The new service is dubbed DBS2SBI Remittance and is set to allow DBS customers to transfer funds to beneficiary accounts at over 16,000 SBI branches, as well as to 30,000 other bank branches in India.
To remit funds using DBS2SBI, consumers must first initiate the remittance via SBI’s online remittance service E-Remit. Using the reference number provided, consumers 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.
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