A. 1: Remittance Service of State Bank of India, New York branch means the service for transferring money in USD or any other currency for which you can directly apply to the New York branch.

(The service where you apply to your own bank for transferring money via SBI, New York is called Funds Transfer Service (FTS) of SBI, New York. To know more about that service,
Click here.)

A. 2: Instant** Transfer is a free* rupee remittance facility from SBI, NY branch to your / beneficiary’s account maintained with over 12,500 branches of State Bank of India.

If your or beneficiary’s account is in any of branches of State Bank of India then provide the 11 digit core banking account number and avail of this facility.

For beneficiary accounts in Banks other than SBI of India please provide us the Bank’s name Branch name, Account Holders Name & address, Account number, IFS code of the branch to avail this facility.

A. 3:
Remittances to India
Followings are the modes through which remittances can be sent :

1.Remittances to INDIA
(a) Rupee Remittance to Account: Rupee remittances for the credit of the account of the beneficiary can be sent by us to any branch of any bank.
(i)To over 14000 branches of State Bank of India, remittance can be sent instantly, thru Instant** Transfer. There is no ceiling on such remittances.
(ii)To over 50000 branches of other banks, the remittance can be sent and the beneficiary's account is credited usually in 1 banking day, after the remittance is processed from New York.

(b) Rupee Drafts: You can purchase rupee drafts from us payable at a SBI branch. Drafts issued by New York branch have the MICR band and, therefore, can be collected by any bank through the clearing system in any city in India.

(c) Dollar Remittance to Account: U.S. dollar remittances for the credit of the account of the beneficiary can be sent by us to any branch of State Bank of India in India. All such remittances, unless these are for credit to dollar accounts (FCNR/EEFC etc) will be converted to Indian rupees by the Indian branch to or through which the remittance is sent.
(i)To 450 branches of SBI, the remittance is sent directly by wire transfer (SWIFT), and the beneficiary's account is credited usually within 1 or 2 banking days, after the wire transfer is sent.
(ii)To other branches where remittance cannot be sent directly (no SWIFT facility), the remittance will be sent as wire transfer to a nearby branch with SWIFT facility, with instruction to forword the remittance to the beneficiary branch by mail.

(d) Dollar Official Checks: You can purchase U.S. dollar official checks (called Remittance Official Checks) from us which are payable at par at one of the nearly 450 foreign exchange dealing branches of SBI in India.

(e) Other currency: Remittance to the beneficiary account in Euro / Great Britain Pound / Australian Dollar / Canadian Dollar/ Swiss Franc/ Singapore Dollar / Bangladesh Taka/ Sri-Lankan Rupees/ Nepalese Rupees/Japanese Yen can be sent through our correspondents around the world. We can send these remittances to 450 branches of SBI in India as well, which are authorized to handle foreign exchange. The remittance is sent directly by wire transfer (SWIFT). Value date for such remittances is generally 2 banking days after the date of transmission. Such remittances are usually sent by customers who wish to save in these currencies in India.

A. 4: There are seven ways in which you can pay money to us for remittance which are listed below :
(The applicable Remittance Application form that is to be sent to us by mail, fax or submitted in person at the branch is mentioned in brackets)

(a) Cashier's Checks: The check must be purchased from your account and should be payable to "State Bank of India, New York". Please ensure that your name is printed on the check. (Form RMT 1). Cashier’s Checks for amounts up to $10,000 shall be accepted (a) upon production of a copy of the bank account statement (from which the Cashier’s Check was purchased evidencing the debit to the account) or (b) a certificate from the Cashier’s Check Issuing Bank that the purchase of Cashier’s Check was made by debit to a US Bank account. Processing period for Cashier’s Checks is one business day. Applications and Cashier’s checks received by the bank during the working hours (9 a.m. to 4 p.m.) shall be processed on the next business day i.e. the remittance will be sent by the bank on the next business day. The applicable exchange rate shall be the rate prevailing on the date on which the remittance is sent.

(b) Personal Checks or Certified Personal Checks: The Check should be drawn on your account and be payable to "State Bank of India, New York" . Clearing period for Personal Checks is 3 banking days. Certified Personal Checks will be treated like Cashier’s Check. (Form RMT 1)

(c) Wire Transfer: Wire transfer should be from your account to our Remittance Hold Account No. 77698405507006 using our ABA routing No. 0260-0914-0. (Form RMT 1). Wire transfers received by the bank before 4 p.m. shall be processed on the same day. Wire transfers received by the bank after 4 p.m. shall be processed on the next business day.

