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Our inward remittance product under Money Transfer Services Scheme (MTSS) of RBI in tie up with M/s Western Union Financial Services International USA (WUFSI) is launched across all branches in India.
How does the remitter send money?
A remitter desirous of remitting funds to India under the scheme, visits any overseas office of Western Union Financial Services International USA (WUFSI), fills up the form, submits KYC documents, tenders remittance amount and provides beneficiary name and address in India. WUFSI processes the payment and provides system generated 10-digit unique reference number i.e. Money Transfer Control Number (MTCN) to remitter. The remitter conveys MTCN to the beneficiary in India.
How does the beneficiary get the money?
The beneficiary in India visits any of our nearby branches to claim remittance amount. The beneficiary submits duly filled in request on ‘to receive money’ (TRM) form along with his photo ID and address proof. The TRM form is available in the branches.
Valid type of beneficiary photo ID proof includes:
- Driving License
- PAN card
- Voter ID card issued by Election Commission or Aadhaar card
- Any other photo ID card issued by Central or State Government agencies.
Valid type of address proof will include:
- Utility bill such as electricity bill
- Telephone bill
- Ration card
- Bank account statement, etc.
If the document for proof of identity bears residential address same as furnished by beneficiary in the TRM form, then NO separate proof of address would be required.
- Only personal remittances are allowed under MTSS arrangement. Donations/contributions to charitable institutions/trusts, trade related remittances, remittance towards purchase of property, investments or credit to NRE Accounts shall not be made through this arrangement.
- A cap of maximum USD 2500 (in equivalent Indian Rupees) per transaction has been placed on individual remittance under the scheme.
- Maximum 30 remittances can be received by a single individual beneficiary under the scheme during a calendar year.
- Amount up to Rs. 50,000 may be paid in cash to a beneficiary in India. Any remittance exceeding Rs. 50,000 shall be paid entirely by means of account payee cheque, demand draft, payment order, etc., or credited directly to the beneficiary's bank account only.
- In exception to serial no. (d) above, if the beneficiary is a foreigner holding foreign passport, entire inward remittance up to USD 2500 can be paid in cash.