NEW PRODUCT OF

MONEYGRAM INTERNATOINAL, INC., USA –“ Money Gram”

1. “MoneyGram” MONEY is a foreign inward remittance facility in which money transfer is affected in minutes using the web / Internet based technology. 

2. Only personal remittances such as remittances from NRIs towards their family maintenance in India and remittances favouring foreign tourists visiting India are permissible under the arrangement. Payment is to be made after verifying the identity details of the beneficiary and furnishing the relevant code number.  

3. Trade related remittances, remittances towards purchase of property investment or credit to NRE / FCNR accounts etc. or donations / contributions to charitable organizations are not permitted to be routed under the scheme.  

4. The maximum amount of remittance which can be payable in cash under the scheme at present, is restricted to Rs.50,000. Remittances above Rs.50,000 are payable by way of Account Payee cheque.  

5. Payments to the recipients in India shall be made in Indian Rupees.  

6. Not more than 12 remittances shall be received by a single recipient in a calendar year.  

Benefits to the Customer : The beneficiary of the remittance will receive the money instantly as the payment instructions are provided on “Money Gram” website.  

Benefits to our Bank : The product entails increased income opportunities; expand customer base and customer retention to the Bank.