SBI's Money Transfer Services

SBI offers remittances to India through multiple channels. You can select the mode of remittance based on the time within which you need to remit to India. SBI’s new-age remittance schemes are most user friendly and have back up of excellent service support. SBI has the best reach with 84 offices in abroad and over 14,000 branches in India under Core Banking network.

 

SBI EXPRESS RUPEE (From Gulf)

·         Tie ups with 16 major exchange companies and banks located in Middle East for rupee remittances. NRIs can approach these companies/banks for same day/next day transfer to a beneficiary account in India for remittances up to Rs.10 lacs under “SBI Express”.

·         Rupee remittance on electronic platform through Exchange Companies/ Banks from Middle East countries to beneficiaries across India in a quick and cost effective manner. Online credits through Direct Credit to 10000 plus SBI branches and through NEFT (electronic) credit to 30000 branches of other banks in India. Beneficiary will be credited within 1 day and SMS to beneficiary/ Remitter mobile number sent.

·         Remitters need to walk into the Exchange Co/ Bank to give remittance instruction or use their ATM/ Phone Banking/ online Banking Facility (if available at that Bank/ Exchange Company).

·         Minimum Rs.500 Maximum Rs.10 Lac permitted. Charges may vary at different Exchange Companies/Banks: Normally most competitive.

·         SBI Express Rupee is available at the following Exchange Companies/ Banks in Middle East: -

1.      Kuwait: (a) Kuwait India International Exchange Co.WLL +965-2422678, 2453398, 2456082 (b) Al Mulla International Exchange Co.WLL (c) Al Muzaini Exchange Co.

2.      Saudi Arabia: Arab National Bank

3.      UAE: (a) Emirates India International Exchange Co. +971-4-22332258 (b) UAE Exchange Centre LLC +971-26105616 (c) Al-Rostamani International Exchange Co. +971-42141447 (d) City Exchange LLC (e) Wall Street Exchange Centre LLC (f) Al Ansari Exchange Co.

4.      Bahrain: (a) Bahrain India International Exchange Co. +973 17210330/17210440 (b) Bahrain Finance Co.

5.      Oman: (a) Mustafa Sultan Exchange Co. LLC +968-24707025 (b) Oman & UAE Exchange Co. LLC +968 2479 6533

6.      Qatar: (a) Doha Bank (b) Trust Exchange Co.WLL, Doha +974-4352055/56 , 4352057

·         Complete details of such tie up and how it works are available on www.onlinesbi.com/glsrupee

SBI INSTANT TRANSFER (From SBI Branches in 18 Countries)

·         Fastest way to send remittance. Transfer of money in just 3 minutes in any of over 14000 branches of SBI and SBI Associate Banks in India.

·         No limit on the amount that can be remitted. Attractive Exchange Rates and low remittance charges.

·         Remitter need not be an account holder of SBI’s foreign office/ branch. Remittance through foreign office “Walk In” or “Telephone Banking” or through “Internet Banking Facility” as available at that office.

·         Available at the Foreign Office/ Branch of SBI in 18 countries -  Australia: Sydney, Belgium: Antwerp, Canada: Toronto and 6 other Branches, China: Shanghai, France: Paris, Israel: Tel Aviv, Japan: Tokyo and Osaka, Maldives: Male, Nepal: Kathmandu, South Africa: Johannesburg, UK: London and 5 other branches, USA: NY and 8 other branches, Oman, Singapore, Bahrain, Mauritius, Hong Kong & Bahamas

·         For more information, please visit http://www.onlinesbi.com/nri

SBI EXPRESS REMIT US (From USA)

·         NRIs can use “SBI Express Remit” for money transfer from USA to India. On an online request by them on the website SBI arranges for auto debit of their US Bank Account with any bank in USA and credit the beneficiary account in India in Indian Rupees within 3 business days.

·         A user-friendly web based product to send remittances from USA to India by Non Resident Indians and others.

·         Completely online product. One-time Registration. Online tracking of remittance request through every stage of the transaction. Also SMS to beneficiary mobile number.

·         On receipt of online request from Remitter, his / her account in USA with any US Bank is debited by SBI through US Automated Clearinghouse (ACH) mechanism.

·         Beneficiary account credited within 3 business days. Online credits through direct credit to 10000 plus SBI branches and through NEFT credit to 30000 branches of other banks in India.

