Standing Instructions (SI) for Monthly Remittance to India and Other Countries

We understand that some of our customers, who are working/residing in far flung islands, find it difficult to send Online Remittance to India form duly filled in and signed in original to the bank every month for remitting money to their overseas account in view of Bank’s decision not to accept fax for undertaking any financial transaction vide an announcement dated 22nd November, 2011.

As part of our commitment towards better customer service as also to overcome difficulties faced by our customers, it has been decided to accept Standing Instructions (SI) from our account holders for remitting USD 500/1000 per month (as the case may be) from their Rufiyaa a/c and any amount from USD a/c to their overseas account every month. Once the customer applies and registers for SI, he/she need not send Online Remittance form every month. On the registered day every month, bank will remit the specific amount to the designated overseas account by debiting local account without any reminders from the customers. There is no charge for registration of SI for monthly remittance.

The customer needs to register once with the bank for availing such facility by following procedures as detailed hereunder;

  1. Download and fill up the Standing Instruction Registration Form (2 pages);
  2. Also download and fill up the ‘Online INR Remittance Application’ (for sending to India) or ‘SWIFT Transfer Application’ (for sending to other countries) Form;
  3. Please send these two forms duly signed in original, along with a copy of passport (first & last page) and work permit/via card, duly attested by self and employer, to

    The Chief Manager (Remittance),
    State Bank of India,
    H.Sunleet,
    Boduthakurufanu Magu, Male’

    by post/courier or in person. No fax communication will be accepted.
  4. If monthly remittance is required to be sent to more than one overseas account (within the overall limit), please fill up another SI and Online Remittance form as mentioned in (1) and (2) for the 2nd overseas account.
  5. Once SI forms are received by the Bank and processed, the account holder(s) will be intimated about registration of SI including registered date of SI through email on their given email IDs.