened beyond this time period, the beneficiary will be approved only on the next working day.
When you use Yono add beneficiary option; you will have to wait a certain time period before the beneficiary addition is approved by the bank. So, if you wish for instant activation, you can submit a form to your home branch. Then, the activation will be instant, and you can start transferring the funds to your friends, family, or any other beneficiary.
Beneficiary activation done during bank work hours will be activated the same day. However, any beneficiary that has been approved by the SBI customer after 9 pm will only be activated on the next day at 8 am or later. The fund transfer can only happen once the bank has approved the beneficiary. In the initial four days of the activation, there is a cooling period. In this period, after you add a new beneficiary in the SBI Yono app, you can transfer a maximum of INR 5,00,000 to the beneficiary. After this, you can transfer an amount to the maximum of INR 10,00,000 per day.
While it is important to know how to add a new beneficiary in Yono SBI, you can also make small transfers using your Internet banking facility. Here are the steps to follow:
· Visit https://retail.onlinesbi.sbi/retail/login.htm and log in to your Internet banking account
· Next, select the Quick Transfer option in the drop-down menu Payments/Transfers
· Now, select your SBI bank account from which you wish to pay the beneficiary
· Add all the required details like account number, beneficiary name, payment option, transfer mode, IFSC code, the purpose of transfer, and the amount
· Once you have successfully entered all the details, hit the Confirm option
· Now, enter the OTP sent to your registered mobile number. This will confirm and then complete the transaction
The amount will be automatically transferred, and you will receive a transaction ID that can be used to check the transaction’s status. However, there is a limit to SBI Quick Transfer. In a day, you can only transfer a maximum of INR 10,000 via net banking and INR 25,000 via mobile banking facility. However, if you wish to add an amount higher than this, you need to learn how to add a beneficiary account in the SBI Yono app.
Once you have learned how to add a new beneficiary in SBI Yono, you can check the beneficiary status by logging into your Internet Banking account. Tap on the Profile tab in your account and then open the Manage Beneficiary option. Here you can check whether your beneficiary status is approved or pending.