Axis Bank ties up with Bahrain's bank for remittance

The third largest private sector lender Axis Bank today tied up with Bahrain's Ahli United Bank for inward remittances.

Under the tie-up, any person having an account with Ahli United Bank would be able to wire money to a bank account holder in India using the Internet banking platform, Axis Bank said in a release.

If the beneficiary account holder is an Axis customer, the amount will be credited the same day but if the account is in any other bank branch covered under the NEFT network, it can take up to two days, it said.

Customers can initiate transactions of up to BHD 5,000 (Rs 732,000 approximately) a day using the service at present, it added.