DISCLAIMER / Terms & Conditions

I/We hereby give my/our unconditional consent and authorize State Bank of India to use, share, transmit, disclose, exchange, or utilize my/our Mobile Number and Email Id in any manner in connection with the tracking facility opted by us/provided to us for the said remittances. I/We also hereby acknowledge and agree that my/our Mobile Number and Email Id may be transmitted/shared by State Bank of India with its constituents/Correspondents/Service Providers or third-party agencies whether located in India or overseas with whom the State Bank of India has entered/propose to enter into contracts/arrangements for provision of any ‘services’ and/or services in connection with the said tracking facility and that such constituents/Correspondents/Service Providers or third parties may use, process and/or store my/our said information/data in a manner deemed fit by them. I/We further agree and declare that I/We shall not hold State Bank of India or its constituents/Correspondents/Service Providers or third-party agencies, liable in any manner in this regard.

(To be accepted and submitted on-line during submission of Remittance Application Form)


1. Remittance Instruction:

It shall be the responsibility on the part of the applicant for full compliance with the extant FEMA / RBI regulatory requirements. The submitted remittance application request on-line through retail internet banking shall be deemed to be complete in all respects once accepted and submitted 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 residents in India within the ambit of RBI's Liberalised Remittance Scheme for resident individuals and as amended from time to time.

By accepting these terms and conditions, the user hereby confirms and declares as under:

  • I do hereby certify and undertake that it is the responsibility on the part of the applicant /remitter for compliance of the extant FEMA / RBI, other regulatory requirements and 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 RI/NRI.
  • I do hereby certify that I maintained satisfactorily conducted account with the Bank for a minimum period of six month from the date of this remittance application and that all the beneficiary address details furnished in the Remittance Application are correct to the best of my knowledge and information. I undertake to indemnify the Bank against all losses / liability arising out of such wrong information / misrepresentation, if occurred.
  • It is certified that the total amount of foreign exchange purchased from or remitted through, all sources in India during this financial year including this application is within the annual limit prescribed by Reserve Bank of India under Liberalised Remittance Scheme(LRS) for the said purpose and certify that the source of funds for making the said remittance belongs to me and the foreign exchange will not be used for prohibited purposes.
  • It is certified that maximum limit of transaction through all channels is up to the maximum value of USD 250,000.00 per financial year,i.e. the present LRS Limit for Resident Individual (R.I.).
  • I undertake to indemnify the Bank for all losses/ claims that may arise against the foreign exchange outward remittance transaction committed by me though internet banking facility.
  • The remittance is not intended for dealing in Bitcoin or any other such virtual currency.
  • It is certified that remittance is not meant for overseas Forex Trading/Internet trading portal related transactions.
  • I declare that the proposed transaction will not cause any breach of limit under LRS. However, if it is observed at a later date that the transaction has caused a breach of LRS limit, I undertake to bring back the funds being remitted in full or in part as per Bank’s advice, so as to ensure that total remittances under the PAN remains within LRS Limit during the Financial Year.

2. Know-Your Customer & Anti-Money Laundering:

Adhering to this regulatory clause and its compliance thereof pertaining to the beneficiary customer shall be to the responsibility of the applicant remitter. Confirmed that the applicant / Remitter has maintained satisfactorily conducted account with the Bank for a minimum period of 6 months prior to the remittance application and agrees unconditionally that Bank reserves the right to reject any application at its sole discretion without assigning reason and that no claim can be lodged against the Bank against such cancellation / rejection of application. Beneficiary Address/details furnished are correct to the best of my knowledge and information. Any liability and or cost/charges arising out of misrepresentation/error in submission will be solely on my account.

  • Agree and accept that SBI shall be absolved of the responsibility for all United States Office of Foreign Assets & Control (OFAC) / European Union Embargo hold / blocked / rejected remittances at the foreign centre or centres. I understand that outward remittance is subject to compliance of OFAC and other regulatory guidelines of the respective countries/Banks. I undertake to provide any information if asked by such agencies and State Bank of India will not be liable for any delay or interception of the fund due to compliance issues. The Bank shall not be responsible for refund of any such remittance which is blocked due to OFAC check and shall not guarantee refund of such funds, which had already been duly debited to the account of the remitter at their express request.
  • The conversion rate shall be the applicable TT Selling Card Rate of the Bank applicable on the date of remittance request, which will be displayed to remitter at the time of initiation of remittance. This rate shall be binding on the remitter/ applicant.
  • Although the remittance request can be made 24x7, however request initiated on Holidays, Saturdays and Sundays or after working hour will be processed at next working day at Kolkata Local Centre and within Banking hours as per established conventions.
  • I Agree and accept that the debit authority raised in my account on the strength of such remittance application, duly submitted, shall be undisputed / irrefutable, binding on me and irreversible and cannot be cancelled subsequently, after submission. In case of insufficient funds in remitter account transaction will be cancelled and applicable charges will be recovered from customer account.
  • I agree and confirm that authority to debit to my a/c was submitted on-line having full knowledge on the INB security implications and with meticulous compliance on the INB password security obligations and agree that 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 me and agree to comply with all the extant rules and regulations of FEMA /RBI and SBI as will be applicable from time to time.

