If you use onlinesbi for your regular banking activities then you might know the usefulness of standing instructions to pay your regular payments online. If you don’t knwo what is standing instruction, then let me tell you in brief. Generally standing instruction is nothing but like a facility we are automating our regular payments similar to ECS facility. E.g. if you want to pay Rs 1,000 to your PPF account online, then create a standing instruction for Rs 1,000 by setting month wise and also with exact date. After that every month on the same date you will see that Rs 1,000 has been deducted from your SBI account and then deposited in your PPF account automatically.
Steps to make standing instruction in SBI online
First of all you have to log in to your onlinesbi account with your id and password. Then navigate to transfer funds area. Click on the link to transfer funds online. You will find a screen like below.
Now, you will find there are 3 payment options available to choose. Choose Standing instruction one. And it will open up more options.
Next choose the frequency of payment. E.g. I have automated my PPF account payment online. In that case I opt for monthly once option and choose the date as 15th of every month.
You have to choose the installment also. E.g. if you like to set the amount for 1 year then update with 12. Similarly if you want to open a recurring deposit account in SBI online for 5 years then you have to provide 60 as no of payments.
After choosing every detail, you have to click on the submit button to complete the standing instruction.
How to cancel standing instruction in SBI online
Canceling a standing instruction is very easy. You have to check in the standing instruction.
This is one of the best to pay your regular investments without any failure and also making a good habit of investment. Have you ever created a standing instruction in SBI or any other bank online? Share your views and experience here by writing a simple comment below.