Kerala, Federal Bank launches remittance facility for US NRIs through web Site

Aluva, Kerala, Feb. 28, 2008
Rakesh Sharma

Federal Bank based in Kerala has set up web-based service for remittance of NRI money from the US to India without any charges. It has developed a web-engine for US-based NRIs, who can register at the site and make use of the service.

This Remit Service will be called Fed-India Remit Service (FIRSE) which allows NRIs with dollar accounts in the US to send money to India. The persons in India will receive the money in 3or 4 days at competitive exchange rates but they must have account in Federal Bank. The customers can send the money from anywhere in the world at any time of the day and it will also show the status of the transfer.

In US, the customer needs to have a one-time online registration with the bank to access the service and the maximum amount that could be sent $5000 at a time. Bank of America is the partner bank for Federal Bank for carrying out the transfer. NRIs can utilise the telegraphic transfer (TT) to remit money but estimated cost $25-50 per service.

The overall performance of the bank for the nine months period ended December 31, 2007, has been robust with the net profit stands increased by 37.06 % to Rs.265.19 crore from Rs. 193.48 crore in December 2006. Total income for the period increased from Rs. 1467.41 Crore to Rs. 2068.37 Crore, showing an increase of 40.95 %, supported by a 26.75 % growth in overall business. Total business of the Bank increased to Rs 40797 Crore.