ICICI Bank launches 'Money2India Remittance card'

Kochi, Jan 16: ICICI Bank, country's second largest bank, today launched 'Money2India Remittance card,' to provide a convenient and hassle-free alternative to receive remittances from NRIs.

Speaking to mediapersons here, Bank Head for Global Remittances Manish Misra said, the remittance card would maximise convenience and benefits to both the remitter and beneficiary.

He said the card was an India Rupee denominated card which was re-loadable for funding and can be used at any VISA affiliated ATM and merchant establishments in the country.

The facility offering better exchange rates was cost and time-effective as the card could be availed at an one-time charge of Rs 400 with a validity period of ten years.

Through this facility, money transfer could be faster compared to other remittance products. The withdrawal limit of the card would be Rs 50,000 per day, he said adding the bank was aiming at garnering 20 per cent business of the total NRI population with this product.

He said the product would be a boon for Kerala as the state dominated in receiving remittance from NRIs especially from Gulf countries.

''India is the largest remittance receiving market in the world,'' Mr Misra said.

UNI