2 Ways To Transfer Money From India To Nepal Through SBI Bank?
Nepal SBI Bank Limited (NSBL) is a grade-A commercial bank established in 1992A.D. /2050B.S. in Nepal. The bank is 55% owned by State Bank of India with 15% shares to Employee Provident Fund and 30% allocated to the general public. Nepal SBI Bank Limited is also the first-ever Indo-Nepal (India-Nepal) joint venture that is sponsored by three promoters; SBI (State Bank of India), Agricultural Development Bank Nepal, and Employee Provident Fund. With the headquarter in Keshar Mahal, Kathmandu Nepal SBI Bank had branches all over Nepal.
So, with Nepal SBI Bank being a franchisee of State Bank of India, there might rise a common question, Can we transfer money from India to Nepal through SBI Bank? How can someone transfer money from India to Nepal through SBI Bank? So, this article is the answer to all your answers related to transferring money through SBI Bank.
With many options available for sending money from India to Nepal, the best way is probably through the banks. Currently, Punjab National Bank and State Bank of India are the only two options available for providing remittance service to Nepal through banks.
National Electronic Fund Transfer (NEFT)
Currently, remittance can be sent through the National Electronic Fund Transfer platform, where one can transfer up to INR 50,000 to Nepal from any Neft-enabled bank branch in India. The money is given to the beneficiary in Nepalese rupees.
a. SBI-Nepal Express Remittance
Nepal SBI Bank Limited, and State Bank of India, has inaugurated an Electronic Fund Transfer system to generate a faster and helpful method of remittance facility for the Nepali migrants in India by disbursing cash for such remittances to the beneficiaries living all across Nepal.
b. Indo-Nepal Remittance
Reserve Bank of India (RBI) in consultation with Nepal Rastra Bank(NRB) has launched the Indo-Nepal Remittance service considering the importance of establishing a formal remittance system between India and Nepal. This service only allows a remitter to send a maximum of 12 transactions per year to the same beneficiary. And only INR 50,000 is allowed per transaction.
How does it work?
A person can walk into the State Bank of India branch and transfer the money to a person in Nepal. To transfer funds you don’t necessarily have to own an account in the bank. But, having a bank acc will clear the requirement of fulfilling your Know-your-customer(KYC) criteria. Then after you transfer the funds to the person in Nepal, the bank will then transfer the money to the Nepal SBI Bank Limited. If the beneficiary holds an account with Nepal SBI Bank, then the money will be transferred to the beneficiary’s account directly. For others, you will have to visit Prabhu Money Transfer Pvt. Ltd for the remittance.
Fee Structure
The fee structure will be paid by the remitter at the SBI branches in India. The commission fees will be dependent on the remittance amount and if the beneficiary has a bank account on NSBL or not.
a. SBI-Nepal Express Remittance
| Remittance amount in INR | Commission: Beneficiary is NSBL account holder | Commission: Beneficiary is not NSBL account holder |
| Up to INR 5000 | INR 20.00 | INR 70.00 |
| From INR 5001 to INR 50000 | INR 20.00 | INR 95.00 |
| More than INR 50000 | NPR 1.00 per 1000 or part thereof with min 75 and maximum 1500 INR | INR 1.50 Per 1000 or part thereof with minimum 15.00 and maximum 3000.00 |
b. Indo-Nepal Remittance
| Remittance amount in INR | The beneficiary is the NSBL account holder | Beneficiary is not NSBL account holder |
| Up to INR 5000 | INR 20.00 | INR 70.00 |
| From INR 5001 to INR 50000 | INR 20.00 | INR 95.00 |
Documents Required
- Identity Proof: Citizenship Card/Passport/Driving License of the remitter.
- Certification of identification issued by the employer in India.
- KYC form if the remitter does not have a bank account in State Bank of India.
- Details of the Beneficiary including mobile number and address.
- Beneficiary’s NSBL account number, branch where the account is created, email address, and mobile number. (If s/he has an account in the bank)
Conclusion
Sending Remittance from India to Nepal is easier compared to other foreign countries. The process is faster and cost-effective. From, India you don’t have to spend a hefty amount in fees just to send money back home. State Bank of India with Nepal SBI Bank and Reserve Bank of India with Nepal Rastra Bank has made this process way faster and convenient.
Related Topic: Best Digital Wallets in Nepal
