HDFC Bank has tied up with UAE based Emirates NBD in order to assist Indian clients send money online to India quickly.
The Indians living in UAE will gain from this facility since they can send their money directly to their account with HDFC Bank via online banking facilities offered by NBD.
While processing, the transactions use the same day value and the sum is credited to the customer’s HDFC account. But this is applicable only if the transactions are done prior to 12 noon on those working days common to both UAE and India.
If the transaction request comes after 12 noon, it is credited the next day.
Jamal bin Ghalaita, group deputy CEO, Emirates NBD said, “This facility will enable direct online remittances into the HDFC Bank accounts of our Indian clients”.
He said, “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. 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”.