On December 8, 2020 Federal Bank Ltd entered into an online Rupee remittance tie-up with OrbitRemit Limited. This partnership will facilitate Non-Resident Indians(NRIs) and small businesses in New Zealand to transfer money to India in a modern, low cost, fast, easy and more reliable way.
Highlights of the Service:
- Registration : To avail this service, a One-time registration process is required.
- Usage of OrbitRemit’ App and online platform : NRIs in New Zealand can also make use of the mobile app of OrbitRemit and an online platform to transfer money to India.
- Beneficiary in India will get the funds real-time.
- Cost:The cost for the service is about NZD(New Zealand Dollar) 4 for one transaction irrespective of the remittance amount and with the best exchange rates in the market.
- Substantial Savings:Customers also get substantial savings on using this new platform
Currently Federal Bank processes over 17% of the personal inward remittances into India. It has around 90 remittance arrangements across the globe.
OrbitRemit Limited is a full-service provider based out of New Zealand, it also has its presence in other countries like Australia & UK (United Kingdom).
It currently provides remittance services to around 39 countries worldwide.
What is Remittance?
Remittance refers to an amount of money that is sent or transferred from one to another party. The term is derived from the word remit, which means ‘to send back’.
General Info about Federal Bank Ltd:
- The bank was incorporated on April 23, 1931 as the Travancore Federal Bank Limited, Nedumpuram, Kerala under the Travancore Companies Regulation, 1916.
- The name of the bank was changed to The Federal Bank Limited on December 2, 1949.
- It was licensed under the Banking Regulation Act, 1949, on July 11, 1959.
- It became a scheduled commercial bank under the Second Schedule of Reserve Bank of India Act, 1934 on July 20, 1970
Recent Related News:
SBM Bank (India) Limited (SBM Bank India)has collaborated with InstaReM to enhance the existing outbound remittance service offerings from India, including introduction of new remittance corridors, increased frequency of transactions for outbound Transactions and improved delivery timings for transfers.
About Federal Bank Ltd :
Headquarters– Aluva, Kerala
Managing Director(MD) & Chief Executive Officer(CEO)– Mr. Shyam Srinivasan
Tagline – Your Perfect Banking Partner
Incorporated– April 23, 1931 as the Travancore Federal Bank Limited, Nedumpuram, Kerala under the Travancore Companies Regulation, 1916.
About OrbitRemit Limited:
CEO and Founder– Robbie Sampson