By IANS/WAM,
Dubai : The United Arab Emirates (UAE) based Emirates NBD has joined hands with HDFC Bank to help Indian clients remit money to India online — and fast.
Indian nationals residing overseas can avail this facility to remit funds directly into their accounts in HDFC Bank, the second largest private sector bank in India, through Emirates NBD’s online banking service.
The special remittance service processes all transactions with the same day value, and the funds are credited into the beneficiary’s account with HDFC Bank if the transactions are requested before 12 noon on working days common to the UAE and India (Monday – Thursday).
For transactions requested post noon, the funds will be credited by the next working day, at the same value.
“This facility will enable direct online remittances into the HDFC Bank accounts of our Indian clients,” said Jamal bin Ghalaita, group deputy CEO, Emirates NBD.
“Indians not only constitute one of the largest demographic client bases for Emirates NBD, but are also the expatriate community with the largest volume of overseas remittances to their home country,” he said.
“Despite the global financial crisis, overseas remittances to India from migrant workers touched $55 billion in 2009, making the country the world’s top remittance earner. A significant percentage of this amount originates from the Gulf states, where nearly 90 percent of Indian migrant workers are based,” he added.