·         Minimum $50 Max $10000 remittance permitted. Nominal/NIL charges and Best Exchange Rates.

·         More information at - http://www.onlinesbi.com/glsus

SBI EXPRESS Rapid Remittance (From USA)

·         Remitters are required to approach their bank in USA for credit to a SBI Account by a domestic wire transfer and the money gets credited in Indian Rupees to beneficiary account in India on the next business day itself.

·         “Rapid Remittance” can be used for remittances of minimum $ 2000 to maximum $50000.

·         One-time Registration on GLS website. Available to all SBI Express Remit customers.

·         Initiate transaction for remittance to beneficiary on GLS website and generate a Transaction Reference Number. Remitter then needs to transfer funds from his bank in USA through Domestic Wire/ Internet Banking transfer to a designated bank account of SBI in USA quoting Transaction Reference Number.

·         Other features same as SBI Express Remit US.

·         More information at - http://www.onlinesbi.com/rr

SBI EXPRESS REMIT UK (From UK)

·         Remittances up to GBP 10000 from UK by account holders of any bank there can be effected within 2 business days using the internet banking transfer facility of Remitters’ UK bank for affording an online credit to SBI designated account in London.

·         Completely online. One-time Registration. For sending money to India initiate a transaction on GLS website and generate a Transaction Reference Number.

·         Remitter to transfer funds from his bank in UK through Internet Banking to a designated bank account of SBI in UK quoting Transaction Reference Number

·         Credit to beneficiary within one business day of receipt of funds in the account of SBI in UK. Online credits through Direct Credits to 10000 plus SBI branches and through NEFT electronic credit to 30000 branches of other banks in India.

·         Online tracking of remittance request through every stage of the transaction and also SMS to beneficiary mobile number.

·         Minimum £50 Max £10000 permitted.

·         Nominal /NIL charges and Best Exchange Rates.

·         Beneficiary account can be with any bank in India

·         More information at -  http://www.onlinesbi.com/uk

SWIFT / Wire Transfer/TT:

NRIs can send remittances to India using SBI's foreign branches or a vast network of 600 correspondent banks across the globe. The remittance can be sent to the beneficiary's branch directly. If SWIFT code is not available for your branch, you can select a SWIFT code of any SBI branch in Kerala (eg – Swift code of SBI OB Kochi Branch SBININBB128), which will handle the SWIFT transaction and transfer the funds to your beneficiary's account. 1 to 3 days. Country specific instructions –

Currency	SBI Branch/Corrsp & Swift Code
US Dollar	SBI Newyork, SBINUS33 ABA routing -0260-0914-0, chips 034282,
Pound/Euro	Pound - SBI London,SBINGB2L, Sort Code 600159; Euro - SBI Frankfurt, SBINDEFF,
AED	National Bank of Abudhabi, NBADAEAAVOS

 

Draft / Cashier's Cheques / Foreign Currency Cheques

If a remittance is sent as a demand draft/cheque, the beneficiary can deposit it at his SBI branch. The draft/cheque will be sent collection. After collection, the proceeds will be deposited in the account. DDs issued by Exchange companies in Gulf are immediately credited. Also Currency notes and Travellers’ cheques accepted. Drafts in foreign currency/ Rupee can also be sent to SBI Branch by post for credit of fixed deposit account or SB a/c in Rupees.

 

Websites -

USA Operations – www.statebank.com, California - www.sbical.com, Chicago – www.sbichicago.com, Singapore – www.sbising.com, Canada -  www.sbicanada.com, UK – www.sbilondon.com, Germany - www.statebank-frankfurt.com, Sydney - www.sbisyd.com.au, Japan – www.sbijapan.com, South Africa - www.statebank.co.za

SBI NRI Services www.onlinesbi.com/nri, SBI Main website www.sbi.co.in

Fresh News

Kerala govt sets up elephant training camps for mahouts

 

Negotiations have begun between India and the US on a proposed social security agreement that will exempt overseas Indians from contributing to social security.

 

Indians, especially wives, have become one of the largest and fastest growing groups leading the migration surge in Australia.

 

India to open consulates in Atlanta and Seattle, USA.

 

Over 200,000 Indians in France will be eligible to avail of social security benefits under an agreement to be signed by India and France during PM Manmohan Singh's visit to France later this month.

 

The Kerala government Tuesday announced that it will hold a global meet of its diaspora Dec 23-24 this year in Kochi to promote tourism.

