NRI Remittances FUNDS to HOME FUNDS to HOME Wire Transfer
FUNDStoHOME - Wire Transfer

Key Features

  • Free^ remittances into Kotak Mahindra Bank Account
  • A Demand Draft for as little as USD 2
  • Get funds in your Kotak Mahindra Bank account within 24 hours*
  • Track the status of the remittance

Wire transfer is a remittance facility that enables you to remit funds from your overseas bank account directly to us. It is a fast and secure medium of international funds transfer.

Features & Benefits

After activating your account, all you have to do is initiate the remittance and we take care of the rest.

Economical
  • Free^ remittances into Kotak Mahindra Bank Account.
  • A Demand Draft for as little as USD 5
  • Attractive Exchange rates.
Speedy
  • Fast mode of remittance.
  • Get funds in your Kotak Mahindra Bank Account within 5working days*
  • Demand Drafts will be delivered in 3 working days**

*After your Overseas Bank initiates the remittance. Working days- not including Saturdays, Sundays and Public Holidays in both countries.
**3 working days after receipt of funds at Kotak Mahindra Bank for Metros and Non-Metros (not including Saturdays, Sundays and Public Holidays).

Secure
  • Complete bank to bank transaction.
  • Track the status of the remittance.
  • The Demand Draft is made payable in 351 locations across India and also to the specific Bank account of the Beneficiary.
  • This facility is currently available in USD only
How does it work?

Funds Flow: 4 - 5 - 6

Flow Diagram No. Interactions
1. Customer registers for FUNDStoHOME and initiates a fund transfer, and chooses to remit funds by Wire Transfer.
2. Customer takes a copy of the Deposit Slip to be submitted to his Remitting Bank (where he has an account).
3. Customer submits the Deposit Slip to his local Bank & advises his Bank to initiate a funds transfer.
4. Customer's Bank credits the funds to the Kotak Mahindra Bank's Account with Correspondent Bank
5 Correspondent Bank gives a credit advice to Kotak Mahindra Bank.
6 Kotak Mahindra Bank transfers the funds to the beneficiary through Demand Draft or account transfer based on the customer's instructions.

subject to terms & conditions for further details log on to FUNDStoHOME

^Foreign Currency Conversion Charge which is an explicit charge of Rs.50 for Individuals and Rs.100 for Non Individuals along with a service tax of 12.36 % (as per current prevalent rates) is applicable to all transactions that involve Foreign Currency Conversion. This charge is applicable with retrospective effect from 16th May 2008 as per the CBDT circular in the Finance Act 2008.