State Bank of India (SBI), country’s largest lender launched State Bank mCASH. mCASH is a easy and quick way to claim funds sent by SBI customers through Internet banking or State Bank Anywhere mobile app based on just mobile number or email id. In other words, SBI customers can transfer money to anyone without knowing their Bank account details irrespective of whether the recipient banks with SBI or not.
Money transfer process through mCASH:
- Any SBI customer having Internet banking facility can transfer funds to a third party without registration of beneficiary by entering beneficiary mobile number or email-ID by just selecting from the contact list of their phones. The facility has been made available in www.onlineSBI.com and State Bank Anywhere mobile app.
- A nominal charge of Rs. 2.50 per transaction has been made applicable for each transaction. At the beneficiary end, the recipient needs a Bank account, not necessarily with SBI.
- The recipient will receive a link in the SMS or email based on the medium chosen by the sender. An 8 digit passcode will be provided in the communication which is required to be used on the State Bank mCASH link available on pre-login of Online SBI or State Bank mCASH mobile App (Android Platform) to claim the funds.
- Beneficiary is required to enter the Account Number, IFS (Indian Financial System) Code, Passcode, Mobile number or Email address in the space provided and funds are transferred “Real time” via fund transfer functionality or IMPS facility for interbank transfers.
- State Bank mCASH app has been provided with two options as; “Claim: and “Favourites”. In “Favourites” section, customers can store account number and IFSC code (maximum 5 accounts) for future claims.