South Indian Bank has introduced two new services to further enhance both “remittances to” and “remittances from” abroad. The bank has enabled online outward remittances through Net Banking and inward remittances through NPCI’s UPI mode, providing an enhanced experience, convenience and safety.
SIB online outward remittance facilitates Foreign Outward Remittance through the bank’s Internet Banking platform, “SIBerNet”.
Under the Liberalised Remittance Scheme (LRS), RBI permits resident individuals to remit up to $2,50,000 or equivalent in other currencies in a financial year for permissible purposes.
Resident Indian customers can now initiate Online Foreign Outward Remittances through SiberNet in more than 100 currencies across the globe. These remittances can be sent for purposes like family maintenance, gift, education, emigration, travel for medical treatment and private visit.
Murali Ramakrishnan, MD & CEO of South Indian Bank said: “Customers can initiate outward remittance request 24x7 online including on holidays in USD currency, whereas remittances in other currencies can be initiated during market hours, all from the comfort of their homes.”
The bank has further rolled out a new service feature in its ‘SIB Express ’ inward remittance service.
This feature will enable NRIs to send money to their relatives or their own NRE/NRO account in India instantly through NPCI’s UPI mode.
SIB Express payment platform is provided by South Indian Bank to their partner Exchange Houses/banks for facilitating cross border inward remittances under the Rupee Drawing Arrangement.
This novel service facilitates the bank’s partner exchange houses to route remittances of NRIs to India instantly, with more ease and convenience, simply by using the UPI ID of the beneficiary in India, without divulging any sensitive information.