sbi.co.in Exporters Gold Card Scheme : State Bank of India

Organization : State Bank of India
Service Name : Exporters Gold Card Scheme

Details : https://www.statusin.in/uploads/19955-SBIEXPORTERSGOLDCARDSCHEME.pdf
Website : https://www.sbi.co.in/

Exporters Gold Card Scheme :

State Bank of India has launched “SBI EXPORTERS GOLD CARD SCHEME” to meet the working capital needs of exporters with good track record and credit worthiness, subject to their fulfilling the specified eligibility norms.

Related : SBI International Banking : www.statusin.in/19952.html

The salient features of the scheme are as under:
** Assessment norms have been simplified
** For units with export turnover up to Rs. 100 crore simplified assessment in terms of Nayak Committee norms will be made within specified time norm , not exceeding 25 days in case of new sanctions and 15 days in case of renewals.
** Further relaxations, subject to certain conditions, in the form of automatic renewal of limits after the three year tenure as also simplified method for effecting annual step-up in limits is being examined by the Bank.
** Standby limit of 20% will be sanctioned to all the SBI Exporters Gold Card holders over and above the sanctioned limit to meet credit demands arising out of receipt of sudden orders.

** Limits sanctioned will be valid for a period of three years.
** Interest will be charged at concessional rate from the Gold Card holders. The present rate for Packing Credit up to 180 days and Post-shipment credit up to 365 days would be 3.75% below the Bank’s benchmark Prime Lending Rate. Also, SBI Gold Card holders will be given preference for grant of packing credit in foreign currency.
** International Credit/Debit cards and Internet Banking facilities shall be extended to the SBI Exporters Gold Card holders on priority basis.

For further details please contact our nearest forex authorized branch or the Asstt. General Manager (C&IBP) of the nearest Local Head Office.

SBI SWIFT Channel in India :
SBI operates a SWIFT Operations Centre (SOC) at Mumbai, the central point of a network of 141 SWIFT-linked branches in India and abroad. SWIFT Authenticator keys (SAK) are centralized at the SOC. (Prior clearance from FD, Kolkata is required for exchange of SAK).

Some FAQs:
** SWIFT Authenticator Keys are centralised at SOC (Prior Clearance of FD is required for exchange of SAKs).
** Although FD is SWIFT Linked, messages regarding fund transfers, Letters of Credit, Guarantees, etc., should not be sent to them. These should be sent to the branches concerned giving Branch Code No., Name of the Branch, Name of Beneficiary and Account No.

** Use correct BIC Number of the branch for which the message is meant (list appended).
** Draw Payment Orders only in currencies mentioned in the schedule of Agency Arrangements (as agreed upon between SBI and correspondents).
** Payment Instructions containing all relevant details should be sent to the branch concerned for execution of the payment order with specific details as to where cover funds have been provided.

** Cover funds for remittances should be provided to the respective Nostro account with full details viz., branch name, code number, name of the beneficiary etc., in accordance with the Agency Arrangements. Messages for paying funds into our Nostro Account without any authenticated payment instruction directly to the drawee branch result in delay, inconvenience to beneficiary and embarrassment to remitter. Branches may be advised to get full details from remitter before sending remittances (please refer to Standard Settlement Instructions).

** Payments relating to our Associates/ Subsidiaries may not be sent to our branches as they maintain their own nostro accounts and have their own arrangements for such payments.

Swift Operations Centre (Soc)
At World Trade Centre, Cuffe Parade, Mumbai 400 005.
Ph: 91-022-2181939, Fax: 022-2188726