Fresh News of Sept 2008

The Kerala Pravasi Sangham (KPS) has urged the airline companies, including Air India and Indian, to roll back exorbitant air tariff.

 

KSRTC launches 30 new super deluxe airbuses

 

Kozhikode was on Friday declared the first e-literate city in Kerala.

 

India’s national carrier, Air India, will start operating daily flights between Dammam and Riyadh to Cochin and Calicut in the Indian state of Kerala from the 7th of September.

 

Jet Airways, India’s premier international airline, will connect the capital cities of the Indian state of Kerala and the Sultanate of Oman.

 

Marico, makers of Parachute Coconut Oil will help develop coconut clusters in Kerala.

 

Parambikulam Wildlife Sanctuary here would be declared a tiger reserve soon.

 

In its latest report on currency and finance, RBI said that state owned banks, particularly the State Bank group, continued to be the market leader as far as absolute efficiency levels were concerned, followed by new private banks, foreign banks and old private banks.

 

Taj group opens new five-star hotel in Kerala - Taj Residency Trivadry

 

A flash strike by employees hit the money-spinning houseboat industry.

 

NRIs & PIOs have right to information under the Right to Information Act as per Supreme Court.

 

The Central Government has given final clearance to the setting up of a Marine Police Academy in Ezhimala Kerala.

 

American business magazine Forbes today said India-born steel tycoon Lakshmi Mittal is being conferred the third Forbes Lifetime Achievement Award

Fun - Global Credit Crunch

1) President Bush said 'Clients shouldn't be concerned by all these bank closings. If the bank is closed, you just use the ATM!' he said.

 

2) George Bush said that he is saddened to hear about the demise of Lehman brothers. His thoughts at this time go out to their mother as losing one son is hard but losing two is a tragedy!

 

3) The problem with investment bank balance sheets is that on the left side nothing is right and on the right side nothing is left.

 

4) There are 30 billion prime numbers below 700 billion. The rest are all subprime.

 

5) How do you define optimism? A banker who irons 5 shirts on a Sunday!

 

6) What do you call 12 investment bankers at the bottom of the ocean? A good start.

 

7) Why are all MBAs going back to school? To ask for their money back.

 

8) For Geography students: What's the capital of Iceland?

Answer: About Three Pounds Fifty!

 

9) A trader: "This is worse than a divorce. I've lost half my net worth and I still have a wife!"

 

10) If you want to gamble, go to Las Vegas. If you want to trade in derivatives, God bless you.

 

11) What's the difference between a guy who just lost everything in Vegas and an investment banker? A tie.

 

12) Forty years ago I sold fifty shares of my company stock and had enough money to purchase a brand-new 1967 Ford pickup. Last week, I checked it out, and if I sold another fifty shares, I'd have enough money to buy a 1967 Ford pickup. So, the market has stabilized.

 

13) What worries me most about the credit crunch, is that If one of my cheques is returned stamped "insufficient funds", I won't know whether that refers to mine or the bank's.

SBI acquires higher profile in the Gulf

State Bank of India (SBI) is set to expand its footprint in the Gulf, with an offer of brand new services for its clients in the United Arab Emirates (UAE). Armed with a Category 1 licence from the Dubai Financial Services Authority (DFCA), SBI will now be in a position to accept deposits, provide credit, arrange credit for investments, and offer advice on financial products. The bank will launch its new operations from its branch at the Dubai International Financial Centre (DIFC), a rapidly growing global hub for banking, capital markets, insurance, asset management and other financial services.

 

“Our services are open to all nationals as we are determined to acquire a more prominent niche as a global player in international banking circles,” said A. J. Vidyasagar, Chief Executive Officer of SBI’s branch at DIFC. He added that SBI, ranked fifty seventh globally, already had a natural advantage of servicing Indian clients involved with trading activity or investments in the Gulf.

 

Mr. Vidyasagar pointed out that that the branch would provide working capital as well as trade finance, both fund based and non-fund based, term loans and project financing.

Fun - Global Credit Crunch

 

 

 

 

 

 

1) President Bush said 'Clients shouldn't be concerned by all these bank closings. If the bank is closed, you just use the ATM!' he said.

 

2) George Bush said that he is saddened to hear about the demise of Lehman brothers. His thoughts at this time go out to their mother as losing one son is hard but losing two is a tragedy!

