There are a number of distinct advantages in routing International Banking Business through us which make us one of the best of its kind in this field :
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Correspondent banking relationship at almost all the major centres of trans-national trade like New York, London, Frankfurt, Hong Kong, Singapore, Tokyo, Sydney etc. |
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Nostro account in all major currencies like USD, GBP, EUR, SGD, AUD, CHF, CAD etc. |
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SWIFT connectivity in all the branches dealing in foreign exchange / International Banking Business. |
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Credits / Debits transacted in our Nostro account are advised the very next day so that your export transactions get credit to your account immediately and you are able to track the payment of your import transactions. |
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State-of-the-art dealing room with trained dealers to quote one of the finest exchange rates available in the market. |
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Fully trained staff to take care of your various operational requirements related to imports / exports / remittances / documentary credit / trade credit etc. |
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Foreign currency denominated pre-shipment and post-shipment credit available for exports. |
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“Gold Card Scheme for Exporters” launched recently which provides for efficient credit delivery on concessional terms for credit-worthy exporters with good track record. |
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Trade credits against exports and imports on competitive terms. |
PRODUCTS
OFFERED TO THE EXPORTERS / IMPORTERS
RUPEE EXPORT CREDIT (PRE & POST-SHIPMENT)
Rupee denominated pre & post-shipment credit for exporters having firm export order / confirmed letter of credit on most competitive rates.
A. PRE-SHIPMENT EXPORT CREDIT
Credit for financing purchase, processing, manufacturing or packing of goods prior to shipment. The period of credit depends on the time of procurement till the shipment of goods. It has to be liquidated by proceeds of bill drawn against the exported goods.
Credit against export of goods from India which has to be liquidated by export proceeds received from abroad. At post-shipment stage the exporter may opt for :-
(i) Purchase / discount / Negotiation of the export bills
(ii) Sending the export bills on collection basis.
FOREIGN CURRENCY EXPORT CREDIT ( PRE & POST-SHIPMENT)
A. PRE-SHIPMENT CREDIT IN FOREIGN CURRENCY (PCFC)
Foreign currency denominated credit at internationally competitive rates (LIBOR – linked) at pre-shipment stage.
B. EXPORT BILL REDISCOUNTING (BRD / EBR)
Credit denominated in foreign currency at post-shipment stage at internationally competitive rates (LIBOR – linked). PCFC drawals have to be liquidated by the proceeds of bills taken under the BRD and any surplus remaining may be credited to cash-credit / current a/c of the exporter.
LETTER OF CREDIT (FOR IMPORTS)
LCs can be opened for imports,
utilising the wide network of our correspondents spread
at all the important business centres of the world, in
all the major currencies.
NOTE:
For further details you may please contact Chief Manager (International Banking), State Bank of Indore, Head Office, 5,Y.N.Road, Indore. Telephone No.0731-2531421.
Based on the scheme announced in EXIM policy 03-04, a Gold Card Scheme was worked out by RBI in consultation with select Banks and exporters. Accordingly the Bank has formulated a Gold Card Scheme for exporters. It envisages certain additional benefits based on record of performance of the exporters.
FEATURES OF THE SCHEME
1. ELIGIBILITY
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For credit worthy exporters with good track record and with Credit Rating of SBIn3 and above. |
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Account classified as standard continuously for last 3 years. |
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Exporters under small and medium sector also eligible |
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Exporters in ECGC caution list / RBI’s willful defaulters’ list / making losses for the past 3 years are not eligible. |
Sanctioned for 3 years with automatic renewal. |
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Collateral security to be adequate and acceptable to the Bank against sanctioned limit. |
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PCFC requirement for Gold Card Holder will be provided priority over non-export borrowers with regard to loan against FCNR(B) funds etc. |
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Time limit |
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Fresh application |
3 weeks |
Renewal |
2 weeks |
Ad hoc |
1 week |
| S.No. | Category of Export Credit | Rates w.e.f. 12.04.2007 (Circular PLN/09/2007 dt.11.04.07) | Revised rates w.e.f. 01.07.2008 |
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1. i) |
Pre-Shipment credit a) Up to 180 days
b)
Beyond 180 days and up to 270
days |
3.25% below BPLR (13.25%) i.e. 10.00% p.a. 1.50% below BPLR (13.25) i.e. 11.75% p.a. |
3.25% below BPLR (13.75%) i.e.10.50% p.a. 1.50% below BPLR (13.75%) i.e. 12.25% p.a. |
| ii) | Against incentives receivable from Govt. covered by ECGC Guarantees (Up to 90 days) | 3.25% below BPLR (13.25%) i.e. 10.00% p.a. | 3.25% below BPLR (13.75%) i.e. 10.50% p.a. |
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2.
i) ii) |
Post-Shipment credit Demand Bills (for transit period
as specified by FEDAI)
Usance Bills (for total period
comprising usance period of export
bills, transit period as specified
by FEDAI and grace period wherever
applicable) a)
Up to 90 days b) Beyond 90 days and up to 6 months from the date of shipment |
3.25% below BPLR (13.25%) i.e. 10.00% p.a. 3.25% below BPLR (13.25%) i.e.
