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.