 

3) The problem with investment bank balance sheets is that on the left side nothing is right and on the right side nothing is left.

 

4) There are 30 billion prime numbers below 700 billion. The rest are all subprime.

 

5) How do you define optimism? A banker who irons 5 shirts on a Sunday!

 

6) What do you call 12 investment bankers at the bottom of the ocean? A good start.

 

7) Why are all MBAs going back to school? To ask for their money back.

 

8) For Geography students: What's the capital of Iceland?

Answer: About Three Pounds Fifty!

 

9) A trader: "This is worse than a divorce. I've lost half my net worth and I still have a wife!"

 

10) If you want to gamble, go to Las Vegas. If you want to trade in derivatives, God bless you.

 

11) What's the difference between a guy who just lost everything in Vegas and an investment banker? A tie.

 

12) Forty years ago I sold fifty shares of my company stock and had enough money to purchase a brand-new 1967 Ford pickup. Last week, I checked it out, and if I sold another fifty shares, I'd have enough money to buy a 1967 Ford pickup. So, the market has stabilized.

 

13) What worries me most about the credit crunch, is that If one of my cheques is returned stamped "insufficient funds", I won't know whether that refers to mine or the bank's.

Dealers to accept only SBI drafts for Nano

There are two companies being talked about very excitedly in Gujarat in these troubled times — Tatas and SBI who have reportedly tied up for Nano project.

The proposed agreement, according to the buzz in the market, is such that 12,000 SBI branches in the country will accept bookings down to the village level.

 

Besides, if you were to buy a Nano, once it rolls out from Pantnagar or Pune sometime in November, only SBI will offer direct loans to purchase the car. Even if you were not taking a loan, sources said, the only bank draft that all Tata Motors dealers will be accepting will be of SBI, which has already applied for a licence for a ‘Nano branch’ at Chharodi plant site.

 

This exclusive arrangement, sources further added, will also ensure that Tatas get all the finances required for Nano project from the country’s biggest public sector bank and the massive amounts that will be collected through bookings

will also remain parked in what is seen as the strongest bank.

 

The badly-bruised Gujarati investor is already thinking along the lines of Tata. People are withdrawing from other risky options like stocks, mutual funds, commodities etc and putting them in bank deposits, the public sector ones being more preferred.

 

Even among PSU banks, it is the SBI which is way ahead of others in terms of inspiring confidence among investors, also because it is offering more attractive returns on its most-popular 1,000-day deposits. SBI in Gujarat has collected Rs 1,500 crore in its fixed deposit schemes in the month of October alone.

Investments (please read the disclaimer)

Stock Market

Stock market broke their range and decisively went down as there is a perception that all kind bailout packages will not be sufficient to prevent a global recession. Markets are ignoring all positive news like fall in crude oil rates, interest rates, inflation etc. and nuclear deal. Foreign investors continue to sell heavily. In case of prolonged global recession – stock markets may take many months to recover from current lows.

 

Dollar/Commodities

US Dollar reached its all time high of Rs 49.30. Ideal time for NRIs to send money to India as they will get more rupees per dollar sent. (Future movements of currencies cannot be predicted.) Commodities except Gold are falling at rapid pace. Gold is being seen as safe investment against global uncertainty. Rubber prices are pressure due to oil price fall.

 

Bank Deposits

NRI deposit holders got a lot of good news recently. Dollar reached its all time high of Rs 49.30 recently. It means more rupees for those NRIs who send Dollar (or Dollar linked gulf currencies) into India. Also RBI has increased ceiling on NRE and FCNB deposit and SBI has increased NRE and FCNB deposit rates accordingly. Due to trouble at many banks in USA/Europe - NRIs are preferring Indian Public Sector banks for parking their funds. NRIs can also opt for DTAA benefit for NRO deposit (details page 3).

 

NRI Interest Rates (SBI)

17st Oct '08 - Interest Rates %pa - NRE/FCNB – India's Best NRI Rates, Tax-Free, Repatriable      

                                                                INR Rs   USD $    Euro €   GBP £    Cand $  Aust $   Yen ¥

1 year to less than 2  years           4.96        4.21        5.74        6.77        5.05        8.05        1.47

2 years to less than 3 years          4.27        3.52        4.87        5.57        3.27        6.55        1.36

3 years to less than 4 years          4.56        3.81        4.84        5.50        3.42        6.56        1.46

4 years to less than 5 years          4.56        3.95        4.87        5.46        3.55        6.61        1.55

Upto 5 years                                      4.56        4.14        4.87        5.43        3.67        6.59        1.62

 

Saving Bank Interest Rate -3.50%, NRO FD (taxable) Rates varies from 4.75 to 10.5%

Top News

•             US Dollar has reached its all time high of Rs 49.30 recently.

