ICICI Bank launches NRI remittance service

The service would be available through the ICICI Bank's select partners in the Gulf countries, the bank said in a statement. I-Express facility offers the remitter -- the option of visiting any partner outlet for instant credit into the beneficiary account maintained with ICICI Bank in India.

Under this service, the funds would be instantly remitted and the beneficiary could withdraw the money immediately, the bank said. “ICICI Bank not only offers funds transfer facility into the accounts of beneficiaries held in its own branches in India, but also helps in crediting funds into accounts of beneficiaries held in over 65,000 branches of other Indian banks," an ICICI Bank spokesperson said.

According to him, the facility will benefit recipients who have accounts with ICICI Bank in India, as they will be able to receive remittances instantly. With funds being accessible through the network of over 2,500 branches and 5,600 ATMs, apart from the over 55,000 Visa-enabled ATMs, the facility significantly enhances the value-proposition of ICICI Bank's cross-border remittance offerings to both the partners and NRIs in the Gulf Cooperation Council (GCC).

ICICI Bank has been a leading remittance player in the Indian remittance market, enabling remittances from across 40 countries worldwide. The bank has relationships with over 80 correspondent banks and 23 exchange houses across GCC.

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