Direct Remit

If you’re looking for the fastest and most convenient way to send money to India, then the NEW Direct Remit Service by QIB is just what you need.

An innovative transfer service which allows all QIB Mobile App registered customers to make instant money transfers to India on the spot.

Customers can make their transfers within seconds, to any Bank and to over 100,000 locations across India.

With the help of HDFC Bank, QIB has direct connection to IMPS & NEFT payment streams in India to facilitate such transfers.

  • Transfers to IMPS connected Banks (within its transfer amount limits*) & HDFC beneficiary account holders will credit their accounts within 60 seconds.
  • All other Banks beneficiaries’ transfers will flow through NEFT and be settled within 2 hours*.
  • Customers will be able to view the transfer mode* while creating their transfers.
  • Instant updates for the submitted transfers can be obtained by customers through SMS once credited to beneficiary account.
  • Money will be refunded to the senders’ account immediately in case of rejections.
  • Customers can also view the statuses of their transfers sent under the Direct Remit Service History in their Mobile App.
  • The service fee is QAR 15 and will be free until 31st December 2020.
  • The service is available to all QIB customers on QIB Mobile App.
  • Sender will be required to preregister a Direct Remit beneficiary with complete beneficiary details.
  • Simple requirement below for registering a beneficiary:
    • Complete Beneficiary Name
    • Beneficiary Bank Name
    • Valid Beneficiary Account Number
    • IFSC code to determine and direct transaction to the beneficiary Bank (not required in case of HDFC beneficiary)

IMPS:

  • Turn Around Time:
    • Immediate Payment Service (IMPS) is an instant payment inter-bank electronic funds transfer system in India.
    • The service is available 24/7 throughout the year including Bank Holidays.
    • Service is offered only to participating Banks under IMPS.
  • Transfer limit: The maximum amount that can be transferred through IMPS is Indian Rupees 200,000* or equivalent in QAR per transaction.

HDFC Bank Account beneficiaries:

  • Turnaround Time: Transfers initiated to HDFC Account Beneficiaries are also instant and will be credited to their Accounts within 60 secs. The service is available 24/7 throughout the year including Bank Holidays.
  • Transfer limit:  Transfer amount to credit HDFC Account beneficiaries is unlimited, however a Channel Limit based on customer segment will be applied.

NEFT:

  • Turnaround Time:

National Electronic Fund Transfer, a nationwide electronic payment system in India.

  • The transactions between Banks are processed and settled in batches of one hour 30 minutes and the time needed to transfer the funds can go up to 2 hours. However, this will get delayed by additional couple of hours during system handover time.
  • Service is not available on 2nd & 4th Saturdays of the month along with all Sundays and Public Holidays defined by RBI.
  • Transfer limit:
    • Between 7 AM to 7 PM – NEFT Transactions will be processed normally without limits.
    • Between 7 PM to 07 AM- The maximum amount that can be transferred via NEFT is Indian rupees 9 Mln /Transactions (Indian Rupees Ninety Nine Lacs per transactions) or equivalent in QAR.
    • Time mentioned above is based on IST (Indian Standard Time).

*Terms & Conditions:

  • The Successful Process of Transfers depends on the accuracy of information provided during the beneficiary creation which is interdependent on the validity status of the beneficiary account.
  • Turnaround time will depend on the specified transfer mode.
 

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