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Monday, May 28, 2012

Axis Bank ties up with Bahrain bank for NRI remittances

Private sector lender Axis Bank announced its tie up with Ahli United Bank B.S.C., Bahrain for remitting money from Bahrain to any person in India.

The agreement will provide money transfer services to NRIs in Bahrain using the internet banking platform MyE-Bank.

Such remittances would be processed and disbursed to the intended beneficiaries holding an account with Axis Bank or any of more than 83,000 NEFT-enabled branches of over 100 other banks in India.

There is no limit on the number of transactions that can be initiated under this arrangement.

Currently, the customers can initiate transactions up to Bahraini Dinar 5,000 ( approximately Rs 7,31,950) per day.

While transactions pertaining to Axis Bank accounts would be credited instantly, the ones pertaining to non-Axis Bank accounts would be processed on real time basis and the final credit to beneficiary accounts shall take 1 to 2 working days depending on the respective beneficiary banks.


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