Indo-Nepal Remittance Facility scheme Flashcards
One can remit upto ………………. per transaction to the beneficiary residing in Nepal; provided the sender maintains account with any NEFT enabled bank branch in India.
Walk-in / Non-customer can remit upto per transaction to Nepal residing beneficiary.
₹2 lakhs, ₹50,000 - walk in
There is ………. limit on remittances if the sender is maintaining account with any NEFT enabled bank-branch in India. Walk-in / Non-customers are allowed to remit …….. remittances in a year with ceiling of …………….. per remittance.
no, 12, ₹50,000
Does the beneficiary need to maintain an account with a bank branch in Nepal
No, this is not mandatory. It would, however, be ideal if the beneficiary maintains an account with a bank branch in Nepal to which the credit could be afforded. In Nepal, the INRF Scheme is handled by Nepal SBI Ltd. (NSBL). If the beneficiary does not have a bank account with NSBL or resides in a locality / area in Nepal not serviced by a NSBL bank branch, an arrangement has been entered into by NSBL with a money transfer company in Nepal (called Prabhu Money Transfer) who would make arrangements for delivery of cash (in Nepalese Rupees) to the beneficiary.
What are the charges for availing the remittance facility - For transactions up to ₹50,000?
Originating bank – Maximum ₹5/- per transaction.
State Bank of India – ₹20/- per transaction. SBI would share this ₹20/- with NSBL at ₹10 each. NSBL would not charge any additional amount for crediting the beneficiary. if he maintains an account with it.
In case the beneficiary does not maintain an account with NSBL then, an additional amount would be charged- ₹50/- for remittances up to ₹5,000/- and ₹75/- for remittance above ₹5,000/-.
What are the charges for availing the remittance facility - For transactions above ₹50,000?
charges prescribed by SBI shall apply
