State Bank of India is India’s largest commercial bank and has Correspondent Relationship with most of the major banks in the world. The Bank has excellent remittance facilities and products, both inward and outward, to suit the varying needs of its customers. The following remittance products are made available to the customers.
- Telegraphic Transfers in USD/GBP/SGD/EUR/INR
- Drafts in USD/GBP/SGD/EUR/INR
- Telegraphic Transfers in USD/GBP/SGD/EUR
The advantages of Remittance facilities are
- Attractive Exchange Rates
- Competitive Charges
- Wide network of SWIFT linked Bank/Branches
Online INR Remittance
State Bank of India, Maldives has an Online INR Remittance facility whereby INR Remittance requests will be processed much faster.
Please visit 'Downloads' section on Homepage to download remittance related forms.
The remittance could be sent to over 20,000 branches of State Bank of India & its 5 Associate Banks directly.
We also offer quick transfer facility to more than 40000 other major Bank branches through the NEFT (National Electronic Funds Transfer) /RTGS (Real Time Gross Settlement) as applicable in India. Remittance to other Banks is also done in a very cost effective manner. The converted rupee amount would be credited to the beneficiary’s account with other banks in India on the day of remittance or the next working day.
The remittance amount is converted into Indian Rupees (INR) at our end itself at the prevailing exchange rate of INR vis-à-vis USD/MVR and the INR amount hits the account of beneficiary on the same day of the remittance. The Remittance, however, is released by us only after we get clear funds in our account.
The main advantages of STP remittance are:
- Attractive Exchange Rates
- Competitive Charges
- Wide network of SBI and SBI Group branches
- Wide network of NEFT/RTGS enabled other Bank branches
The process to be followed for affecting your Online INR money transfer is also very simple.
- Please download and complete the 'Application for Remittance to India' form
- The completed application form may be delivered to us across our counter or dropped in the drop boxes available in the branch.
Please note that the above process is applicable for our account holders only.
- In case the applicant wants to deposit cash for remittance, he/she has to visit the branch in person and submit the application along with the currency and the copy of the work permit. ( Please note that the maximum limit for cash transactions per remittance will be decided by the bank according to availability of foreign exchange).
- All applications received will be handled at the applicable exchange rate.
FAQ on Remittance Facility to India
- Who can avail the remittance facility?
- Any individual account holder of SBI, Maldives, desirous of sending money to a person maintaining an account with any branch of State Bank of India, its Associate banks in India or any other Bank branch with IFSC code (11 digit IFSC code can be obtained from the related bank’s branch in India).
- Do I need to open an account with SBI, Male'?
- Yes, we are only accepting application for online remittance to India from our account holders for remitting money by debiting their accounts maintained with us
- What does one have to do to send the money?
All one needs to do is, to fill up the application form ' INR Remittance Application' (available in 'Downloads' section on our Website) and submit it over the counter or drop in the drop box available at SBI branch or send it by post or courier to Chief Manager (Remittance), State Bank of India, H.Sunleet, Boduthakurafaanu Magu, Male'.
Now, customers can register Standing Instruction (SI) for sending fixed amount every month to their designated overseas (India or any other country) whereby Bank will remit every month on a designated day/date by debiting local account without asking for Remittance Application Form. Please refer to Standing Instructions details available elsewhere on the Website.
- Can the money be sent to any account in India?
- Yes. The money can be transferred to any account with a branch of the State Bank of India, its Associate banks in India or any other bank branch with IFSC code. (other than PPF Account).
- What details does on have to provide for sending the money?
- One must correctly mention the following details in the application form:
- Name of the person who is to receive the money.
- Correct core banking account number of the person receiving the money.
- Name and code number of the State Bank/State Bank of India’s Associate Bank’s Branch, IFSC code of any other Bank Branch, where the money is to be sent.
- Sender’s mobile No., Passport No., Work Permit No.
- Purpose of sending money and whether amount mentioned includes or excludes charges.
- Sender’s Account number.
- What are the charges one has to pay for the facility?
- Please visit 'Service Charges and Fee' menu on the Home Page for details.