Terms and conditions

1. Definition and Interpretations
1.1 STATE BANK OF INDIA
State Bank of India, hereinafter called Bank, is a corporate body, constituted under State Bank of India Act, 1955 and having its Central Office at Madame Cama Road, Mumbai 400 021, India.
1.2 GLOBAL LINK SERVICES
Global Link Services, hereinafter called GLS, is an office functioning under the International Banking Group of State Bank of India, located at Mumbai. This office handles foreign currency collections on behalf of branches of SBI in India and its offerings include web based remittances from US, UK and Middle East.
1.3 THE WEBSITE
State Bank of India maintains the web-sites www.statebankofindia.com, www.sbi.co.in, www.onlinesbi.com and https://remit.onlinesbi.com ("the Site") to provide you with information about the Bank's services and products and to facilitate communication with the bank. For the purpose of the remittance products offered by SBI through GLS, the visitors are requested to visit https://remit.onlinesbi.com, hereinafter called the WEBSITE.
1.4 Customer
Visitor who registers on the website and avails the products, services and facilities offered by SBI through GLS.
1.5 Registered User
Any Visitor who registers with the Website but who may or may not have entered into any transactions in respect of the products, services and facilities offered on the Website. The term "Registered User" includes every Customer.
1.6 Debit Account Number
An account of the Customer with a bank (in the country from which the remitter proposes to send money to India) from which the funds will be transmitted by using that country's clearing mechanism.
1.7 Registration Number
An alphanumeric unique reference number assigned to the customer at the time of registration. Registered user should quote this number for enquiries.
1.8 User ID & Login Password
User ID is a unique identification selected by the user. Login Password means the secret password defined by the user, at the time of registration. 'User ID' & 'Login Password' together are required to:
  • Register the beneficiaries in India and their account numbers, register a change in address, change in details, payments, and make online applications,
  • Avail the remittance facilities of SBI GLS and enter into transactions in respect of the facility,
  • Track the remittance status in detail available post login and
  • Avail such other functions/ facilities as the Website may provide and permit.
1.9 Beneficiary
The person/ persons in India registered by the customer to receive the remittances.
1.10 Transaction Reference Number
The unique alpha numeric reference number assigned by the system for every remittance instruction initiated on the website. This number can be used to track the status of the remittance at any time on the website.
1.11 Profile Password
Profile password is an additional password apart from the Login password. Profile password is needed to access the user profile, beneficiary management or any other purposes deemed suitable as per Bank's discretion.
1.12 Dynamic pass code
Dynamic pass code is a single use numeric code which is sent on registered user's registered email ID as well as registered mobile number for out of band authentication for sensitive activities such as profile changes, beneficiary registration as per Bank's discretion.
1.13 Standing Instructions
Users can set recurring transactions under 'standing instructions' facility. The system will execute the given instruction for funds transfer and also alert the user as per the alert time period set by the user.
2. Remittance Facility - SBI EXPRESS REMIT US
2.1
SBI Express Remit US is a web based electronic, remittance process offered to registered users, for funds transfers from their bank account in Unites States of America (USA) to beneficiary accounts in India. Registered user will be able to post his/ her remittance instructions on the website itself, pursuant to which funds will be collected from customer's bank account through the ACH (Automated Clearing House) mechanism and transferred to the beneficiary's account. If the beneficiary's account is in any bank other than that of state bank group, then the credit to beneficiary may get delayed by one business day (All Saturdays, Sundays and the bank holidays in India and in USA are excluded while calculating the business days).
2.2
A customer can register a maximum of 5 debit accounts at a given time.
2.3
Subject to the relevant regulatory approvals and other terms of this Facility, this Facility (SBI Express Remit US) on it being made available enables the Registered User to remit or send foreign currency from a US based Bank account to a bonafide beneficiary in India after conversion into Indian Rupees.
2.4
The registered user agrees that under SBI EXPRESS REMIT US, he/ she will only remit
  • A minimum of $50 and maximum of $10000 per transaction (maximum $5000 for NEFT transactions)
  • Maximum aggregate remittance of $100,000 in a month.
2.5
The foreign exchange conversion rate shown on the Website is the rate applicable for the currency conversion transactions done on that particular day in India. It in no way guarantees or represents the foreign exchange conversation rate that will actually be applied on a future date to the remittance initiated by the customer. The Bank will apply the foreign exchange conversion rates prevailing on the day of conversion, or other rates as per its discretion. You may also refer to FAQs on the website (https://remit.onlinesbi.com) for additional information.
