State Bank of India's (SBI) mCASH is a simple and quick way to claim funds sent by SBI customers through OnlineSBI or SBI Yono. This facility allows SBI customers having Internet Banking facility to transfer funds to a third party without beneficiary registration,
either through mobile number or email-ID of the beneficiary.
either through mobile number or email-ID of the beneficiary.
The facility has been made available in onlineSBI.com and Yono SBI App.
At the other end, the beneficiary with account of any Bank, can claim the fund either through State Bank mCASH Mobile App or mCASH link available on OnlineSBI. The recipient will receive a link in the SMS or email with 8 digit passcode based on the medium chosen by the sender. This 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 to claim the funds.
Beneficiary is required to enter the Account Number, IFS Code, and Pass code, Mobile number or Email address. After due validations, 'Real Time' funds will be transferred to the recipient account.
The recipient will receive a link in the SMS or email based on the medium chosen by the sender.
State Bank mCASH app has two options as 'Claim' and 'Favourites'. In the 'Favourites' section, customers can store account number and IFSC code (maximum 5 accounts) for future claims.
Though there is a small word of caution for all those who intend to use this application. The bank does not accept responsibility for funds transferred inadvertently to an unknown or unintended recipient.
"As the recovery of an amount transferred inadvertently to an unknown or unintended recipient is never within our control, bank does not accept any responsibility for recovering such funds," the bank website says.
