SBI vs ICICI vs HDFC vs Axis vs PNB vs BoB: Can I do online money transfer without adding beneficiary?

SBI 'Quick Transfer': For all money transfers via internet banking, generally we have to first register the beneficiary.

'Quick Transfer' facility is not provided by HDFC Bank, ICICI Bank, Axis Bank, Punjab National Bank and Bank of Baroda. Image source: Reuters

SBI 'Quick Transfer': For all money transfers via internet banking, generally we have to first register the beneficiary. State Bank of India (SBI) customers can do this without adding the beneficiary. However, there is a limit of Rs 25,000. SBI had introduced 'Quick Transfer' facility a few months ago. "Simplify life with the #QuickTransfer service that doesn’t require you to add a beneficiary to #TransferFunds up to ₹25000/- per day (₹10000/- per transaction). Download the SBI Anywhere Personal app and avail of the benefit along with many more," the bank had tweeted in July this year.

As per the official website of India's largest public lender, you can transfer funds without beneficiary registration through the Quick Transfer facility. "By using the 'Quick Transfer' facility, you can send small value of remittances up to Rs 10,000/day to a third party without registration of beneficiary."

How to use Quick Transfer

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- Login to OnlineSBI
-Go to 'Payments/Transfers' tab
-Click on 'Quick Transfer' link

What HDFC, ICICI, Axis, PNB, BoB offer

'Quick Transfer' facility is not provided by HDFC Bank, ICICI Bank, Axis Bank, Punjab National Bank and Bank of Baroda. However, you can send money immediately through IMPS after registering the beneficiary on the bank's website.

IMPS helps send instant credit to the beneficiary 24x7 and throughout the year including Sundays and bank holidays. You can send and receive funds with just the mobile number and Mobile Money Identification Number (MMID).

The MMID is basically a seven digit number. Of this, the first four digits are the unique identification number of the bank offering IMPS.

MMID can be generated through mobile banking, net banking or phone banking. To send money through IMPS, first login to netbanking and click on on "funds transfer" tab. Then click on IMPS Funds transfer using Mobile number , enter details and confirm the transaction.

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State Bank of India