3. Use of a Correspondent Bank

  • SBI reserves the right to use any correspondent bank of its choice with the understanding that such choice is to facilitate the remittance and for its smooth transition.
  • SBI may receive a commission from, or enter into commission/revenue sharing arrangements with, the correspondent/s, the amount such commission; revenue, etc. shall be solely the income, revenue of the Bank and shall not be share-able to any person or entity.

4. Correspondent bank: Commissions, fee or other charges.

  • Agreed and accept that correspondent banks / intermediary Banks at overseas centre may charge commissions, fees or other charges in making the payment to the beneficiary's account. Unless other arrangements are in place with the correspondent bank, those commissions, fees or charges will normally be deducted by the correspondent from the funds paid to the beneficiary's account.
  • Where any deduction is made by the beneficiary account's bank, the beneficiary will receive an amount lesser by the aforesaid deductions from the payment amount specified by the remitter.
  • Agree that SBI may decide in its discretion to delay your payment where SBI seeks to confirm your instructions and the legitimacy of the payment, and /or your or payee's identity, to SBI's satisfaction, as per regulatory requirements.
  • Agreed that in case of insufficient balance in remitter account at the time of processing, transaction will be rejected and penalty charges as applicable will be recovered from remitter account.

5. Turn-around a time (TAT):

Funds transferred by SBI should normally be available for payment to the beneficiary's account within forty-eight banking hours of SBI accepting the remittance instructions and funds in Indian Rupees.

6. Payment returned unpaid by the foreign banks

The payment returned unpaid by the foreign bank for reasons of incorrect beneficiary details, incorrect beneficiary bank details or any other operational/compliance/regulatory reason, will be paid in equivalent INR to the remitter a/c only at the prevailing TT purchase rate for the day, on the returned amount by the foreign banks. which may be less than the amount remitted due to deduction of their charges.

7. Delayed/Cancellation of Payments:

  • SBI will not be liable for any costs, losses or damages for any delayed Payment caused due to situations beyond the control of the Bank, and force-majeure, wherein the Bank had acted in good faith on the instructions received from the remitter applicant.
  • SBI may decide at its discretion to delay/block/reject the remittance of any application wherein the Bank finds that some information is wanting, awaiting confirmation from the remitter applicant, including the legitimacy of the payment, and/or identity, to its complete satisfaction.
  • SBI may at its discretion and without prejudice reject, block, or refuse to process the remittance order and in doing so will not be liable for any costs, losses or damages caused or suffered as a result.

8. Enquiries and stopping or cancel.

Agreed and accept that subsequent to the remittance request being received and processed; the Bank shall not guarantee cancellation / holding on the remittance and no responsibility, costs, etc. shall lie with the Bank.

9. Status enquiry

Contact SBI's International Customer Service help-line to request SBI to stop or cancel a payment, or request an enquiry, based on unique reference number generated by the system at the end of the transaction alternately debit account number from which the Rupee amount was paid.

10. Network/System Failure

The Bank will not be responsible for any loss of data arising out of Network/system / connectivity failure, etc

11. Transaction Threshold limit:

Maximum limit of transaction through Internet Banking, including the day's transaction, is up to the maximum value of USD 40000/- or equivalent in foreign currency.

12. Alerts

Alerts are communicated to the customers for the transactions initiated through Online Forex Outward Remittance. However, the customer agrees that SBI will not be held responsible or liable for any costs, loss, damage etc. due to delay of such alerts or delayed receipt or non-receipt of such alerts for whatsoever reason.

13. Declarations made in Annexure-3

This Declarations submitted by me along with Remittance Application Form submitted on-line is correct to the best of my knowledge and binding upon me, submitted in electronic format under my INB password authentication and is submitted for acceptance in self-declaration. This document is to be made available for any RBI/regulatory/statutory Audit for verification and to be preserved by the Bank for all future references along with my Remittance Applications Form.