DBS Bank and SBI tie up offers faster ruppee remmittance

DBS Bank (SGX: D05) has announced a tie up with the State Bank of India (BSE: 500112; NSE: SBIN; ISIN: INE062A01012) to offer faster rupee remittance service. The service, named as DBS2SBI Remittance, allows DBS/POSB customers to beneficiaries at over 16,000 branches of the SBI and 30,000 other branches.

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.

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