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South Indian Bank introduces two new services for customers
February 24, 2022
South Indian Bank has introduced two new services to further enhance both “remittances” and “remittances from” abroad. The bank has enabled online outward remittances through Net Banking and inward remittances through NPCI’s UPI mode, giving an enhanced experience, convenience, and safety.
SIB online outward remittance facilitates with Foreign Outward Remittance through the bank’s Internet Banking platform, “SIBerNet”.
Under the Liberalized Remittance Scheme (LRS), RBI licenses occupant people to remit up to $2,50,000 or equivalent in different currencies in a financial year for permissible purposes.
Resident Indian customers can now start Online Foreign Outward Remittances through SiberNet in excess of 100 currencies across the globe. These settlements can be sent for purposes like family maintenance, gift, education, immigration, travel for medical treatment, and private visit.
Murali Ramakrishnan, MD and CEO of South Indian Bank said: “Clients can start outward remittance request 24×7 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 ‘ internal remittance service.
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