Hi Hari,
You mentioned you were on bench so do you have any practical exposure to add to your CV?
This is a little tuff situation where one needs strong will power and self confidence.
Remember one thing, if you will not be convinced of your reasons, none of the others will.
It is possible that not all would be convinced of your reasons, but you are not to please all. And before you convince anyone else, you need to convince yourself.
Having dependents and hence being unable to relocate implies your dedication towards your family.
Now the company may feel that tomorrow you may ditch them as well for your family.
You need to be prepared to answer such questions. If they raise this question well and good. But what if they don't?
You need to prepare yourself in such a way that you portray yourself dedicated to both your family and your work.