State Bank of India offers mobile banking to its users via State Bank FreedoM, which enables its customers to enjoy anytime, anywhere banking. The Mobile Banking Service provided by SBI can be used either via an Application/WAP (Wireless Application Protocol), SMS, or via USSD (Unstructured Supplementary Service Data).
The various modes of mobile banking through State Bank Freedom are:
- Application or WAP (Wireless Application Protocol)
State Bank of India allows its customers to use mobile banking on their phones using an application or WAP. To use this service, you must either be using an Android mobile phone, iPhone, or have a java enabled phone. GPRS is not mandatory to use this service. All you are required to do is download the application on your phone to start using State Bank FreedoM. Alternatively, if you can also use this service on your phone through WAP, with or without java, having a GPRS connection.
Savings account, as well as current bank account holders belonging to the P segment and current account holders in the SME segment, are eligible to use this service. The service can be availed by any account holder irrespective of the telecom service provider being used. There are no additional charges for the service, however, the customer must bear the GPRS and SMS cost. The daily transaction limit using this service is Rs.50,000, while the monthly limit is Rs.2,50,000.
Features of mobile banking using WAP/App:
- Cheque book request
- Demat Enquiry
- Balance inquiry
- Request for mini statement
- Transfer of funds within and outside a bank
- DTH or mobile top-up
- IMPS (Immediate Payment Services)
- Merchant payments (M-Commerce)
- Postpaid bill payments
- ATM or branch locator
- SBI Life Insurance premium
- Railway ticket booking using IMPS through IRCTC portal
- Instant opening or closing of FDs and RDs
- SMS State Bank of India allows you to use mobile banking using your phones over an SMS. To use a particular service, the account holder must enter the keyword corresponding to the service, and SMS it to 9223440000. Given below is the list of keywords:
- Prepaid Mobile
- IMPS Merchant payments
- Enquiry Services – Mini Statement/Balance Enquiry
- DTH Recharge
- MobiCash wallet Top-up
- IMPS Fund transfer – Account Number & IFS Code, Mobile Number & MMID
All savings or current bank account holders in the P segment and current account holders in the SME segment are eligible to use this service. This service is free of charge, however, SMS charges are to borne by the user. Accountholders are instructed to delete the messages as a precaution. The daily transaction limit usage for this service is Rs.1,000 and monthly transaction limit is Rs.5,000. However, there is an option to increase the daily limit to Rs5,000 and monthly limit to Rs.25,000 by using an OTP.
- USSD (Unstructured Supplementary Service Data)
SBI accountholders can also use the mobile banking service over USSD, available on all phones barring CDMA phones. To avail the service, all you need to do is dial *595#. Using this service, accountholders can avail services such as mobile top-up, funds transfer, and inquiry services.
SBI fund transfer options
There are various modes of fund transfer that SBI account holders can avail. They are:
- NEFT NEFT or National Electronic Fund Transfer system is available for use by SBI’s users. This mode of electronic fund transfer works on DNS (Deferred Net Settlement) basis at specific times of the day. In this system of fund transfer, the transaction is carried out between banks through payment instructions. There is no set limit for NEFT transactions.
- RTGS RTGS or Real Time Gross Settlement is a system where funds are transferred at a real-time based on transfer instructions received. It is referred to as gross settlement as the funds are settled individually as per instruction. It is the fastest mode of interbank money transfer in India.
- IMPS Immediate Payment Service or IMPS is an instant electronic fund transfer used for interbank transactions. This service can be availed through your mobile phone as well as channels such as internet banking, ATM, etc. SBI provides IMPS facility to its customers who are registered for using online SBI services.
SBI NEFT, RTGS, IMPS – Timings, Charges and Limits
NEFT Charges
| Transaction | Charges |
| Up to Rs.10,000 | Rs.2.50 |
| Up to Rs.1 lakh | Rs.5 |
| Above Rs.1 lakh to Rs.2 lakh | Rs.15 |
| Above Rs.2 lakh | Rs.25 |
RTGS Timings and Charges
| Settlement Time | Transaction | Charges |
| 9:00AM to 12:00PM | Rs.2 lakh to Rs.5 lakh | Rs.25 |
| Above Rs.5 lakh | Rs.51 | |
| 12:00PM to 3:30PM | Rs.2 lakh to Rs.5 lakh | Rs.26 |
| Above Rs.5 lakh | Rs.52 | |
| 3:30 PM to 4:30PM (Weekdays) | Rs.2 lakh to Rs.5 lakh | Rs.31 |
| Above Rs.5 lakh | Rs.56 |
Benefits of using SBI Mobile Banking
- State Bank FreedoM, the mobile banking services of SBI gives you the advantage of any time banking through your phone.
- It is available to all SBI customers with an operating savings bank or current account.
- SBI Mobile Banking services are absolutely free of charges, except the SMS charges.
- It is a safe and secure process.
- There are a number of services that can be availed through State Bank FreedoM.
- There is no need of registration with any specific service provider as it can be availed across all service providers.
- SBI is planning on adding services such as movie tickets, air, or train tickets through State Bank FreedoM.
SBI Mobile Banking: Security Measures
If you are using State Bank Freedom, some of the security measures are:
- In case your phone is misplaced or stolen, your account is still safe as there is no information saved on your SIM card or mobile phone. You can also call customer service in case of a misplaced phone to report the theft deactivating your IPIN.
- In case you enter your IPIN incorrectly a number of times consecutively, SBI blocks the pin.
SBI Mobile Banking: Do’s and Don’ts
Following are the Do’s and Don’ts while using SBI Mobile Banking:
Do’s:
- It is preferable that your mobile phone is secured by a unique password, only known to you.
- Ensure you choose a strong password comprising of a mix of alphanumeric and special characters.
- Ensure you change your password on a regular basis to keep it safe and secure.
- In case of a lost or stolen phone, report the incident immediately to the bank as well as the nearest police station.
Don’ts:
- Mobile banking is very risky as you access the services while on the move. Therefore, do not enter your details in hurry for any kind of transaction.
- Never share confidential information in any other website, other than the registered bank’s app.
- Do not share any banking information on your phone.
- In case of a change in your mobile number, do not forget to inform the bank immediately.
