CHENNAI: June 10, 2004
NRI internet Source
Indian Overseas Bank launched an internet-based online remittance 'e-Cash
Home' for US-based NRIs to remit money back home. Mr. Gupta, chairman
and managing director, IOB, said, "e-Cash Home provides an additional
channel of remittance from the US to savings and current accounts with
banks in India."
This service is available only to US customers and for dollar remittances,
the scope of the product will be widened to include other countries
and other currencies, Gupta said.
The Chennai-head quartered bank had launched its Internet-based fast
track cheque remittance product 'Money Home' last year.Times of Money.com,
a leading Internet-based remittance solutions provider, powers the technology,
operations support and round-the-clock customer service platform for
the product.
Gupta said the US-based NRIs can now send money directly out of their
existing US bank account to any beneficiary in India and the remittance
proceeds are delivered to the doorstep of the beneficiary.
A transaction will cost as low as $4 to $9, compared to over $40 for
other mode of remittances.Using the 'e-Cash Home', the remittances can
be received in four-days time.