(d) ACH Debit Authorization: Upon your authorization, we can debit your account with your bank through the Automated Clearing House (ACH). Refer Answer 10 for details. (Form RMT 1 ACH). Clearing period for ACH debits is 3 business days.

(e) Account Debit: If you maintain an account with us at New York branch, you may authorize us to debit your account. (Form RMT 2I). All applications received before 4 p.m. shall be processed on the same business day. Prior to executing of the instruction, the Bank, may at its discretion, and only if it considers necessary, reasonable and practicable, verify the payment order by telephone call to the number registered with the Bank. Applications received by mail/email/fax shall be processed by the Bank only if it is reasonably satisfied that the instruction is in order.

(f) Cash: Subject to the limit of USD.2500/- (in person) per month. (Form RMT 1C). Cash services are available from 9 a.m. to 3 p.m. only.

(g) Applications and card can be submitted only in person. Applications received by the bank during the working hours (9 a.m. to 4 p.m.) shall be processed on the next business day i.e. charging of cards and sending the remittance by the bank shall be done on the next business day. The applicable exchange rate shall be the rate prevailing on the date on which the remittance is sent. Subject to the limit set by the card issuer, we can charge your valid debit or credit card (Form RMT 1C) up to a maximum of US $ 5000 per calendar month.

Charge to your card is treated as cash advance. Please consult with the card issuer regarding cash advance charges or other charges, if any, that you might have to incur.

• Only Visa and MasterCard are accepted

A. 5: Below is a table showing the day on which remittance is sent. In all cases, the exchange rate shall be the rate prevailing on the date of remittance.

Mode of funding Form Application and funds received on Hold/ Processing Period Remittance sent on Exchange rate applicable is the rate prevailing on Cash RMT I C Monday (between 9 a.m. to 3 p.m.) none Monday Monday Dr / Cr Card RMT I C Monday (between 9 a.m. to 4 p.m.) one Tuesday Tuesday Personal Check RMT 1 Monday (between 9 a.m. to 4 p.m.) three Thursday Thursday Cashier’s Check RMT 1 Monday (between 9 a.m. to 4 p.m.) one Tuesday Tuesday ACH Debit RMT 1 ACH Monday (between 9 a.m. to 4 p.m.) three Thursday Thursday Wire Transfer RMT 1 Monday (between 9 a.m. to 4 p.m.) none Monday Monday Dr to Account with SBI New York Branch RMT 2 I Monday (between 9 a.m. to 4 p.m.) none Monday Monday

A. 6: You can apply for remittance to New York branch only if you are an account holder or Registered User of remittance services of New York branch.

To make a remittance you will need to fill the remittance application related to the mode of funding you will use as specified in Answer 4 above and send it to us by mail, fax or submit it in person at the branch.

If you are paying to us by wire transfer, the Application should be faxed to us at (212)521-3363 immediately after you have sent the wire transfer. In this connection, please note that all such wire transfers should reach us before 4 p.m. the same day so as to enable us to send the outward remittance that day itself. In cases, where we receive such wire transfers from your bank after 4 p.m., outward remittances for such wire transfers will be effected only the next working day with that day’s exchange rate applicable. Thus, the outward remittance by us will depend on the time by which we receive the wire transfers into our account and not on the time of origination by the remitter’s bank.

If you wish to authorize an ACH debit, please refer Answer 10 below.

A. 7: State Bank of India, New York does not levy any charges/fees/commission for rupee remittances to India irrespective of the amount i.e. Rupee remittances to India for credit to accounts in SBI are absolutely free.

Our commission (fee) for other remittances is as follows:

US Dollar Remittances $30.00 US Dollar Remittances Official checks (for India) $15.00 Cancellation of or amendment to a remittance/Draft or Investigation (each Instance) $25.00 Currency other than INR and USD $35.00 Remittance Confirmation Copy or any other services $5.00

Mailing charges, wherever applicable, are specified on the respective application forms.

A. 8: State Bank of India, New York does not levy any charges/fees/commission for rupee remittances to India irrespective of the amount i.e. Rupee remittances to India for credit to accounts in SBI are absolutely free.

However for remittances to beneficiary accounts held in banks other than SBI, charges (e.g. NEFT, beneficiary bank charges etc.) if any, may apply.

NEFT Charges currently in effect are as follows -

NEFT Charges (in Indian Rupees) Remittance amount < 1,00,000 1 lac to 2 lac > 2,00,000 Charges 5 15 25

A. 9: An e-mail will be sent to the e-mail ID in our records intimating you that the remittance has been originated by State Bank of India New York.

