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In simple words, remittance means money sent by NRIs to their homeland. Many young professionals are working overseas which has increased the money flow dramatically. Due to this India has been receiving the highest remittances in the world.

Following factors have contributed to these increased remittances to India.
  • The continued tax exemption on interest income has worked as a bonus.
  • Attractive interest rates and enhanced facilities provided by banks and financial institutions to NRIs for investments.

  • Different ways to remit money
  • Through banks: If you and your beneficiary have accounts in the same bank then this serves as the most convenient method for remitting money.
  • Through Internet: Remittance through Internet is one of the ways of remitting your money in a quicker way but you should verify it very carefully.
  • Through agents: Some organizations act as money transfer agents. Such organizations offer better conversion rates and charge small fee for funds.

  • RBI recommendations on remittance:
  • RBI has encouraged NRIs to use Indian or Foreign banks having branches in India to remit their money by creating awareness programs through the respective banks' websites.
  • RBI has also suggested the banks to minimize the cost of remittances.

  • Things needed to be taken care of while transferring money:
  • It is important to check the limits of maximum amount that is to be transferred.
  • It is a must to enquire about the rates before making your transaction since exchange rates provided by the service providers may vary.
  • There are some online providers who will not refund your money in case of error. So it is advisable to check the creditability of the provider.

  • *Disclaimer- Data provided above is strictly for informational purposes only. We do not make any claims on accuracy of information.


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