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Sending Remittance - FAQ's
Effective January 01, 2013, State Bank of India, New York Branch will send money transfer/remittances for Deposit customers only. Persons/entities that have opened URNs will not be able to use remittances services through the URN. They may choose to open Checking/Money Market Deposit Account. Customer manual and forms are available on our website.

No new URNs will be opened after November 01, 2012.

Existing URN holders may continue to use their URNs for money transfers /remittances up to December 31, 2012. Modes of funding for existing URNs such as Cashier’s Checks, Personal Checks, ACH, Cash, Wire Transfers, Debit-Credit Cards (described in FAQ 4) and forms for each of the funding modes (stated in FAQ 5) can be used only by existing URN holders until December 31, 2012
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Q. 1: What is Remittance Service?
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.)
Q. 2: What is Instant** Transfer?
A. 2: Instant** Transfer is a free* rupee remittance facility from SBI, NY branch to your / beneficiary’s account maintained with over 14,000 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, , Indian Financial Systems Code (IFS code) of the branch to avail this facility.
Q. 3: What are the ways in which I can remit money by applying to New York branch?
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 forward 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.  
Q. 4: What are the ways in which I can pay money to New York branch for remittance?
A. 4: 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.
Q.5: What is the date of sending the remittance for different modes of funding of remittance? What is the form that I must use?
A. 5: All applications received before 4 p.m. of a business day 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.

Mode of funding Form Application and funds
received on
Hold/ Processing Period Remittance sent on Exchange rate applicable is the rate prevailing on
Dr to Account with SBI New York Branch RMT 2 I Monday (between 9 a.m. to 4 p.m.) None Monday Monday
Q.6: How do I make a remittance through New York branch?
A. 6: You can apply for remittance to New York branch only if you are an account holder of New York branch.

To make a remittance you will need to fill the remittance application form RMT 2I and send it to us by mail, email to remit.nyb@statebank.com or fax it to 212 521 3363 or submit it in person at the branch.
Q. 7: What are your charges for remittances?
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. However for remittances to beneficiary accounts held in banks other than SBI, charges (e.g. National Electronic Fund Transfer (NEFT), beneficiary bank charges etc.) if any, may apply.

NEFT Charges currently in effect are as follows -

Amount Service Charge
Upto Rs.10,000/- Rs. 2.50/-
From Rs.10,001/- to Rs.1 Lakh Rs. 5/-
Above Rs.1 lakh upto Rs.2 lakhs Rs. 15/-
Above Rs.2 lakhs Rs. 25/-


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.
Q. 8: In case of remittance to an account with another bank, will there be extra charges?
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. National Electronic Fund Transfer (NEFT), beneficiary bank charges etc.) if any, may apply.

NEFT Charges currently in effect are as follows -

Amount Service Charge
Upto Rs.10,000/- Rs. 2.50/-
From Rs.10,001/- to Rs.1 Lakh Rs. 5/-
Above Rs.1 lakh upto Rs.2 lakhs Rs. 15/-
Above Rs.2 lakhs Rs. 25/-
Q. 9: Will you give me a confirmation of credit to beneficiary's account?
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 180 days of sending the remittance. We will investigate, free of charge, non-delivery as expeditiously as possible. Please note that investigation after 180 days either may not be possible or may entail additional costs, which will have to be borne by you.
Q. 10: Is there a ceiling on the amount of remittance that I can send through you? Is there a minimum amount of remittance that I can send through you?
A. 10: 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. 
Q. 11: Where can I find branch codes of branches of State Bank of India in India and / or a list of Indian Financial System Code (IFS Code) of branches of other banks in India?
A. 11: 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)
Q. 12: I want to send remittance / donation to an organisation. Are there any additional requirements?
A. 12: 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.
 
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