Emirates NBD, a leading bank in the region, today launched as part of its NRI services, a special online remittance facility for its Indian clients in association with Mumbai-based HDFC Bank.
Indian nationals residing overseas can avail this facility to remit funds directly into their HDFC Bank accounts through Emirates NBD's online banking service.
The special remittance service will process all transactions and credit funds into the beneficiary's HDFC Bank account, provided they have been requested before 12 noon on working days common to the UAE and India (Monday - Thursday).
For transactions requested post noon, the funds will be credited by the next working day at the same value, a statement here 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 USD 55 billion in 2009, making the country the world's top remittance earner," Emirates NBD Group Deputy CEO Jamal Bin Ghalaita said.
