New Remittance Facility Launched-State Bank of India, DBS tie-up.

Indian Based Singaporeans have one more channel to remit money to their loved in Indians via DBS2SBI Remittance’

More details of this tie-up can be accessed @

https://eremit.sbising.com/Public_DBS2SBI.aspx

The highlights this facility is : -

01)                      Till now DBS Singapore customers could transfer funds to only the 10 DBS Branches in India.

02)                     With the above tie-up, DBS Singapore Customers will be able to transfer funds straight to 16,000 + State Bank Group Branches on a T+1 day settlement basis.

03)                       With the above tie-up, DBS Singapore Customers will be able to transfer funds straight to 40,000 + Indian Bank ‘s NEFT enabled  Branches on a T+2 day settlement basis.

04)                     To remit funds, customers will have to initiate the remittance via SBI’s online remittance service E-Remit at https://eremit.sbising.com

05)                     There are two steps for effecting the Remittance Transactions.

a)    To remit funds using DBS2SBI, consumers first need to initiate the remittance via SBI’s online remittance service E-Remit.

b)   Using the reference number, consumers would then need to perform a separate bill payment to SBI using DBS’ online banking channel.

As of now, I am unable to locate the details of the charges for this facility either or SBI, Singapore Net Site or DBS Site.

State Bank of India, Singapore site is not clear regarding failed transactions.

Maybe, this will be addressed in the coming days.

Loyalty Rewards Program-State Bank of India

Loyalty Rewards Program-State Bank of India

State Bank of India has launched a new Loyalty Rewards Program, for its Retail Internet Banking customers.

The complete details of the Program can be accessed @

http://www.sbi.co.in/user.htm

This Program is one more initiative by State Bank of India, to encourage Retail customers to avail the Internet Banking Facilities for their daily needs.

At present the rewards program, is only a few types of Transactions, and not the whole range of internet banking transactions.

State Bank of India, has kick-started this program with reward points for the following Transactions.

The number of points rewarded for each transaction type is as per the following table

Transaction Type	No. of Points Rewarded
RTGS/NEFT	5
Bill Payment/Merchant	6
IRCTC	10
VMT	10
Govt Tax Payments	20

The high-lights of this Program are

01)                      On execution of any Transaction mentioned above, the relevant reward points are credited to the users account.

02)                     Users can redeem the points, once a minimum of 400 points is reached and later in multiples of 100 points.

03)                     The Value of 1 point is .25paise.

04)                     On redemption of the points, the equivalent cash is credited to the retail user’s state bank of India account.

05)                     As of now, this facility is not available for Corporate Users.

My Comments:

A)  This program is a good incentive for State Bank of India Retail Internet Users.

B)   This program will encourage the users to try out new options.

C)   However, I feel State Bank of India, could have made this Loyalty program by

01)                      Awarding more points to RTGS Transaction over the NEFT Transaction. The value of a RTGS transaction is minimum Rs1 lac. Hence, this might make sense.

02)                     Awarding points to other types of transactions viz:

a)    Cheque Book Request

b)   Request for Fixed Deposit.

c)    Request for Cumulative Deposit.

d)   Request for Internal Funds Transfer.

A transaction executed on the Internet banking, means that transaction is avoided at the Branch Level, thereby benefiting the Bank only.