The Indian Overseas Bank on Wednesday launched an Internet-based online remittance product 'e-Cash Home', providing a fast channel for the United States-based non-resident Indians to remit money back home.
"e-Cash Home provides an additional channel of remittance from the US to savings and current accounts with banks in India," S C Gupta, chairman and managing director, IOB, said.
Times of Money.com, a leading Internet-based remittance solutions provider, powers the technology, operations support and round-the-clock customer service platform for the product.
Though the new product is available only to the US customers and for dollar remittances, the scope of the product will be widened to include other countries and other currencies over a period of time, Gupta told a news conference in Chennai.
The Chennai-head quartered bank had launched its Internet-based fast track cheque remittance product 'Money Home' last year.
The added feature of 'e-Cash Home' is that this channel can be utilised for remitting money to accounts not only with IOB but also to accounts with any bank anywhere in India.
Gupta said IOB is the first PSU bank to offer the Internet-based remittance products to customers.
Gupta said the US-based NRIs can now send money directly out of their existing US bank account to any beneficiary in India and the remittance proceeds are delivered to the doorstep of the beneficiary.
"With the large-scale migration of skilled software workers from India in general and the South in particular, there has always been a need for a convenient technology-based option to send money to India," the CMD said.
Explaining the details of the product, Suresh Rangarajan, chief operating officer, Times of Money, said a transaction will cost as low as $4 to $9, compared to over $40 for other mode of remittances.
Stating that 91 per cent of NRIs are Internet savvy and 68 per cent have used Internet banking solutions, Rangarajan said Internet banking will revolutionise the banking transactions in the coming years.
Using the 'e-Cash Home', the remittances can be received in four-days time, compared to 40 days to two months time in the existing procedures.
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