10.00 p.a. 1.50% below BPLR (13.25%) i.e. 11.75% p.a. (for period beyond 90 days) |
3.25% below BPLR (13.75%) i.e. 10.50% p.a. 3.25% below BPLR (13.75%) i.e.
10.50% p.a. 1.50% below BPLR (13.75%) i.e. 12.25% p.a. (for period beyond 90 days) |
| iii) | Against incentives receivable from Govt. covered by ECGC Guarantee (up to 90 days) | 3.25% below BPLR (13.25%) i.e. 10.00 p.a. | 3.25% below BPLR (13.75%) i.e. 10.50% p.a. |
| S.No. | Category of Export Credit | Rates w.e.f. 12.04.2007 (Circular PLN/09/2007 dt.11.04.07) | Revised rates w.e.f. 01.07.2008 | |
| iv) | Against un-drawn balances (up to 90 days) | 3.25% below BPLR (13.25%) i.e. 10.00 p.a. | 3.25% below BPLR (13.75%) i.e. 10.50% p.a. | |
| v) | Against retention money (for supplies portion only) payable within one year from the date of shipment (up to 90 days) | 3.25% below BPLR (13.25%) i.e. 10.00 p.a. | 3.25% below BPLR (13.75%) i.e. 10.50% p.a. | |
| 3. |
Deferred credit
Deferred credit for period beyond 180 days |
Rates applicable to Term Loans based on the credit rating of the borrower | No change | |
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4.
i) |
Export Credit Not Otherwise
Specified (ECNOS) Pre-Shipment Credit |
Rate applicable to cash credit limits of the borrower |
No change |
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| ii) |
Post-Shipment a) Demand Bills -
- b) Usance Bills |
For the overdue period up to 6 months from the date of shipment : BPLR (13.25%) + 1.10 % i.e. 14.35% p.a. For overdue period beyond 6 months from the date of shipment : BPLR (13.25%) + 2.10 %
i.e. 15.35% p.a. BPLR (13.25%) + 2.10 % of the overdue period after the due date i.e. 15.35% p.a. |
For the overdue period up to 6 months from the date of shipment : BPLR (13.75%) + 1.10 %
i.e. 14.85% p.a. For overdue period beyond 6 months from the date of shipment : BPLR (13.75%) + 2.10 %
i.e. 15.85% p.a. BPLR (13.75%) + 2.10 % of the overdue period after the due date i.e. 15.85% |
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Interest Rates for Exporters
Under “Gold Card Scheme for Exporters” :
Category of Export Credit |
Rates w.e.f. 12.04.2007 (Circular PLN/09/2007 dt.11.04.07) | Revised rates w.e.f. 01.07.2008 |
| 1 | ||
| Export Credit (in Rupee) | ||
| I. Pre-shipment Credit | ||
| a) Upto 180 days | 3.75% below BPLR (13.25%) i.e. 9.50% | 3.75% below BPLR (13.75%) i.e. 10.00% |
| b) Beyond 180 days and upto 270 days | 3.25% below BPLR (13.25%) i.e. 10.00% | 3.25% below BPLR (13.75%) i.e. 10.50% |
II. Post – Shipment Credit |
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| a) on demand bills for transit period (as specified by FEDAI) | 3.75% below BPLR (13.25%) i.e. 9.50% | 3.75% below BPLR (13.75%) i.e. 10.00% |
| b) Usance Bills | ||
| i) Upto 90 days | 3.75% below BPLR (13.25%) i.e. 9.50% | 3.75% below BPLR (13.75%) i.e. 10.00% |
| ii) Beyond 90 days and upto 6 months from date of shipment | 3.50% below BPLR (13.25%) i.e. 9.75% | 3.50% below BPLR (13.75%) i.e. 10.25% |
4.
Service charges: 50% of service charges
for all export transactions waived.
5. Issued for a period of three years and automatically renewable for a further period of three years unless there are adverse features / irregularities in the account.
6. A stand by limit of up to 20 percent of the assessed limit may be additionally made available to facilitate urgent credit needs for executing sudden orders.
7.
Additional Facilities
CEO/Promoter of the exporting company/Firm eligible for
International Debit Card and SBI credit card free cost.