With the beginning of a new year, one would like to understand if there is a change in Yono SBI Money Transfer charges or not. But before we discuss these charges and limits, let’s check out Sbi Money Transfer and how one can initiate the payment on YONO SBI.
YONO SBI Money Transfer
Over the last few years, banks have started promoting UPI payment with the aim to transfer funds instantly. The procedure to transfer money via UPI app is quite simpler as compared to internet banking. And if your SBI customer, then you can install and easily access UPI payment app named ” YONO SBI APP”.
This app offers different channels to transfer funds.
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1)Using Quick Transfer Option via Account Number + IFSC Code: Under this option, SBI users can easily transfer funds within SBI or outside SBI without registering the beneficiary account. You can simply enter their name, account number, IFSC code and choose the purpose of fund transfer. To avoid any incorrect transaction banks suggest you transfer Re.1 as a test amount. After that can transfer up to the daily limit of Rs.10000. This is a chargeable service hence according to the mode of payment i.e. NEFT or IMPS amount will be debited from your saving account.
2) Using Quick Transfer Option via MMID: In case one is not aware of the bank details, then there is an option to transfer the funds via Mobile MMID. MMID is a 7 digit number allotted by your Bank to receive funds through IMPS. When you register your mobile number and account number in which you wish to receive funds with your bank, they allow you a unique MMID for each account.
SBI has partnered with the BHIM UPI app to facilitate UPI payment on the YONO app. UPI is the latest method of digital payment. There are five options within BHIM UPI to initiate fund transfer:
a) UPI ID/VPA: SBI Users can simply transfer the funds using UPI ID/VPA by verifying it. Once you key the VPA or UPI ID it will auto-populate the beneficiary detail. After that, you can enter the amount and authenticate your MPIN to initiate the funds.
b) Using Contact Number: In case you’re not sure of UPI ID/VPA, there is an option to transfer funds by selecting contact on your device. Users can easily contact and verify if the mobile number is having any VPA registered on SBI or not. If yes, then you can initiate the fund.
c) Using Bank Account: BHIM UPI also offers the facility to transfer funds by entering the bank account number and IFSC code in case you have the correct bank details of the recipient.
d) SCAN QR: In addition, you can easily transfer money to merchants/vendors by scanning the QR code available on their device. The Bhim app decodes the QR code and auto-populates the beneficiary details along with Name, A/c No, IFSC, etc. Users can enter the “Amount” and “Remarks” and proceed with payment. No prior registration of the beneficiary is required.
e) Using Request option: In this option, the SBI users can create a link with a nominal charge of Rs.2.50/- and can send this link to the beneficiary by SMS/ Email. At the beneficiary end, you’re supposed to provide the bank account number, ifsc code, mobile number, 8-digit passcode, mobile number, or email address provided to claim the funds. After that, the funds will be transferred on a real-time basis.
Bank Account: Last but not the least option, you can transfer the fund to the registered beneficiary using NEFT/IMPS. Above all, you can register a beneficiary and then can initiate funds transfer to their account. Most importantly, this is the traditional method of transferring funds within SBI or outside SBI account. In addition, the charge is applicable depending on the mode of payment.
YONO SBI Money Transfer Limit
In the above section, we have studied numerous options by which you can transfer the fund depending upon the information handy with you. SBI has set some limits on daily transactions for each transfer type. Therefore, let’s check out the same so that we must choose the right option while transferring the funds:
|Mode of Payment||Daily Transaction Limit||Per Transaction Limit|
|Transfer within Self Accounts||200,00,000|
|Transfer within Self Accounts||100,00,00|
|Interbank Transfer – NEFT||100,00,00|
|Interbank Transfer – RTGS||100,00,00|
|Transaction Limit for a newly added Beneficiary (First 4 days)||100,000||100,000|
YONO SBI Money Transfer Charges
Check out State Bank of India’s IMPS charges effective from 01 February 2022
|Slab||Transactions at Branches(Rs.)||Trade at Branches||Net Banking / Mobile / YONO|
|Upto Rs ₹ 1000||Nil||No Change||No Charges|
|Above ₹ 1000/- and up to ₹ 10,000/-||2 + GST||Remain Unchanged||0.00|
|Between ₹ 10,000/- and ₹1,00,000/-||4 + GST||No Change||No Charges|
|Between ₹ 1,00,000/- and ₹2,00,000/-||12 + GST||Remain Unchanged||0.00|
|Above ₹ 2,00,000/- and upto ₹ 5,00,000/- (New slab)||N.A.||₹ 20 + GST||0.00|
Check out State Bank of India’s NEFT transaction charges
|lab||Transactions through Branches (Rs.)||Transactions through Net Banking / Mobile / YONO|
|Up to Rs ₹ 10000||2 + GST||0.00|
|Above ₹ 10,000/- and up to ₹ 1,00,000/-||4 + GST||No Charges|
|Between ₹ 1,00,000/- and ₹2,00,000/-||12 + GST||0.00|
|Above ₹ 2,00,000/-||20 + GST||No Charges|
Check out State Bank of India’s RTGS transaction charges
|Slab||Transactions through Branches||Transactions through Net Banking / Mobile / YONO|
|Above ₹ 2,00,000/- and up to ₹ 5,00,000/-||₹ 20 + GST||NIL|
|Above ₹ 5,00,000/-||₹ 40 + GST||No Charges|
The service charges on IMPS are in line with the Service Charges on NEFT/RTGS transactions.
Hope you like this detailed article on the YONO SBI fund transfer along with charges and limits on transactions.