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Remittance Services for the INR with the State Bank of India, New York

SBI New York offers remittance to India facility to its customers having transactions account. Money transfer to India request can be initiated by our account holders over the counter or by mailing us original RMT 2I form or through Online Banking.

Advantages of remitting through Our New York Branch

Applying for remittance through SBI New York offers you several benefits, including the following:

  • Rapid transfer of funds to over 24,017 State Bank of India branches.
  • Remittances can be sent to any bank account in over 50,000 branches of various banks situated in India through the National Electronic Fund Transfer facility (NEFT).

No fee for INR Remittance requests in case of:

  • Online Remittance: INR remittances that are initiated through our online banking portal regardless of the total amount.
  • INR remittances that are initiated through our branch over the counter/ by mailing forms for equivalent USD $1000 or above.

Users are requested to note the exchange rate of USD to INR as displayed on the website.

Consumers have a right to cancel a cross border remittance transfer within 30 minutes of making payment for the transfer.

The Remittance may be delayed if:

  • If beneficiary details are incorrect or incomplete for money transfer to India.
  • Due to Network failure or technical difficulties occur which are outside the control of the receiving or sending branches.
  • If your funds are not immediately available with us.

For remittance to beneficiary accounts held in Banks other than SBI, charges (National Electronics Funds Transfer {NEFT} , beneficiary Bank charges etc.) if any, may apply.

How to Apply for Online Remittance with SBI New York

Federal law requires all banks to identify their customers. In order to send remittances, open a Checking/Money Market Deposit Account with us by submitting the account opening forms (DEP 1 or DEP 3, DEP MC) or open account online.

  • Register yourself (self-enrolment) for the internet banking facility by visiting our website https://sbinewyork.statebank/online-banking
  • Send the completed online transaction form to branch for getting transaction rights.
  • Login to the online banking application and start sending the remittances.

You are requested to read the Customer Manual which includes detailed terms & conditions before you apply to open an account with SBI. For more information about Remittance, check out our customer manual or get in touch with us at remit.nyb@statebank.com / call on 212-521-3200.

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