Remittance from India
SBI-Nepal Express RemittanceNepal SBI Bank Limited, jointly with State Bank of India, has introduced a robust Electronic Fund transfer Mechanism (EFT) namely "SBI-Nepal Express Remit" to provide faster and convenient mode of remittance facility for the Nepali migrants in India by disbursing cash for such remittances to the beneficiaries residing all across Nepal through Electronic Fund Transfer Mechanism (EFT).
This service can be availed from all branches of State Bank of India
- Faster and Convenient,
- Minimum Charge,
- Direct Credit to beneficiary's Account with NSBL,
- Less Service Charge to remitter if beneficiary has an account with NSBL,
- Cash payment through NSBL branches or any outlet of Prabhu Money Transfer in case the beneficiary does not have account with us,
- No Service Charge from Beneficiary maintaining account with NSBL and/or cash disbursement through Prabhu Money Transfer,
- More than 1365 paying outlets in Nepal
|Remittance amount(INR)||Commission where beneficiary is NSBL account holder(INR)||Commission where beneficiary is non NSBL account holder(INR)|
|5001 to 50,000||20.00||95.00|
|Above 50,000||IRs. 1.00 Per IRs.1000.00 or part thereof with a minimum of IRs.75.00 and maximum of IRs.1500.00.||IRs.1.50 per IRs.1000.00 or part thereof with a minimum of IRs.150.00 and maximum of IRs.3000.00.|
- For the beneficiaries maintaining account with bank other than NSBL, 0.10% of NPR amount with minimum of NRs 100 per remittance as handling charge is recoverable from the beneficiary in case of payment through banker's cheque
Indo-Nepal RemittanceConsidering the importance of establishing a formal remittance system between India and Nepal, the modalities of an Electronic Funds Transfer System have since been worked out by Reserve Bank of India (RBI) in consultation with Nepal Rastra Bank(NRB). The system is designed to ensure faster remittances from India to any part of Nepal with safety and security. The salient features of the remittance system are as under.
- The Scheme is introduced on 15.05.2008
- The remittances will be routed through the Payment System Group (PSG) of State Bank of India (SBI) in India and Nepal SBI Bank Ltd (NSBL) in Nepal.
- 44000 branches of Indian Banks on Core Banking Platform linked to NEFT system of RBI are enabled to process the remittances.
- The maximum amount of remittance under the scheme will be INR.50000/-
- The commission on such remittances is kept very low. Up to INR5000/- the commission will be at INR70/- and above INR.5000/- the commission amount will be at INR95/-.
- Commission of only INR20.00 per remittance up to INR 50,000.00 will be charged in case of A/C holder at Nepal SBI Bank Ltd.
- Other than NSBL account credit the cash remittances will be handed over to the Money Transfer Agency appointed by the NSBL (Prabhu Money Transfer).
For more information regarding Remittance Service Contact:
Corporate Office BGSN Wing Thamel,
Bharatiya Gorkha Sainik Niwas, Kathmandu, Nepal.
Fax no: 01-4423408
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-Jan 18, 2015