Emirates NBD and HDFC Bank launch online remittance facility for Indian clients

• Enables direct remittance of  funds into HDFC Bank accounts
• Facilitates overseas remittances by Indian expatriate community

Emirates NBD, a leading bank in the region, announced today, that as part of its NRI services offering, it has launched a special online remittance facility for its Indian clients, in association with HDFC Bank, a leading Indian bank headquartered in Mumbai.

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 offers the added advantage of processing all transactions with the same day value, and the funds credited into the beneficiary’s account with HDFC Bank, provided the transactions 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.

“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,” said Jamal Bin Ghalaita, Group Deputy CEO, Emirates NBD. “Despite the global financial crisis, overseas remittances to India from migrant workers touched US$55 billion in 2009, making the country the world’s top remittance earner. A significant percentage of this amount originates from the GCC states, where nearly 90 per cent of Indian migrant workers are based.”

“This special online remittance facility will enable direct online remittances into the HDFC Bank accounts of our Indian clients. It is yet another initiative from Emirates NBD to support the overseas Indian community and offer them custom-built solutions to address their banking requirements in a hassle-free environment,” he added.

A world-class Indian bank, HDFC Bank is committed to maintaining the highest level of ethical standards, professional integrity, corporate governance and regulatory compliance. It builds sound customer franchises across distinct businesses and is one of the preferred providers of banking services for target retail and wholesale customer segments in India.