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DISCLAIMER / Terms & Conditions

(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.

  1. 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 already maintained satisfactorily conducted account with the Bank for a minimum period of One Year 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.
  2. 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.
  3. 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, in respect of US remittances. The Bank shall not be responsible for refund of any such remittance which is blocked on account of this 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.
  4. The conversion rate shall be the applicable TT Selling Card Rate of the Bank valid on the day in which the transaction is processed and shall be binding on the remitter applicant.
  5. All remittance request applications shall be processed only on Bank working days in Kolkata local centre and within the Banking hours. No request will be processed on Holidays, Saturdays and Sundays, as per established conventions.
  6. Agreed 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. Confirmed and agreed 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 cyber crimes / 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 agreeto comply with all the extant rules and regulations of FEMA /RBI and SBI as will be applicable from time to time.

2. Use of a correspondent bank

  1. 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.
  2. 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.

3. Correspondent bank's commissions, fee or other charges.

  1. 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 either be deducted by the correspondent from the funds paid to the beneficiary's account or passed on to SBI for recovery.
  2. 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.
  3. 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.

4. Turn-around a time (TAT):

  1. 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.

5. Payment returned unpaid by the foreign banks *

  1. 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) after deduction of charges, if any by the foreign bank(s).

6. Delayed Payments:

  1. 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-majuere, wherein the Bank had acted in good faith on the instructions received from the remitter applicant.
  2. 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.
  3. 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.
  4. Enquiries and stopping or cancelling a Payment.
  5. 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.

7. Status enquiry

  1. 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.

8. Network/system Failure

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

9. Transaction Threshold limit: Maximum limit of transaction through Internet Banking, including the day's transaction, is not exceeding 4 transactions per calendar month upto the maximum value of USD 5,000 equivalent per transactions.

  1. Restriction on initial foreign outward remittance: Agreed that remittance application will not be initiated beyond the aggregate of INR 1,00,000/- equivalent for outward remittance within next 4 days of new beneficiary activation.
  2. Maximum No. of International Beneficiary Agreed that cap on maximum no. of international beneficiary is 7 and that no further addition of overseas beneficiary for addition shall be permitted by the Bank.

10. Purpose of Remittance

  1. It is certified that the total amount of foreign exchange purchased / remitted through all sources, in India during this financial year shall not exceed the annual prescribed limit of Reserve Bank of India under Liberalised Remittance Facility for resident individuals, for the said purpose.

11. Certificate of Resident Status.

  1. It is certified that I the undersigned is a Resident in India.

12. Declarations made in Annexure-3

  1. This Declarations submitted by me along with Remittance Application Form submitted on-line is 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.

Certificate
(To be furnished on-line along with submission of Remittance Application Form)

1. 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 residents in India.

2. I do hereby certify that I maintained satisfactorily conducted account with the Bank for a minimum period of One Year 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.

3. It is certified that the total amount of foreign exchange purchased / remitted through all sources, in India during this financial year does not exceed the annual prescribed limit of Reserve Bank of India, for the said purpose, in terms of their [RBI Master Direction No. 07/2015-2016 dated 01.01.2016]

4. It is certified that maximum limit of transaction through Internet Banking including the day's transaction, is not exceeding 4 transactions per month upto the maximum value of USD 5,000.00 equivalent per transaction.

5. 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.

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