SBI or State Bank of India offers a facility of instant money transfer (IMT) via which you can transfer money instantly.
If you want to make instant transfers across distances, SBI has an instant solution. SBI or State Bank of India, the largest lender of the country with 22,500 branches in India and 59,000 ATMs offers a facility of instant money transfer (IMT) via which you can transfer money instantly to any receiver. He/ she can receive it without a debit card. Only the beneficiary's mobile number, name and address are required to be known to the sender. The receiver can withdraw the money through an ATM without using a card, SBI says.
The beneficiary has to withdraw the whole amount in a single transaction, i.e. no partial withdrawals are allowed.
Customers creating SBI IMTs using ATMs will be required to provide the name and address of the beneficiary via SMS (to 567676) in the following format: BREG 9912345678+VERMA+Nerul+400706,i.e, beneficiary's mobile no., beneficiary's name, beneficiaries location and location's PIN number.
For de-registration, SBI customers need to send an SMS in the following format: UNREG 9912345678,i.e only the mobile number registration.