Remittance to India

State Bank of India, Chicago offers the easiest, fastest, transparent and best way to send money to India from USA at attractive exchange rates. Use our Remittance services to fund your savings, personal and business needs by way of US Dollar (USD) and Indian Rupee (INR). Our Retail Internet Banking platform provides you with the simplest way to send money to India.

Frequently Asked Questions – Remittance Facility

Who can avail our remittance facility?

The remittance facility is available for customers of State Bank of India, Chicago maintaining Checking, Savings or Money Market deposit accounts. To view the details for opening a new account with us please visit Deposit products page in Personal Banking.

How to apply for remittance?

Request for remittances should be made on our prescribed application forms , which can be downloaded from the Resources tab. Existing Customers can also use our Retail Internet banking platform to send remittance. Existing customers of State Bank of India Chicago are required to use the “Enroll Retail Banking” link on our Home Page for registration.

Why should you transfer funds through State Bank of India, Chicago Branch?

With its vast network in India, SBI is in a unique position to transfer funds to various places in the country. SBI has over 16,000+ branches of its own and another 5000+ branches of its Associate Banks in India to easily reach your family, friends or business. Our remittance service uses the NEFT platform of Reserve Bank of India for transfer of funds to Banks other than State Bank Group. 

In which currency can you send remittance to India?

Remittances can be sent both in US dollars (US dollars remittances will be sent to SBI Branches having SWIFT facilities) and in Indian rupees, at your option.

At what rate are US Dollars converted to Indian Rupees?

For remittances in rupees, the conversion of US dollars into rupees will be done at the rate determined by State Bank of India, New York on the day of the remittance transaction. For daily exchange rates, please click here.

For remittances in US dollars, the conversion will be done in India at the rate prevailing on the day of the payment of such transfer. Please note the following:

  • Wi re transfers in dollars can be sent only to those authorized SBI branches where SWIFT facilities are available. (SWIFT Code Locator for SBI Branches)
  • Rup ee transfers can be sent to all branches of State Bank of India in India if the beneficiaries’ core banking account number is provided to us and to other banks in India if the IFSC (Indian Financial System Code) in addition to the beneficiary account number is provided to us.

What are the service charges for remittance?

All Rupee remittance transactions through our Retail Internet banking platform are Free 1 . However, Rupee Remittance transactions through FAX request or In-person request through the Branch may attract charges. For details on service charges for remittance transactions in US Dollar and Indian Rupee remittances, click here .

1) For remittances to beneficiary accounts held in banks other than SBI, additional charges (e.g. National Electronics Funds Transfer {NEFT}, beneficiary bank charges etc.) if any, may apply.

What is the process for transferring funds by way of Indian Rupee Drafts or Dollar Drafts?

State Bank of India, Chicago has temporarily suspended issue of Rupee drafts and Remittance Official Checks in US Dollar. You may choose to remit funds by sending Rupee or US Dollar wire transfer. (US Dollar transfer will be sent to SBI Branches only).

Important Note:

While all efforts will be made to ensure timely delivery of funds to the beneficiaries, the Bank shall not be under any liability for any errors, negligence, default or any failure on the part of the remitting customer in furnishing vital information for good delivery of the funds. Please read Terms and Conditions for the remittance mentioned on the remittance forms.