Source: DBS Bank
DBS Bank, Southeast Asia's largest bank, announced today that it has entered into a partnership with the State Bank of India (SBI), India's largest bank, to offer an online Remittance service from Singapore to India. Through the service, known as 'DBS2SBI Remittance', DBS/POSB customers will now be able to transfer funds quickly and conveniently to beneficiary accounts at over 16,000 SBI branches, as well as to 30,000 other branches in India.
DBS head of consumer banking Rajan Raju said, "We are constantly exploring opportunities to offer greater convenience to our customers. India is one of the key recipients of home remittance from Singapore. We currently offer direct remittance service from DBS/POSB accounts in Singapore to accounts with 10 DBS branches across India. The DBS2SBI Remittance service will further enhance our current offerings, providing our clients with extended reach and distribution for payments in India by leveraging the SBI branch network. With its wide network, large audience and popularity in India, the partnership with SBI is an ideal choice and is the latest addition to our remittance options to India."
"SBI is a household name in India, and it is only natural and makes perfect sense for us to partner with a bank which resonates similarly in Singapore. Establishing this arrangement with DBS marks another milestone we've achieved since attaining our QFB license in Singapore. Through this tie-up with DBS, we are able to provide speed, convenience and ease to customers banking with DBS/POSB, who wish to send remittance to our clients of the SBI Group in India," said Mr Seah Boon Ching, Head of Consumer Banking, SBI Singapore.
To remit funds using DBS2SBI, consumers first need to initiate the remittance via SBI's online remittance service E-Remit at https://eremit.sbising.com. Using the reference number provided, consumers would then need to perform a separate bill payment to SBI using DBS' online banking channel, DBS iBanking. The funds will be made available to the beneficiaries in India as early as noon the next working day.
SBI Singapore has launched a suite of retail banking products to complement its existing corporate banking products, as well as to enable the bank to service both individual and corporate customers.