3. Remittance Facility - SBI Rapid Remittance
3.1
SBI Rapid Remittance is a web assisted wire transfer process offered to registered users, for funds transfers from their bank account in US to beneficiary accounts in India. It is a Customer Initiated Payment (C.I.P) mode to transfer money to the beneficiary's account expeditiously. Registered user will be able to post his/ her remittance instructions on the website itself generating a unique transaction reference number and funding instructions. Registered User will transfer the funds using a wire transfer to Bank's account (or by using online banking portal of their bank, if permitted) as per detailed in the funding instructions mentioning the unique transaction number at the time of wire transfer.
3.2
Once the bank receives funds in its account, these funds after conversion to Indian Rupees will be credited to the beneficiary's account within one business day (All Saturdays, Sundays and the bank holidays in India and in US are excluded while calculating the business days).
3.3
Subject to the relevant regulatory approvals and other terms of this Facility, this Facility (SBI Rapid Remittance), on it being made available enables the Registered User to remit or send foreign currency from a US based Bank a/c to a bonafide beneficiary in India after conversion into Indian Rupees.
3.4
Bank will not be responsible for the delays that may occur on account of missing transaction reference number in the wire transfer instructions.
3.5
The foreign exchange conversion rate shown on the Website is the rate applicable for the currency conversion transactions done on that particular day. It in no way guarantees or represents the foreign exchange conversation rate that will actually be applied on a future date to the remittance initiated by the customer. The Bank will apply the foreign exchange conversion rates prevailing on the day of conversion, or other rates as per its discretion. You may also refer to FAQs on the website (https://remit.onlinesbi.com) for additional information.
4. Remittance Facility - SBI Express Remit FCNR (B)
4.1
SBI Express Remit FCNR (B) USD is a web based electronic, state-of-the-art process, for transfers from Registered user's bank account in US for opening of FCNR(B) deposits in USD in India. Registered user will be able to post his/ her instructions on the website itself, pursuant to which funds will be collected from their bank account in US through the ACH (Automated Clearing House) mechanism and utilized for opening of FCNR(B) account in the name of the beneficiary(s) with the designated branch of SBI where the remitter has an existing NRE/FCNR(B) account in India.
4.2
Subject to the relevant regulatory approvals and other terms of this Facility, this Facility (SBI Express Remit- FCNR(B) USD), on it being made available enables the Registered User to remit or send foreign currency from a US based Bank Account for opening of a FCNR(B) account in his own name or jointly with other NRIs who already hold accounts in the same name(s) with the SBI branch in India.
4.3
Interest Rates: The interest rate shown on the Website is only indicative and the applicable rate will be the rate for FCNR(B) deposits in USD applicable for the relevant period of the deposit on the date of debit to the remitter's bank account in USA and credit to SBIs account. The rates are subject to change as per the rules applicable and are subject to change, presently on the 1st of each month.
4.4
Premature payment: Permitted subject to rules for premature payment but will have to approach the branch where the deposit is maintained and not through this website. No interest is payable if the deposit is withdrawn before 1 year. Premature withdrawal at 1% penalty on the applicable rate for period the deposit is maintained beyond 1 year. You may also refer to FAQs on the website (https://remit.onlinesbi.com) for additional information.
4.5
THE PROCESS

The process involves the following steps:
  • Registration of the customer.
  • Registration approval by GLS and other verifications.
  • Filling up of the account details of the customer and defining the beneficiaries.
  • Giving "Issue FCNR(B) deposit" instructions.
  • Processing of deposit instructions by GLS after verification.
  • Issuing of the FCNR(B) deposit at the designated branch.
4.6
The registered user should note that under SBI EXPRESS REMIT-FCNR(B) USD, he/ she can only remit( subject to change at the sole discretion of SBI):
  • A minimum of $1000 per deposit transaction
  • No maximum limit
  • Minimum period 1 year
  • Maximum period 5 years
4.7
The Registered User hereby agrees that the purpose of the deposit will be for issue of FCNR deposit as per the terms or regulations of such deposit prevailing from time to time. Deposits to accounts of third parties where the remitter is not a joint account holder not permitted through this site. Trade or business related deposits are not covered under, and should not be effected through, the SBI Express Remit-FCNR(B) USD Facility.
5. Remittance Facility - SBI EXPRESS REMIT UK
5.1
SBI Express Remit UK is a web based electronic, remittance process offered to registered users, for funds transfers from their bank account in UK to beneficiary accounts in India. It is a Customer Initiated Payment (C.I.P) mode to transfer money to the beneficiary's account in India expeditiously. Registered user will be able to post his/ her remittance instructions on the website itself generating a unique transaction reference number and funding instructions. Registered user will transfer the funds from their bank account in UK to SBI's account with SBI London as per detailed in the funding instructions along with the unique transaction number.
5.2
Once the bank receives funds in its account, these funds after conversion to Indian Rupees will be credited to the beneficiary's account in India within one business day (All Saturdays, Sundays and the bank holidays in India and in US are excluded while calculating the business days).
