Internet-based Forex Outward Remittance facility available on "www.onlinesbi.com" to the individual Personal Banking Segment customers of the Bank having transaction rights.
Resident individuals/NRI banking with State Bank of India and registered as users of the Retail Internet Banking facility at our Metro / Urban branch (es) and maintained the bank a/c for a minimum period of six month to the remittance. Registration of PAN No. in CBS with the Home Branch of the customer is mandatory.
Internet-based Forex Outward Remittance scheme is available in www.onlinesbi.com with FAQ and Help tools.
Navigation: Payments/Transfers > International Funds Transfer > Apply
Navigation: Profile > Manage Beneficiary > International Beneficiary > Add
(For 1st time login "add new beneficiary" shortcut link will be available in the payment/transfer section)
The scheme envisaged is within the scope of RBI Master Direction No. 07/2015-16 dated 01.01.2016 under Liberalized Remittance Facility for Resident Indians, which permits forex outward remittance upto USD 250,000/ per calendar year for limited purposes.
Retail forex outward remittance up to a value equivalent of USD 25000 per transaction USD 2,50,000/- per calendar year, offered to our retail customers. No minimum amount of remittance is stipulated.
Restriction on initial remittance to overseas beneficiary within 4 days of beneficiary activation is Rs.5,00,000/-.
Available at more than 200 countries. Remittance in forex to Nepal, Bhutan, Pakistan and Mauritius is restricted under RBI/ FEMA regulations and hence not available for remittance under the aforesaid scheme
In 6 currencies viz. USD, EURO, GBP, SGD, AUD, CAD and NZD to be converted at the applicable TT Selling Card Rate on the day of effecting the transaction. (CAD will be made available shortly)
TT Selling Card Rate refers to the Exchange rate for conversion from INR to Foreign Currency for ready transactions up to USD 25000, as outward remittances.
Charges in Fx-Out vary from currency to currency given below which by default are charged to the remitter. If the cost is to be borne by beneficiary (bene-deducted type) then the charges are recovered at the beneficiary end by the correspondent and credited to our Nostro account. Another user-friendly feature of Fxout is that the correspondent will absorb charges levied by any intermediary bank (which may be necessitated in remittances to a country other than the country which owns the designated currency. For eg., USD remittances to destinations other than USA). Bank is providing transaction facility of different charge types which are Beneficiary, Remitter and Guaranteed, vary with currencies.
a) Beneficiary : All the bank charges including SBI and Correspondent Bank will be deducted from the remittance amount .
For example, the remitter wants to remit $1000 with charges to the beneficiary. If the conversion rate is RS.60, then the remitter has to pay INR 60000(1000 * 60) plus service tax plus USD11 (SBI + Correspondent Bank charges) as applicable. If bank charges are USD 11, the beneficiary’s bank will receive USD 989 (1000-11) for credit to the account of the beneficiary. However, the beneficiary’s bank may charge some amount from the proceeds depending upon the arrangement with beneficiary. Also, additional charges may be debited, if any intermediary bank is involved. (The bank in chain between Our US correspondent bank and the beneficiary bank).
b) Remitter : All the bank charges have to be borne by the remitter only.
In the above example the remitter has to pay INR 60660 ((USD 1000 + USD 11) * 60) plus service tax. The beneficiary’s bank will receive USD 1000 for credit to the account of the beneficiary. However, the beneficiary’s bank may charge some amount from the proceeds depending upon the arrangement with beneficiary. Also, additional charges may be debited, if any intermediary bank is involved. (The bank in chain between Our US correspondent bank and the beneficiary bank).
c) Guaranteed: All the bank charges have to be borne by the remitter only. This option will be costlier as this guarantees the full remittance, without any deduction at any point, to the beneficiary bank (Not to the beneficiary account) . This option is available only in three currencies i.e. USD, EUR and GBP.
| Charges | USD | GBP | EUR | AUD | CAD | SGD | NZD |
|---|---|---|---|---|---|---|---|
| Branch Commission | 10 | 8 | 10 | 10 | 10 | 10 | 10 |
| Correspondent Bank Charge for Remitter | 0.90 | 2 | 5 | 5 | 18 | 10 | 5 |
| Charges for Guaranteed Option | 5.40 | 12 | 15 | -- | -- | -- | -- |
If transaction fails/get rejected due to technical/regulatory reasons, no amount will be debited. However, in case of insufficient balance in remitter account, rupee equivalent of bank commission (USD 10, EUR 10, GBP 8, AUD 10, SGD 10, CAD 10, NZD 15) will be recovered from remitter account.
Yes. Total amount of foreign exchange purchased / remitted through all sources, in India during a calendar year not to exceed the annual prescribed limit by Reserve Bank of India under LRS, i.e. USD 2,50,000/ per calendar year. The remitter applicant will be responsible for adherence and compliance of such limits and stipulations, as applicable.
It shall be the responsibility on the part of the applicant for full compliance with the extant regulatory requirements of FEMA / RBI, etc. The submitted application shall be deemed to be complete in all respects and that the application is being made after having full knowledge on the extant Rules and Regulations relating to Foreign Exchange Outward Remittances Regulatory requirements, as applicable for Indian residents.
Responsibility for compliance of Know Your Customer (KYC), Anti- Money Laundering (AML) and United States regulatory requirement on Office of Foreign Assets Control (OFAC) or European Union (EU) embargo on all outward remittances favouring the overseas beneficiary shall be to the responsibility of the remitter/ applicant only.
SBI shall be absolved of the responsibility for all OFAC blocked/ rejected remittances at the foreign centre or centres. The Bank shall not be responsible for refund of any such remittance which is blocked on account of the OFAC check and shall not guarantee refund of such funds, which had already been duly debited to the account of the remitter at their request.
Globally reputed Banks have been identified for partnering in the project for handling all remittances covering in the five permitted currencies across the identified geographical locations.
It shall be exclusive responsibility of the applicant customer to submit the remittance application request after having full knowledge in the RBI / FEMA regulations on foreign outward remittances available with the resident individuals under Liberalised Remittance Scheme for Resident Individuals and on the INB security implications and most importantly with meticulous compliance on the INB password security obligations. SBI shall be absolved of any loss arising out of cybercrimes / frauds etc. All request hereinafter for outward remittances in foreign currency under the International Fund Transfer facility submitted on-line within my INB rights shall be deemed to have been originated by the remitter applicant strictly within the extant rules and regulations of FEMA /RBI and SBI as will be applicable from time to time.