Emirates NBD has expanded its partner bank network in India to include State Bank of India (SBI) for the DirectRemit 60 seconds remittance platform.
With this partnership, Emirates NBD’s Non-Resident Indian (NRI) customers who also bank with State Bank of India, can now avail of the remittance service in the UAE.
The alliance will enable fund transfers to SBI bank accounts in India in 60 seconds at zero fees. Customers of Emirates NBD will also be able to transfer money to other Indian lenders through their remittance being processed within an hour.
In addition to facilitating fund transfer instantly, DirectRemit is also be used to make home loan payments, bill payments, remit insurance premium payments or investments.
Customers can access the money transfer service through online, mobile banking as well as ATMs, Emirates NBD said.
Commenting on the partnership, Emirates NBD senior executive vice president & group head for retail banking and wealth management Suvo Sarkar said: "We are delighted to join hands with State Bank of India to be able to facilitate fast and easy remittances for our NRI customers. The DirectRemit platform is amongst our most popular services as it provides customers with an on-the-go, quick and free mechanism to transfer funds instantly to their home country."