5.3
The foreign exchange conversion rate shown on the Website is the rate applicable for the currency conversion transactions done on that particular day. It in no way guarantees or represents the foreign exchange conversation rate that will actually be applied on a future date to the remittance initiated by the customer. The Bank will apply the foreign exchange conversion rates prevailing on the day of conversion, or other rates as per its discretion. You may also refer to FAQs under SBI Express Remit UK on the website (https://remit.onlinesbi.com) for additional information.
6. Remittance Facility - SBI GLS MC
6.1
SBI Express Remit MC is a web based electronic, remittance process offered to registered users of any part of the world (Currently launched in Denmark), for funds transfers from their bank account of their country to beneficiary accounts in India. It is a Customer Initiated Payment (C.I.P) mode to transfer money to the beneficiary's account in India expeditiously. Registered user will transfer the funds from their bank account in their currency to SBI's nostro account with Deutsche Bank, US as detailed in the funding instructions along with the beneficiary nickname.
6.2
Once Deutsche Bank receives funds in its account, these funds are converted into USD and credited to our nostro account. We in turn convert this funds to Indian Rupees and will credit to the beneficiary's account in India within one business day (All Saturdays, Sundays and the bank holidays in India and in remitter’s country are excluded while calculating the business days).
6.3
The foreign exchange conversion rate shown on the Website is the rate applicable for the currency conversion transactions done on that particular day. It in no way guarantees or represents the foreign exchange conversation rate that will actually be applied on a future date to the remittance initiated by the customer. The Bank will apply the foreign exchange conversion rates prevailing on the day of conversion, or other rates as per its discretion.
7. Delay in the Transactions and Non-Liability for damages
7.1
State Bank of India shall endeavor that the customer's instructions and the related transactions are communicated and/ or performed.
7.2
The Bank does not guarantee that any instructions will definitely be communicated or carried out that any transaction will definitely be performed.
7.3
The Bank shall not be liable for any direct, indirect or consequential loss or damage sustained by the customer arising due to any delay in communicating or performance of any instructions or transactions due to any reason arising on account of circumstances not attributable to the Bank or beyond control of the Bank such as, reasons of failure of operational systems, any kind of technical failures, natural calamity, floods, fire and other natural disasters, legal restraints, faults in the telecommunication network or network failure, software or hardware error, labor problem, strike or any other reason beyond the control of the Bank.
7.4
Notwithstanding anything contained herein, where the Bank has reason to believe that any transaction, have been fraudulently made (hereinafter referred to as a "suspect transaction"), Bank shall be entitled to withhold the funds pertaining to such suspect transaction in accordance with regulatory laws relating to Money Laundering etc. If the Bank determines after due enquiry and investigation that the transaction is a valid transaction and not a suspect transaction, the Bank shall release such withheld funds.
8. THE PROCESS

The process involves the following steps:

  • Registration of the user on the website. Registration is a onetime activity which requires user to provide his/ her particulars, set login
    credentials to login to the site and register the debit account from where user plans to send remittances.
  • Registration approval by SBI GLS after proper verifications and validations.
  • Registration of the beneficiaries on the website post login.
  • Initiation of funds transfers requests.
  • Processing of remittance instructions by GLS after due regulatory checks.
  • Affording credit to the beneficiary either by way of direct credit, RTGS, or NEFT.
9. The Terms and Conditions

Terms and conditions set out for the customers to read understand and accept the terms and conditions laid by SBI.

9.1
The information and policy statements appearing on 'https://remit.onlinesbi.com' or any other site maintained by the bank are applicable to facilities offered by GLS. Wherever applicable, your use of this Site constitutes your agreement to all such terms and conditions.
9.2
The Bank reserves the right to amend/ modify/ change the terms, conditions and notices applicable to the use of the Site and reserves the right to modify any features of any products or services offered by the Bank on the Site and any other information given in the Site. Registered Users are solely responsible for taking note of all such changes in terms and conditions posted in the site. Continued use of the Site after any such changes shall constitute your consent to and acceptance of such changes.
9.3
The services and products available on the site are in accordance with the rules, regulations, notifications and guidelines as prescribed by the Government of India and the Reserve Bank of India from time to time and the Bank makes no representations that they are in accordance with the rules, regulations and guidelines of other countries governing similar services and products. Registered Users are advised to ensure that the use of the any of the services provided through the website are not violative of any law, rules or regulations of any foreign country, if any, to which they are subjected to.
9.4
The customer agrees to provide true and complete information as prompted by the registration form on the Website, and to update this information to keep it true and complete at all times.
