Money can be transferred in a variety of ways nowadays, including IMPS, NEFT, and others. You'll need to add a beneficiary to some of the ways. A beneficiary is a person whose account number is authorised to receive funds delivered by you. Remove Beneficiary from SBI Account Sometimes we wind up adding a lot of beneficiaries who aren't needed in the long term. To avoid confusion, we want to delete the beneficiary from our list in such circumstances.