For placing outward remittance or funds transfer request (forex) favouring yourself or third party from your NRE Savings Bank account or NRE fixed deposit account or FCNR (B) account holders to any account overseas. For this, you have to first add a ‘beneficiary’ and then place a request for remittance in his/her favour. The ‘beneficiary’ is to be added only once and the details thereof will be stored in our system, thereby enabling you to send multiple remittances to him/her at any time subsequently.

NRI customer with any of the following three types of accounts linked to his / her Internet Banking and transactions rights for Internet Banking, can place the request for sending outward remittance:

• NRE Savings Bank account

• NRE Fixed Deposit (TDR / eTDR / STDR / eSTDR) account

• FCNR (B) Account

Yes, you can place the request for transfer of funds from NRE or FCNR (B) deposit which is yet not matured. However, deposit will be closed prematurely and the applicable premature penalty will be levied.

If entire amount of deposit (including Principal and interest earned) is not being remitted, then please advise the tenor in the ‘Comment’ field for which deposit for the residual amount (balance amount after sending remittance) needs to be made. In case, if no instructions for creation of deposit for the residual amount is given by you, then deposit for the residual amount will be created as per the original deposit tenor at the existing interest rates.

Presently, this facility cannot be used for sending remittances through NRO account. For the purpose, please post / courier a request letter to your home branch. Please download a standard request letter by clicking on ‘For outward remittance from NRO account’ from ‘Download Forms’ section of our website.

There is no minimum as well as maximum amount criteria for this facility. However, your account should have that much funds equivalent to amount of remittance being sent.

Request can be placed for sending remittance in any of the following currencies:

Indian rupee will be converted into the foreign currency chosen for outward remittance at the TT Selling Card Rate applicable on the day of effecting the transaction.

1. Transfer through FX-OUT: 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 FX-Out 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 e.g., 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 USD 11 (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.

   
   

   	USD	GBP	EUR	AUD	CAD	SGD	MISC	NZD
   SBI Charges	10	8	10	10	10	10	10	10
   Correspondent Bank Charge	0.90	2	2	5	15	10	NIL	5
   Charges for Guaranteed Option	5.40	12	12	-	-	-	-	-

   
   

   The charges levied by the bank for transferring through this mode are fixed charges as detailed above plus GST applicable.

   
   

   All foreign currency conversion transactions are subject to prevalent GST rates of the Government of India. Value of service in case of purchase/sale of foreign currency to be determined per table below on which GST @18% be applicable.

   
   

   Transaction Amount	Value of service on which GST to be paid
   Less than or equal to INR 1,00,000	1% of the transaction amount, subject to minimum of INR 250/-  i.e. minimum GST payable is Rs. 45.
   Greater than INR 1,00,000 and less than or equal to INR 10,00,000	INR 1000 + 0.5% of the remaining transaction amount
   Above INR 10,00,000	INR 5,500 + 0.1% of the remaining transaction amount, subject to maximum of INR 60,000/-, which caps maximum GST payable at Rs. 10,800/-.

   
   

2. Transfer through SWIFT mode: Charges in SWIFT mode are independent of currency type.

   The charges levied by the bank for transferring through this mode will be Rs 590/- SWIFT charges plus GST applicable.

   
   

   All foreign currency conversion transactions are subject to prevalent GST rates of the Government of India. Value of service in case of purchase/sale of foreign currency to be determined per table below on which GST @18% be applicable.

   
   

   Transaction Amount	Value of service on which GST to be paid
   Less than or equal to INR 1,00,000	1% of the transaction amount, subject to minimum of INR 250/-   i.e. minimum GST payable is Rs. 45.
   Greater than INR 1,00,000 and less than or equal to INR 10,00,000	INR 1000 + 0.5% of the remaining transaction amount
   Above INR 10,00,000	INR 5,500 + 0.1% of the remaining transaction amount, subject to maximum of INR 60,000/-, which caps maximum GST payable at Rs. 10,800/-.

You have to first add a ‘beneficiary’ and then place a request for remittance in his/her favour.

• Please login to your INB account

• Click on ‘Profile’ tab

• Enter your profile Password

• Click on ‘Manage Beneficiary’

• Click on ‘Outward Remittance Beneficiary for NRE / FCNR (B) Account’

• Enter details of beneficiary and submit it after entering OTP sent on your registered mobile number

• Please login to your INB account

• Click on ‘e-Services’ tab

• Click on ‘NRI Services’ appearing in the column on left hand side

• Click on ‘Outward Remittance from NRE / FCNR (B) Account’

• Please select / enter request details and click on Submit

Your request will be forwarded to your home branch in India, which will process your request within 2 - 3 working days.

Once your home branch has executed the transaction, a SMS and Email alert will be sent on your registered details confirming the execution of same.

Once you have placed your request online, it will be forwarded to your home branch to process the request. Funds will be debited from your account, as and when the branch will process your request. Your request will be processed in 2 - 3 working days.

International funds transfer facility through internet banking is only for resident Indian savings bank account holders only. So, it cannot be used by you for sending outward remittance from NRE or FCNR (B) account.

Please send an email to your home branch along with the details of the issue.