SBI-NEPAL EXPRESS REMITTANCE

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SBI Nepal Express Remit is Electronic Fund Transfer mechanism for sending funds from State Bank of India (SBI) to Nepal SBI Bank Ltd (NSBL). The mechanism has effectively removed the difficulties faced by migrant workers of Nepali origin residing all over the India in remitting fund to their families. Both accountholders and walk-in customers can remit the fund to Nepal from any branch of State Bank of India through this channel. The salient features of the scheme are:

 

Features:

• The facility is available for both accountholders as well as walk-in customers.
• Service can be availed from any branch of State Bank of India
• Amount is credited to respective bank accounts and cash payment is made to beneficiaries not having bank accounts in Nepal through outlets of Prabhu Money Transfer.

The Structure of Chargeto be levied to the Remitter is as under:

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Indo-Nepal Remittance

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The Indo-Nepal Remittance Facility Scheme was launched by Reserve Bank of India (RBI) in May 2008 in consultation with Nepal Rastra Bank (NRB) as an option for cross-border remittance between India and Nepal. The scheme was developed with special focus on requirements of migrant Nepalese workers to make remittances at regular intervals to support their families. Both accountholders as well as walk-in customers can remit the funds to Nepal under this scheme. The major features of the scheme are:
 

• Ceiling of Transaction Amount:The customers can remit INR 200,000 per transaction from their bank accounts. However, remittances by the way of cash from walk-in customers or non-customers is restricted up to INR 50,000 per transaction with a maximum of 12 transactions per year
• Charge Structure:Maximum INR 5 per transaction is recovered by the originating banks aligned with NEFT as their charges. In addition, the applicable SBI charges depending on value of transaction and the manner in which credit is afforded to the beneficiary are as follows:

• Remittance amount (INR)	NSBL Account holder (Beneficiary		Non NSBL Account holder (Beneficiary)
  	Pensioner	Non Pensioner	Pensioner	Non Pensioner
  Up to 5,000	INR 20.00		INR 70.00
  5001 to 50,000	INR 20.00		INR 95.00
  50,001 to 200000	INR 0.50 per thousand maximum INR 75.00	INR 1.00 per thousand maximum INR 150.00	INR 1.00 per thousand maximum INR 150.00	INR 3.00 per thousand maximum INR 500.00

  Originating banks recover the entire charges from remitter as per structure detailed above. In addition, for beneficiaries not having account with NSBL, flat NPR 100.00 per transaction along with applicable IPS Charge of maximum NPR 10.00 is charged.

• In case of beneficiaries with bank account, the amount will be paid directly to respective bank accounts. Cash payment are made to beneficiaries not having bank accounts in Nepal through outlets of Prabhu Money Transfer.
• The facility is afforded by all bank branches in India enabled with NEFT system.

Nsbl-Payment Gateway

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The structure of charges to be levied to the remitter as under:

Remittance Amount (INR)	NSBL Account Holder (Beneficiary)	Non NSBL Account Holder (Beneficiary)
Up to INR 5,000.00	INR 20.00	INR 70.00
INR 5,001.00 to 50,000.00	INR 20.00	INR 95.00
Above INR 50,000.00	INR 1.00 per INR 1,000.00 or part thereof with a minimum of INR 75.00 and maximum of INR 1,500.00.	INR 1.50 per INR 1,000.00 or part thereof with a minimum of INR 150.00 and maximum of INR 3,000.00 inclusive of service tax.

In addition, for beneficiaries not having account with NSBL, flat NPR 100.00 per transaction along with applicable IPS Charge of maximum NPR 10.00 is charged.

 

 

For more information regarding Remittance Service Contact: