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Forex Services

Forex Services

India being one of the fastest growing countries in Asia, offers unique opportunities to non-resident Indians for investments in India. One such avenue is to deposit funds with the banks and State Bank of Mysore welcomes you for placing your deposits with us. Located at strategic places all over the country with a network of correspondents all over the world, State Bank of Mysore provides you with all types of banking services to suit all needs and offers several specially designed schemes for non-residents.

Given below are a list of NRI Services offered by SBM

Reserve Bank of India vide its circular dt. December 8, 2003 has permitted banks to include Indian students studying abroad as Non-resident Indians (NRIs).

As Non-residents, they will in any case be eligibile for receiving remittances from India, as follows:
i) Upto USD 100,000 from close relatives from India on self-declaration towards maintenance, which would include remittances towards their studies also
ii) All other facilities available to NRIs under FEMA
iii) Educational and other loans availed of by students as resident in India which can be allowed to continue as per provisions of Notification No. 4/2000-RB dated May 3, 2000

Reserve Bank of india has also clarified that the above instructions do not dilute in any way the utilisation of the existing foriegn exchange remittance facilities to students in regard to their academic pursuit.

Contact your nearest Branch of State Bank of Mysore or
Chief Manager
International Banking Department
Head Office, Bangalore - 560009
Tel: 91 80 22353901 to 22353909 ; 22353473. - Extn 379
91 80 22353456 Telex: 845 - 8362
Fax: 91 80 22283684 Email:  This e-mail address is being protected from spambots. You need JavaScript enabled to view it