OTHER GROUP COMPANIES
market

Federal Bank ties up with Muthoot Global Money Transfer

The remittance facility is cheaper and faster as compared to traditional inward remittance mode from UK

November 21, 2013 9:13 IST | India Infoline News Service
Federal Bank ties up with Muthoot Global Money Transfer in a Rupee drawing arrangement for facilitating remittances in Rupee from UK. The MoU was signed on 20th November, 2013 at a function conducted at Federal Towers, Marine Drive, Kochi.
 
The agreement was exchanged between Mr. A. Surendran, General Manager, Retail & International Business, Federal Bank and Mr. George M. Jacob, Vice President, Legal Corporate Affairs and Marketing, Muthoot Group.
 
The remittance facility is cheaper and faster as compared to traditional inward remittance mode from UK.  As per the arrangement, remitters from UK will get instant credit to Federal Bank accounts whereas other bank accounts would be credited within 2 hours of transmission through NEFT. Remittance can be made to any of the 1100 plus Federal Bank branches pan India. More than 25000 Federal Bank customers in UK will be directly benefitted through this arrangement.

Muthoot Global Money Transfer has 3 branches and more than 10,000 registered users in UK. The registered users can transfer money using online facility. Users not registered with Muthoot Global Money Transfer can do a onetime registration through online facility or by visiting their branch (one time).

 
SMS alert facility for remitter and beneficiary is the highlight apart from instant credit to Federal Bank accounts. With this Federal Bank has come out with a quicker and cheaper mode of remittance in Rupee from UK.






OPEN A DEMAT ACCOUNT & Get
FREE Benefits Worth 5,000

FEATURED ARTICLE

BLOGS

Open Demat Account

  • 0

    Per Order for ETF & Mutual Funds Brokerage

  • 20

    Per Order for Delivery, Intraday, F&O, Currency & Commodity