9.5
The registered user will be solely and absolutely responsible for maintaining the secrecy and confidentiality of all IDs and passwords and the Registered User will be fully and absolutely responsible and liable for all transactions and activities that occur under the Registered User's user ID and password including any unauthorized use or misuse of the ID and/ or password. The registered user should ensure that he/ she logs out from their account at the end of each session.
9.6
The Registered User will be responsible and liable if any third party gains access to the Website or any Facility through the use of their ID or password, and the Registered User hereby agrees to indemnify SBI and hold SBI harmless against any liability, costs, damages, claims, suits and proceedings based upon or relating to such unauthorized access and use.
9.7
The Registered User shall not disrupt the services or servers or networks connected to the service or disobey any requirements, procedures, policies or regulations of networks connected to the services or to interfere with the services/ network contrary to the permitted activities.
9.8
The Bank's privacy policy and security policy is posted on the Website. For the purpose of providing SBI Express Remit we endeavor to follow the same policy subject to applicable laws and the limitations of internet being an open system.
9.9
While we offer reasonable care and prudence dictated by the nature of relationship and transactions, we do not guarantee or warrant absolute security or privacy against all risks and the remitter while using our services agrees to indemnify and hold us harmless against all claims arising out of unauthorized persons gaining access to the site.
9.10
Though Bank strives to maintain the quality of service, timely delivery and execution of the instructions given by the customer, the same is not guaranteed by Bank and Bank does not accept any responsibility for not effecting or not completing any transaction entered into on the GLS Remittance Service due to any break-down in computer hardware or software systems including any break-down of internet services or any delay or default of service providers from whom the Bank has availed of the services for providing the web based remittance services.
9.11
The registered user can submit a request for cancellation of a remittance instruction only within the stipulated time as specifically detailed on the Website. Additionally, when the Registered User submits a cancellation request, such cancellation is not guaranteed by the bank. Such instruction or transaction will only be cancelled if the Registered User's request for cancellation is received and acted upon before the remittance instruction has been executed.
9.12
The Bank shall have the right to and not the obligation to, and the registered user hereby authorizes the bank to verify any information provided by the registered user.
9.13
The Bank will remit the funds into India only after it has received a confirmation that such foreign currency has been received in its account as clear funds.
9.14
The Registered User will not be entitled to any interest for the period during which the funds to be remitted are with the Bank, or pending remittance or are in the course of remittance, or for any other period.
9.15
The Registered User hereby agrees that, where the Bank so deems advisable or necessary, the Bank may hold the money (to be remitted to India) for longer than the usual time for remittance, and may delay the remittance.
9.16
The Registered User hereby agrees that the purpose of remittance will be for personal use such as family maintenance/ savings or remittances for repayment of loans extended to non-residents or personal gifts or towards receipt of life insurance premium, etc., as may be permissible as per applicable laws. Trade or business related remittances and other remittances not permissible under the facility or regulations or applicable laws in force from time to time are not permitted, and should not be effected through the SBI Express Remit Facility, or any other facility through the website.
9.17
In order to access and use the Website and avail of any Facility the Visitor must be an individual of at least 18 years of age and one who can enter into legally binding contracts under laws applicable to the Visitor.
9.18
Citizens and residents of countries other than India (collectively, "non-residents") shall access, use and avail of the Website and the Facilities only to the extent the domestic laws of India and relevant laws of such countries permit them to access, use and avail of the Website and the Facilities. The registered user agrees that the he/ she will be solely and absolutely liable for any liability incurred by him/ her in this regard and the registered user will indemnify the Bank against any liability incurred by the Bank in this regard.
9.19
The Bank accepts no liability whatsoever, direct or indirect for non-compliance with the laws of any country other than that of India. The Website, the terms and conditions, all transactions entered into on or through the Website and the relationship between the Registered User and the Bank shall be governed by and construed in accordance with the laws of India (applicable laws) and no other nation. The Registered User and the Bank agree that all claims, differences and disputes arising under or in connection with or pursuant to the Website, the Terms and Conditions, any transactions entered into on or through the Website or the relationship between the Registered User and the Bank shall be subject to the exclusive jurisdiction of the competent courts located in the city of Mumbai, Maharashtra, India and the Registered User hereby concedes, accede to, and accepts the exclusive jurisdiction of such courts. Provided that, notwithstanding what is stated above, if the Bank so thinks fit the Bank may institute proceedings against the Registered User in any other court or tribunal which the Bank consider proper and competent.
9.20
Notwithstanding any statute or law to the contrary, but to the extent permitted by law, any claim or cause of action arising out of or related to access or use of the Website or any Facility or the Terms and Conditions must be filed only if the person making such claim or initiating any action against the Bank has made a written demand or claim to the Bank specifying the details of his claim/ demand and his intention to initiate such action within six (6) months after such claim or cause of action arose failing which it shall be forever barred.