indianbank.in Xpress Money Transfer Service Scheme : Indian Bank

Organisation : Indian Bank
Facility : Xpress Money Transfer Service Scheme

Details : https://www.indianbank.in/
Website : http://www.indianbank.in/home.php

Xpress Money :

Amount of remittance permitted
** Single remittance limited to USD 2500 or its equivalent.
** Payments made in Indian Rupees only.

Related : Indian Bank Money Gram Service : www.statusin.in/22031.html

** Payment upto and inclusive of Rs. 50000/- can be made to residents in cash on proper identification.
** Payments exceeding Rs. 50000/- can be made in cash on proper identification only to foreign tourists visiting India.

Restrictions on remittances :
** Only 12 remittances are permitted to a single recipient through “Xpress Money” in a year.
** Only one transaction is allowed to be made by the same sender favouring the same beneficiary through the same Send Agent on the same day.
** Outward remittances from India are not permitted.

Other important details :
** Only personal remittances are permitted.
** Remittances favoring foreign tourists visiting India are permitted.
** No trade related payments are permitted.
** No remittances towards purchase of (immovable) properties, investments are permitted.
** No credit to NRE / FCNR accounts.
** Remittances in the nature of donations / contributions to charitable organizations are not permitted under the arrangement.

Salient Features :
** “Xpress Money” service is offered in arrangement with M/s. UAE Exchange Financial Services Ltd for remitting money to India.
** The scheme is operative from 15.02.2006.
** The remittance facility is available to receive the money through all our branches.

Facilities :
** Under the arrangement, money transfers to India can be made at any overseas agent location of UAE Exchange across the world.
** Money can be remitted from 180 countries across the globe.
** Around 35000 outlets are available outside India for remittance

FAQs :
1. What is Electronic Clearing Service (ECS)?
It is a mode of electronic funds transfer from one bank account to another bank account using the services of a Clearing House. This is normally for bulk transfers from one account to many accounts or vice-versa.

This can be used both for making payments like distribution of dividend, interest, salary, pension, etc. by institutions or for collection of amounts for purposes such as payments to utility companies like telephone, electricity, or charges such as house tax, water tax, etc or for loan installments of financial institutions/banks or regular investments of persons.

2. What are the types of ECS? In what way they are different from each other?
There are two types of ECS called ECS (Credit) and ECS (Debit). ECS (Credit) is used for affording credit to a large number of beneficiaries by raising a single debit to an account, such as dividend, interest or salary payment.

ECS (Debit) is used for raising debits to a number of accounts of consumers/ account holders for crediting a particular institution.

About Us :
To be a Competitive and Strong Bank with commitment to excellence and focus on adding value to customers, share holders and employees with adherence to best practices and core institutional values shared throughout the organisation

The Bank’s mission is “To be a Common Man’s Bank” – to provide all financial products and Services :
** Under one roof
** At affordable cost
** In a fair and transparent manner to all our customers.