As part of its continuous efforts to improve services for its customers, SBI has yet again claimed that NRI remittance services to be hassle free. The state run lender via its official twitter handle, State Bank of India (@TheOfficialSBI on December 6 said, "Spend time with your loved ones instead of spending time transferring funds to a loved one's bank account."
And so if you are a NRI settled abroad and engage in transferring money to your own or loved one's account on a frequent basis, you need to know the different remittance services by SBI.
Here are some of them:
1. SBI Rupee Instant Flash: The transfer can be facilitated within 10 minutes and is from associated Exchange Houses or Banks in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE. This implies that SBI customers can use the method to transfer funds to bank account in India.
2. SBI Rupee Instant: It is from associated Exchange Houses or Banks in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE. That is customers in these nations can use the remittance method and transfer funds within a time span of 2 hours.
3. SBI Express Rupee facility: The facility is from associated Exchange Houses or Banks in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE. But the time period of remittance can range in between 1 and 2 days.
4. In case of online remittances, for people from the UK and Canada, the remittance to India is usually within 1 to 3 days.
5. And from offices in countries including, Australia, Bahrain, Bangladesh, Belgium, Canada, China, Germany, Hong Kong, Indonesia, Israel, Japan, Maldives, Mauritius, Nepal, Oman, Russia, Singapore, South Africa, South Korea, Sri Lanka, UK and USA, the transfer takes 1 day's time.
6. In case the remittance is done using wire transfer or SWIFT, then process will be effected in 1-3 days time.
7. The transfer will take in 7 days to 28 days in case the transfer is happening via draft, cheque or international money order.
8. And for SBI customers in the US, there is a facility called SBI-Transfast which facilitates transfer of funds in 1-2 days time.