In order to make life of it's customers easy and convenient, State Bank of India has started money transfer facility called mCASH for claiming the money sent through SBI's online banking facility or anywhere. The service can be used for money transfer to bank account within SBI (any branch) or other account in another bank. For this, customer needs mobile number or E-mail ID of the beneficiary and there is no need of bank account details of the beneficiary.
Requirement
Customer should have SBI online banking facility enabled in order to send money. Also the transfer is possible within SBI group or IMPS enabled banks.
How to Transfer
As mentioned above the transfer process is very simple and only details required are beneficiary's mobile number or E-mail ID. No need of bank account details such account number, IFSC code etc. which are normally required when transferring the funds.
Charges: Minimum charge for each transaction is Rs. 2.50
Transfer Limit: Rs. 1,000 per transaction and Rs. 2,000 per day per user.
How can beneficiary claim money and other requirements: Beneficiaries should have bank account and they can receive money in 2 ways depending on the option chosen by the sender as follows:
- Through mobile banking application (mCASH) which needs to be installed on their mobile phones with Android and Apple iOS and Blackberry.
- Link sent on E-mail
- Along with this, 8 digit passcode will also be sent to the receiver which needs to be entered on the SBI mCASH link available before pre-login of online SBI or mCASH mobile application for claiming the funds.
- After this, beneficiary needs to enter account number, IFSC code, passcode, choose from the 2 options: E-mail ID and mobile number and enter the same.
When does money get transferred: It is instant and funds are transferred in the real time.
Is the transaction Secured:
SBI claims that the mCASH app is extremely secured as none of the details are saved in the mobile phone and SSL encryption is used. Also if the app is unused for more than 5 minutes, it gets closed automatically.
Other features of this app:
The mobile application also has functionality to save the account number and IFSC code through the "Favourites" section.
Here are the images of mCASH app:
Request to the readers:Please mention your feedback about this app through the comments section below.
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