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.
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.
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.
Speed Remit is offered free of cost to partner exchange houses.
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.
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:
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.
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
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
Speed Remit is capable of handling 4 disbursement types
Speed Remit permits only Indian Rupee disbursements.
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:
|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.|
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