Internet-based Remittance facility to remit funds to Nepal 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 and maintained the bank a/c for a minimum period of six month prior 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 > Indo-Nepal Remittance > Apply
Navigation: Profile > Manage Beneficiary > Add New Indo-Nepal Beneficiary > Add
(For 1st time login "add new beneficiary" shortcut link will be available in the payment/transfer section)
Cross border remittance facility from India to Nepal is allowed subject to the adherence of the provisions of the Foreign Exchange Management Act, 2000 (FEMA) and Wire Transfer Guidelines.
Retail forex outward remittance up to a value equivalent of INR 10 lac per transaction. USD 2,50,000/- per calendar year, offered to our retail customers. No minimum amount of remittance is stipulated.
However, restriction on initial remittance to overseas beneficiary is capped at Rs.1,00,000 per day within 4 days of activation of beneficiary.
Remittance to Nepal will be credited to beneficiaries account maintained in Nepal SBI Bank Ltd. (NSBL) in Nepal or any other Banks in Nepal. The list of beneficiary Banks in Nepal is available under Add New Indo – Nepal beneficiary.
Beneficiary account in Nepal will be credited in Nepalese Rupees(NPR) only.
1 INR is quivalent to 1.60 NPR
The fees and charges are charged to the remitter and will be as under:
| Remittance amount (INR) | Commission where beneficiary is an account holder of NSBL INR) | Commission where beneficiary is a Non-NSBL account holder(INR) |
|---|---|---|
| Upto 5,000.00 | 20.00 | 70.00 |
| Above 5,000.00 and upto 50,000.00 | Same as above | 95.00 |
| Above 50,000 | 1.00 Per INR 1,000.00 or part thereof with a minimum of INR 75.00 and maximum of INR 1,500.00. | 1.50 Per INR 1000.00 or part thereof with a minimum of INR 150.00 and maximum of INR 3,000.00. |
For the beneficiary account maintained at Bank other than NSBL, additional remittance processing charges as under will be applicable in addition to above:-
Remittance Amount transferred through IPS: Flat NPR 100/- per transaction plus applicable IPS charge (presently NPR 10/-)
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 will be recovered from remitter account.
It shall be the responsibility on the part of the applicant (remitter) for full compliance with the extant regulatory requirements of FEMA / RBI, etc. The submitted application shall be deemed to be completed 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 will be to the responsibility of the remitter/ applicant only.
SBI or its subsidiaries will 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.
Nepal SBI Bank Ltd. (NSBL), a subsidiary of SBI in Nepal has been selected as correspondent Bank for processing the remittance in Nepal.
It shall be exclusive responsibility of the applicant / remitter to submit the remittance application request after having full knowledge of the RBI / FEMA regulations in India to Nepal remittance available with the resident individuals under extant SBI/FEMA/RBI regulations for Resident Individuals and on the INB security implications and most importantly with meticulous compliance on the INB password security obligations. SBI will be absolved of any loss arising out of cybercrimes / frauds etc. All request, hereinafter, for India to Nepal remittances under the Indo-Nepal Remittance facility submitted on-line within my INB rights will 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.