HDFC Bank and Xoom Corporation, a leading digital money transfer provider, have entered into a partnership under which instant deposits will be possible to rupee- denominated HDFC Bank accounts in India. This breakthrough service allows Xoom customers to instantly deposit money directly into their recipients’ HDFC Bank accounts in India. The instant service is available 24 hours a day, seven days a week, 365 days a year – even on banking holidays. Julian King, senior vice president, Marketing, Xoom, said this is great news for people who send money to HDFC Bank accounts. Now NRIs can send money anytime, anywhere from their computer, mobile phone or tablet and their bank deposits reach their recipients’ HDFC Bank account instantly. Rajender Sehgal, hroup head, Financial Institutions Group, HDFC Bank, said the bank looks forward to bringing a whole new world of convenience and flexibility to its account holders, allowing them to receive money from the US in a secure manner, at any time of the day or night. Xoom provides great locked-in exchange rates for money transfers to India, and there is no fee when customers send more than $1,000 and pay with their U.S.-based bank account. Plus, Xoom continues to provide fast bank deposits within four hours to all other banks in India, including to NRE and NRO accounts, when sent during bank processing hours in India.
