Citibank launched a new online money transfer service for US-based Non Resident Indians that will help NRIs to directly transfer funds to the beneficiary's bank account in India.
The new service -- Citi Online Remit -- provides NRIs the facility to transfer funds to India from any US checking or savings account or using a US credit or debit card.
Through this scheme, NRIs can directly transfer funds into the beneficiary's bank account or a draft can be couriered to the beneficiary's mailing address in India, Citibank said in a statement.
"Citi Online Remit is a fine demonstration of our commitment to generating customer insight and deploying technology and innovation to fulfil customer needs," Citi Global Head-Digital Banking and Payments Suresh Bajpai said.
The Citi Online Remit service would be available initially to NRIs in the US and would later be extended to other geographies in a phased manner, Citibank said.
Citibank NRI Business is present in the US since 1985 and on Thursday manages the banking and wealth management needs of over 120,000 clients in the country. Citi's Global Transaction Services supports over 65,000 clients.
As of Q4 2008, it held on average USD 292 billion in liability balances and USD 10.7 trillion in assets under custody.