Emirates NBD, a leading bank in the region, today announced the launch of “DirectRemit,” a first-of-its-kind remittance service that allows Non-Resident Indian (NRI) customers to remit money to any HDFC Bank account in India in just 60 seconds, a direct bank transfer service that is the fastest in the UAE.
With the launch of “DirectRemit,” customers can also transfer money to other banks in India with their remittance being processed within an hour. The service is free for all transfers to HDFC Bank and ICICI Bank accounts in India, and attracts only a nominal charge of AED10 for transfers to all other Indian banks.
Commenting on the launch of “DirectRemit” to India, Suvo Sarkar, General Manager – Retail Banking and Wealth Management, Emirates NBD, said: “One of the constant concerns that we hear from our NRI customers is the need for a quick remittance service from the UAE, which is critical to them especially when sending money home for special occasions, a family emergency, or to capture a good investment opportunity. It is against this backdrop that we have launched “DirectRemit” to India, a unique facility that promises the most efficient and fastest remittance service currently available in the UAE.”
“At Emirates NBD, we are confident that the launch of ‘DirectRemit’ will benefit our thousands of NRI customers, who are currently looking for a quick and efficient remittance service solution. We are also looking at expanding this service to cover other countries in the near future,” he added.
According to World Bank figures, India is one of the highest remittance receiving countries in the world, estimated at US$70 billion in 2013 alone. The launch of “DirectRemit” is seen as a major enabler of Emirates NBD’s strategy to appeal to bank’s NRI customers.
The introduction of Emirates NBD’s remittance service further enhances the bank’s NRI propositions which help them meet their financial goals. As part of the “DirectRemit” offering, customers can open joint accounts, invest in wealth management products, pay their utility bills, insurance premiums, and loan payments, among others with an account with Emirates NBD’s partner banks in India.