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  • Transfer Funds/Remit Money
  • Indus Speed Remit

Overview

Indus Speed Remit allows you to send money to India in the most convenient way especially from the GCC region. The funds are credited to the beneficiaries IndusInd account within 24 hours. For the non-IndusInd accounts, funds are credited through RBI's electronic clearing or a demand draft is issued and couriered within 24 hours.

Features & Benefits

  • Absolutely FREE*
  • Convenience to choose from our several partnered Exchange Houses for remitting funds through Speed Remit
  • Wide coverage of Exchange Houses ensures ease of accessibility abroad. (Available in the following countries: UAE, Qatar, Oman, Kuwait, Bahrain, Hong Kong & Singapore)
  • Option of directly crediting bank account and issuing INR draft
  • No limit on maximum amount for remittance (For trade transactions the maximum limit per transaction is INR 200,000)
  • SMS alerts informing status of transaction are sent to both the beneficiary and the sender

Documentation

  • Walk in to our partner Exchange House branch
  • Request for payment to India using Indus Speed Remit facility
  • Direct credits to IndusInd Bank accounts in India (within 24 hours)
  • Next day credit* to accounts held with other bank branches (participating in EFT)
  • INR draft sent directly to the beneficiary across 700 locations in India, within 24 hours. For any queries please write to remittance{}indusind.com
  • IndusInd Bank does not levy any charges for transferring funds through Indus Speed Remit.However Exchange House/ Bank levies charges and thus varies for each correspondent
  • IndusInd Bank credits the beneficiary account within 24 hours. Next day credit to Non- IndusInd accounts depends on the other bank

FAQs

What is Speed Remittance?

Speed Remittance (SR) is a web based secure application made available by IndusInd Bank for partner exchange houses to send cross border money transfer instructions.

Who can use Speed Remit?

Speed Remit is only meant to be used by exchange houses (EH) that have partnered with IndusInd Bank under Rupee Drawing Arrangement. To partner with IndusInd Bank, send your application to

Global Remittance Department
IndusInd Bank Limited,
701 Solitaire Corporate Park,
167 Guru Hargovindji Marg,
Andheri (E), Mumbai – 400 093

Speed Remit is not for the usage of individual customers.

Are there any charges for using Speed Remit?

Speed Remit is offered free of cost to partner exchange houses.

What are the security features of Speed Remit?

Indus Speed remit users are authenticated by User ID and password transmitted from the client browser using a 128-bit encrypted HTTPS session. User passwords are encrypted while being transmitted and compared to a stored encrypted value in the database.

If the user-supplied password does not match with the stored value the user is denied access to the system and will be given an error message describing why it failed.

The application enforces locking of the user account after a number of incorrect login attempts specified by the Bank. At present 4 wrong passwords will lock the user out. The user then has to contact his Administrator to unlock and allow him to access the system.

Each user is allowed to access the system from only one session at a time. In case the user does not logout and closes the browser directly his ID will be locked till an administrator logs him out.

In view of the high security involved if a user session is left inactive for some time the user session will be timed out and the user will have to login again.

What are the types of users in Speed Remit and what are their access levels?

There are three user types provided to partner exchange house. Their roles are as follows:

Administrators – There are two administrator user ids provided to partner exchange house. Using these administrator ids the exchange house can create multiple teller and supervisor users to access Speed Remit. Following are the rights available with exchange house admin:

  • User administration
  • Activate users
  • Log out Users
  • Unlock users
  • Beneficiary Maintenance
  • Remitter Maintenance
  • Reset Password

Tellers – Input transactions in Speed Remit and can access reports. Tellers can also modify transactions that have not been authorised.

Supervisors – Authorise or decline transactions that have been entered by the tellers and access reports.

Can the balance in the EH account maintained with IndusInd Bank be viewed through Speed Remit?

Yes, Speed Remit is linked to IndusInd Bank's core banking platform to provide the partner exchange house the convenience of checking their account balances.

This can be accessed in Speed Remit through:

Menu > Account > Balance enquiry

Can the user check if the account number of the beneficiary is correct?

Yes, using the account enquiry option of Speed Remit, the correctness of the IndusInd account can be checked. This can be accessed through:

Menu > Account > Account enquiry

What are the disbursement modes in Speed Remit?

Speed Remit is capable of handling 4 disbursement types

  • Electronic Fund Transfer - IndusInd Bank Account
  • Electronic Fund Transfer - Other Bank (RTGS)
  • Electronic Fund Transfer - Other Bank (NEFT)
  • Demand Draft
What are the disbursement currencies in Speed Remit?

Speed Remit permits only Indian Rupee disbursements.

What are the permitted purpose of remittances in Speed Remit?

As per regulatory requirements, Speed Remit can be used only for ten permitted purpose of remittances. For ease of use they have been codified as follows:

Code Description
P101 Credit to Non-resident (External) Rupee accounts maintained by Non-resident Indians in Indian Rupees
P102 Payments to families of Non-resident Indians
P103 Payments in favour of Insurance companies, Mutual Funds and the Post Master for premia / investments
P104 Payments in favour of bankers for investments in shares, debentures
P105 Payment to Coop. Housing Societies, Govt. Housing Schemes or Estate Developers for acquisition of residential flats in India in individual names subject to compliance of regulations thereof by the Non-resident Indians
P106 Payments of tuition/ boarding, examination fee etc. to schools, colleges and other educational institutions
P107 Payments to medical institutions and hospitals for medical treatment of NRIs / their dependents and nationals of Gulf Countries in India
P108 Payments to hotels by nationals of Gulf countries / NRIs for their stay
P109 Payments to travel agents for booking of passages of NRIs and their families residing in India towards their travel in India by domestic airlines / rail, etc.
P110 Trade transactions
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