•             State Bank of India hiked its NRE and FCNB Interest Rates substantially. Please see Investment page for details.

•             SBI’s DIFC branch in Dubai gets full banking licence.

•             Rival Jet and Kingfisher airlines entered into tie up to reduce their massive losses.

•             Kerala government has drawn up a project to set up 'farm labour banks' in panchayats.

•             Water charges in Kerala to go up drastically.

•             Kerala set up a new company, Kerala State IT Infrastructure Ltd.

•             The first amphibious brigade of Indian Army will have its headquarter in Kerala.

•             Kerala longest snake boat enters Guinness book of world records.

•             Kerala will provide land to all the landless in the state before the end of this Government’s term.

•             The 2008 edition of the South-West monsoon was weak over Kerala with 22 percent less rainfall than normal.

•             Kerala has cleared the application for 10 Special Economic Zones (SEZs).

•             Bollywood star Aishwarya Rai has come under the scanner of the Income Tax authorities for claiming exemption as NRI for money earned abroad in the past.

•             Sister Alphonsa born at Kudamaloor near Kottayam has becomes the first woman from India and second from Indian Roman Catholic church to get Sainthood.

•             Three new universities will be set up for NRIs.

•             Delhi High Court allowed lawyers of NRIs to represent NRIs in family courts during certain proceedings.

•             Kerala has tied up with Mahindra Holidays and Resorts to promote home stays in the state.

•             India plans easing the rules for PIOs procuring land by removing RBI and valid visa clauses.

•             A list of 'immigration risk' countries has been compiled by the Australian authorities that may make it more difficult for Indian students wanting admission there.

•             The Canadian government has introduced new flexibilities in their work permit policy.

•             NRI deposits have seen a big jump in India. With crash in stock market and anticipated slowdown in real estate and due to trouble at many banks in USA/Europe - NRIs are preferring Indian Public Sector banks for parking their funds.

Investments (please read the disclaimer)

Stock Market

Stock market broke their range and decisively went down as there is a perception that all kind bailout packages will not be sufficient to prevent a global recession. Markets are ignoring all positive news like fall in crude oil rates, interest rates, inflation etc. and nuclear deal. Foreign investors continue to sell heavily. In case of prolonged global recession – stock markets may take many months to recover from current lows.

 

Dollar/Commodities

US Dollar reached its all time high of Rs 49.30. Ideal time for NRIs to send money to India as they will get more rupees per dollar sent. (Future movements of currencies cannot be predicted.) Commodities except Gold are falling at rapid pace. Gold is being seen as safe investment against global uncertainty. Rubber prices are pressure due to oil price fall.

 

Bank Deposits

NRI deposit holders got a lot of good news recently. Dollar reached its all time high of Rs 49.30 recently. It means more rupees for those NRIs who send Dollar (or Dollar linked gulf currencies) into India. Also RBI has increased ceiling on NRE and FCNB deposit and SBI has increased NRE and FCNB deposit rates accordingly. Due to trouble at many banks in USA/Europe - NRIs are preferring Indian Public Sector banks for parking their funds. NRIs can also opt for DTAA benefit for NRO deposit (details page 3).

 

NRI Interest Rates (SBI)

17st Oct '08 - Interest Rates %pa - NRE/FCNB – India's Best NRI Rates, Tax-Free, Repatriable      

                                                                INR Rs   USD $    Euro €   GBP £    Cand $  Aust $   Yen ¥

1 year to less than 2  years           4.96        4.21        5.74        6.77        5.05        8.05        1.47

2 years to less than 3 years          4.27        3.52        4.87        5.57        3.27        6.55        1.36

3 years to less than 4 years          4.56        3.81        4.84        5.50        3.42        6.56        1.46

4 years to less than 5 years          4.56        3.95        4.87        5.46        3.55        6.61        1.55

Upto 5 years      4.56        4.14        4.87        5.43        3.67        6.59        1.62

 

Saving Bank Interest Rate -3.50%, NRO FD (taxable) Rates varies from 4.75 to 10.5%