EMIRATES NBD INTRODUCES SPEED MONEY TRANSFER

UAE-based bank 'Emirates NBD' has launched 'DirectRemit' service which would, among other things, enable customers to speedily transfer money to other banks in India. A first-of-its-kind remittance service, it would also allow Non-Resident Indian (NRI) customers to remit money to any HDFC Bank account in India in just 60 seconds, says a report. Emirates NBD said with the launch of this service, customers can 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 AED 10 for transfers to all other Indian banks. "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," Suvo Sarkar, General Manager - Retail Banking and Wealth Management, Emirates NBD, said. According to World Bank figures, India is one of the highest remittance receiving countries in the world, estimated at USD 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. 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.