Private sector lender, Axis Bank has inked a NRI remittance agreement with Ahli United Bank B.S.C. , Bahrain. This would allow NRIs in Bahrain to transfer money to India.
This agreement would benefit not only the Axis Bank account holders, but also to any NEFT enabled branch of over 100 banks in the country.
Initially the customers can transfer upto Bahraini Dinar 5000 per day, while there will be no limit on number of transactions.
Axis Bank account holders would have the benefit of receiving the amount instantly, while for other banks, the credit of amount would take from 1 to 2 days.