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SBI Online Third Party Funds Transfer FAQ

Who is a third party?

  • A third party is a Customer of State Bank of India to whom you can transfer funds from your accounts. If you have an account in a specific associate bank of the SBI group, the third party account should also belong to the same bank.

What is the procedure to add a third party to my account?

  • You need to register third party details specifying the third party name, account number and branch. You will receive a high security password in your mobile number to approve this third party. On approval, the third party becomes a beneficiary to your accounts. You can now transfer funds to this beneficiary account.

What are third party transaction limits?

  • You can transfer up to Rs.500000 per day from State Bank of India accounts to third party accounts at other Internet Banking enabled branches. Please remember that the third party account should be in the same bank as yours

Why do I receive an SMS when I add a third party?

  • Third party addition is a highly secure process, with the intention of eliminating attempts by unknown persons to transfer funds from your accounts. Whenever you add a third party, the site requires you to authenticate yourself with your profile password. In addition, you are sent a high security password on your mobile number to approve the third party.

Why do I need to approve a third party?

  • Approval ensures that your third party addition, verification and approval are done by authorized Internet Banking Users. Any malicious user who has access to your username and login password will not be able to add and approve a third party.

What is the per day limit for inter branch third party transfers?

  • You can transfer up to Rs.500000/- per day from State Bank of India accounts to third party accounts at other Internet Banking enabled branches. Please remember that the third party account should be in the same bank as yours

Can I transfer funds to third party accounts at other branches?

  • Yes, you can transfer funds to third party accounts in other branches provided they are Internet Banking enabled.

I am not able to view menus related to third party addition or third party transfer, when I log into the Internet Banking site?

  • To add a third party, you must have transaction rights on your accounts. If you do not have transaction rights, approach your branch to enable transaction rights on your accounts. You will be required to fill a form. Once your signature is verified by the branch official, your request will be approved.

How do I report failure of third party transactions?

While logging a ticket for third party transaction issues, ensure to provide:

  • Date of Transaction
  • Amount of Transaction
  • Transaction Reference Number
  • Debit Account Number and Branch/Branch Code
  • Third Party Account Number and Branch/Branch Code (credit account and branch)

Are there any risks in third party addition?

  • Any malicious user who has access to your profile password may be able to add own accounts as a third party account. But the site provides additional security features such as third party approval through SMS based password to prevent such users.

Source: SBIOnline

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11 thoughts on “SBI Online Third Party Funds Transfer FAQ

    1. I am not sure if there a limit that you need to wait at least for #5 days after online account activation for fund transfers. However, in general, most of the public sector banks limit the online transactions to a certain max amount (that is 50K in case of SBI) as per RBI norms/guidelines.

  1. gunnalag :I am not sure if there a limit that you need to wait at least for #5 days after online account activation for fund transfers. However, in general, most of the public sector banks limit the online transactions to a certain max amount (that is 50K in case of SBI) as per RBI norms/guidelines.

    Hi , is there RBI guideline to limit rs.50000 per day only during the first five days of activation?!! this is ridiculous. the person is first adding the beneficiary by giving acc.number etc. then OTP. then approval. and then bank’s activation(1 day). after all this in addition this 5 day limitation !!!!!!!!!! is not at all needed. internet banking should be helpful to the customers to speedup things. a person will be forced to take a draft and courier if he needs urgent money rather than waiting for 5 days after doing all that.

  2. Yes, it is true that there is a 5 day cap to transact from the day the third party account is activated. However, there is no clarity as to how the 5 day math is arrived at. I have submitted my request on-line to activate a third party on 01st Nov and the same is confirmed done on 02nd Nov. I was expecting the bank to allow me transact on 07th Nov (which actually is the 6th day from the date when the third party account was activated). But, my transaction did not go through. May be they are going by the math of (7 – 2)? In which case hopefully by 08th Nov the online transactioni will be allowed. Firstly the 5 day cap for online transaction itself is ridiculous and on top of it the math to arrive at 5 day is intself flawed. Hope SBI takes care of this and either eliminates the 5 day cap or reduce it to a day to make it more customer friendly

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