Emirates bank, SBI join hands for easier remittances

A leading UAE-based bank has announced a partnership deal with State Bank of India to help NRI customers in the gulf carry out their remittances instantly and more conveniently.

Emirates NBD has expanded its partner bank network in India to include State Bank of India (SBI) for the DirectRemit 60 seconds remittance platform.

With this partnership, the bank's Non-Resident Indian (NRI) customers who also bank with SBI can now avail themselves of the fastest remittance service in the UAE more easily.

The tie-up with SBI will help strengthen Emirates NBD's DirectRemit platform which is set to benefit a large additional customer base in the UAE.

"The DirectRemit platform is amongst our most popular services as it provides customers with an on-the-go, quick and free mechanism to transfer funds instantly to their home country," said Suvo Sarkar, Senior Executive Vice President & Group Head Emirates NBD.

"We are confident that our customers will take advantage of this new tie-up to carry out remittances to meet all their ongoing requirements," Sarkar said.

The partnership will allow fund transfers to SBI bank accounts across India in 60 seconds at zero fees. Emirates NBD currently has existing tie-ups with HDFC Bank, ICICI Bank and Axis Bank in India.

Arundhati Bhattacharya, Chairman, SBI said India is one of the biggest and the fastest growing countries for remittances.

"SBI has a large customer base in the UAE and this partnership will help all our customers to carry out remittances instantly and conveniently. With the pick-up in India's economic growth, we will see the pace of remittances growing much faster than earlier," Bhattacharya said.

Emirates NBD customers can also transfer money to other banks in India with their remittance being processed within an hour. Customers can avail of the 60 seconds money transfer service via online, mobile banking & ATMs.

With DirectRemit, customers will be able to transfer funds back home instantly and can also make home loan payments, pay bills, remit insurance premiums or carry out out investments.