New York branch does not have access to the database of branches of State Bank of India or other banks in India. It is, therefore, not possible for us to inform you whether the account of the beneficiary has been credited or not. We would request you to confirm with the beneficiary within a reasonable time after sending a remittance through us and bring to our notice any non-delivery of wire transfer as soon as possible, but within 45 days of sending the remittance. We will investigate, free of charge, non-delivery as expeditiously as possible. Please note that investigation after 45 days either may not be possible or may entail additional costs, which will have to be borne by you.

A. 10: Automated Clearing House (ACH) is an electronic processing facility in the United States that enables a bank to debit (or credit) an account with another bank. It is an electronic substitute for checks.

How To Opt For This Facility
While registering for our remittance service, or any time thereafter, you can opt for paying us through the ACH by signing form ADP, which is an Authorization Agreement for debiting your account, and making a $2 payment to us by means of a personal check drawn on the account on which you want the facility.

Form ADP ( fill-in PDF ) requires you to fill information about your bank account, especially your bank's routing number and your account number, which is available on your check.
Click here to view a sample check that will tell you where to locate the routing number and the account number on a check.

How To Use This Facility
After confirming from us that your agreement has been accepted by us, you can apply for remittance on form RMT-1(ACH) (Fill-in PDF MS-Word), which is an Application for Remittance -cum-ACH Debit Instruction.

Advantages of ACH Debit Facility:

• You will be able to apply for a remittance only by sending a fax or an e-mail, which will save time and expense. (you need not take any action to fund us each time)
• The facility can be used to set up standing instructions for recurring payment at desired periodic intervals

ACH Instruction Received On Monday Tuesday Wednesday Thursday Friday Your Remittance Sent On Following Thursday Friday Monday Tuesday Wednesday

Ceiling on Amount
This facility is essentially meant for sending regular, but small value remittances. The ceiling is fixed at USD.25,000.00 in a calendar month. As a measure of additional safety, an ACH debit instruction sent by you by fax may be acted upon after telephonically confirming with you that you had sent the instruction. Therefore, if you are not contactable by phone after you send the instruction by fax, your remittance may not be sent.

Cancellation of the ACH Agreement
You may cancel the agreement for ACH debit any time you want by submitting form ADP(C). If you wish to change the authorization from one account to another account, cancel the agreement for the first account, and submit a fresh agreement for the other account.        

A. 11: If you need to send remittances to India every month, you can give us a one-time standing instruction on Form SI. Depending upon the mode you choose to pay us with, you will need to enclose with form SI one or more of the remittance application forms. Your Standing Instructions will be valid for a period of 12 months after which a fresh SI form will have to be submitted.

Additionally for sending regular remittances, it will be advisable to have a checking or Money Market account with State Bank of India, New York so that remittances can be effected conveniently as funds are already available in your account with SBI, NY. This will save you the time and effort of funding us for each remittance separately and help you to time your remittances better.

To know more about the Automated Clearing House (ACH) debit facility, please refer Answer 09 .

A. 12: There is no ceiling on the amount of remittance that you can send through us so long as the purpose and the source of funds are legitimate. The minimum amount of remittance is $100. The minimum amount may be relaxed at the discretion of the Bank in cases such as application for a PAN card in India.

For certain modes of funding, monthly limits have been put in place as follows:

Cash –

• Max. $ 2500 per calendar month.

Credit / Debit card -

• Max $5000 in person per calendar month.

ACH –

• Maximum $ 25,000 per calendar month.  

A. 13: To view details of all branches of State Bank of India in India, use the Branch Locator link on www.statebankof india.com or www.sbi.co.in The list of IFS Code of branches of Indian banks is available on the RBI website (www.rbi.org.in)

A. 14: If you are sending funds to India to an organization which has a definite cultural, economic, educational, religious or social program, that organization must have an FCRA number allotted to it by the Government of India under the Foreign Contribution (Regulation) Act, 1976, and the FCRA number must be quoted on the remittance application form.

* State Bank of India, New York does not levy any charges/fees/commission for rupee remittances to India irrespective of the amount. However for remittances to beneficiary accounts held in banks other than SBI, charges (e.g. NEFT, beneficiary bank charges etc.) if any, may apply.

** The remittance may be delayed -

• If your funds are not immediately available with us
• If beneficiary details provided by you are incomplete & incorrect
• Due to network failures/ technical problems outside the control of the sending / receiving branches.