NEFT Related

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swatkats

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I have an SBI account, I have done a NEFT transfer to an HDFC account, Mumbai. I just added that account in the beneficiary. In that ONLINE SBI portal, I was told that the added beneficiary will be approved Next Business Day.
This is the First time i am doing an NEFT transfer, I am clueless, What am i supposed to do NEXT? :O
 
Online SBI is crap
1.It takes 24 hrs to activate a new beneficiary

2.After step 1 completes you will have to wait for 5 days after activation to do a NEFT transfer.
 
I'm a State Bank Employee, and sadly, SBI INB does suck.. :(

After having added a beneficiary it will take close to 35-40 hours before you can initiate a transfer.
You have one more option if the transfer is urgent. Login into Online SBI.. Get to the Beneficiary addition page... Click on the 'approve' tab..
There you will find an option for "Branch Activation Form"... Clicking on that link will generate a Benefeciary Activation code.. You need to take up a printout of that and the Branch can help you with immediate activation..

#On the contrast, I added and transferred money to a new beneficiary on my Kotak INB in less than 10 minutes..

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siril_k said:
2.After step 1 completes you will have to wait for 5 days after activation to do a NEFT transfer.
Click to expand...

After activation, immediate transfer can be initiated..
 
akskap said:
I'm a State Bank Employee, and sadly, SBI INB does suck.. :(

After having added a beneficiary it will take close to 35-40 hours before you can initiate a transfer.
You have one more option if the transfer is urgent. Login into Online SBI.. Get to the Beneficiary addition page... Click on the 'approve' tab..
There you will find an option for "Branch Activation Form"... Clicking on that link will generate a Benefeciary Activation code.. You need to take up a printout of that and the Branch can help you with immediate activation..

#On the contrast, I added and transferred money to a new beneficiary on my Kotak INB in less than 10 minutes..

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After activation, immediate transfer can be initiated..
Click to expand...

Sorry but as per new rules you can see this,
 
Party Monger said:
OT- What bank's the best bet with internet banking?
Click to expand...

axis bank...even have superb android application do recharge mobile,for doing neft,you can add beneficery any time and can transfer money without any delay,you can pay various bill through it also,same option also available in internet banking....

so far kotak mahindra net banking sucks like hell...
 
akskap said:
I'm a State Bank Employee, and sadly, SBI INB does suck.. :(

After having added a beneficiary it will take close to 35-40 hours before you can initiate a transfer.
You have one more option if the transfer is urgent. Login into Online SBI.. Get to the Beneficiary addition page... Click on the 'approve' tab..
There you will find an option for "Branch Activation Form"... Clicking on that link will generate a Benefeciary Activation code.. You need to take up a printout of that and the Branch can help you with immediate activation..
Click to expand...

That's Really Painful. I am With SBI because of ZERO Balance thing.
 
@swatkats I have an SBI Account and yes as others said you will have to wait till the next business day for it to be approved. Mine generally gets activated next day morning irrespective of whatever time I add the beneficiary. And then you can initiate a NEFT transfer to the beneficiary as normal.
You get a SMS when it the activation of beneficiary is done.
@siril_k The 5 days waiting period is for scheduling automatic transfers for future like for e.g. some monthly bill. A normal transfer can be done immediately upon beneficiary activation


P.S. the wait for activation is irritating.
 
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I have to make a Transfer. It's not urgent at all, I knew Uneasy process with SBI last time with Inter bank Transfer Online to (SBH) so i tried adding beneficiary early before the Payment Date. I just Realized I did Right thing. :D
 
techygeek said:
@swatkats I have an SBI Account and yes as others said you will have to wait till the next business day for it to be approved. Mine generally gets activated next day morning irrespective of whatever time I add the beneficiary. And then you can initiate a NEFT transfer to the beneficiary as normal.You get a SMS when it the activation of beneficiary is done. @siril_k The 5 days waiting period is for scheduling automatic transfers for future like for e.g. some monthly bill. A normal transfer can be done immediately upon beneficiary activationP.S. the wait for activation is irritating.
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NO this was not for scheduled txn but a NEFT for newly added beneficiary, infact it was a payment for one of deal between me & a TE member.You can try & see the new restriction.
 
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siril_k said:
NO this was not for scheduled txn but a NEFT for newly added beneficiary, infact it was a payment for one of deal between me & a TE member.You can try & see the new restriction.
Click to expand...

So Wait for More 5days?? Do i need to face any more problems after this Adding beneficiary thing?
 
Yeah, with new rules in SBI, after adding a new third party beneficiary you need to wait for 5 days before make first transaction with it.
This rule sucks big time.. 5days is way too long.
 
AFAIK, the 5 day rule is changed now. I just added a beneficiary today and SBI said now we can transfer only up to a total of 50k in the 1st 5 days (rather than waiting for 5 days now).
 
alekhkhanna said:
AFAIK, the 5 day rule is changed now. I just added a beneficiary today and SBI said now we can transfer only up to a total of 50k in the 1st 5 days (rather than waiting for 5 days now).
Click to expand...

To non sbi group bank accounts also like PNB, ICICI etc also??
If so much better... 5 day wait was total crap idea
 
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