The Hindu Business Line : IOB offers remittances via Net from US

The sender has to register himself on the IOB Web site, which is free-of-cost. Then, as he sends money to India, his bank account is debited. The recipient in India gets a demand draft within four working days. The demand draft can be presented at any bank the recipient has an account with.

This product has been launched with the software and maintenance support of Times Online Money Ltd, a company that belongs to the Times of India group.

For sure, Indian Overseas Bank is not the first bank to offer this product. Private sector banks, UTI Bank, HDFC Bank, ICICI Bank and the public sector Union Bank of India all have similar products.

But the remittance market is big and growing. Last year, $143 billion got sent across borders and the inward remittances into India was $18 billion.

The Internet-based remittance into India is estimated to be close to half a billion dollars, according to Mr K. Suresh Rangarajan, Chief Operating Officer, Times Online Money Ltd.

Indian Overseas Bank's Internet-based remittance product, e-Cash Home, will charge $3 for remittances up to $200, six dollars for remittances between $200 and $500 and nine dollars for remittances beyond $500 and up to the monthly limit of $5,000.

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IOB offers remittances via Net from US