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Remittance Money to India

The Remittance Format to be given to your bank for transferring money from anywhere in the globe to your Punjab National Bank Account is given below with the details of major Correspondent banks along with their Swift code and our Nostro Account Number.

Swift Field 56 a Intermediary Bank Correspondent Bank Name /
SWIFT Code (given in the list)
Swift Field 57 a Beneficiary Bank Punjab National Bank SWIFT Code: PUNBINBBISB Account No. (Our Nostro Account Number as given in the list)
Swift Field 59 Ultimate Beneficiary Number Customer Account Number Account Holder Name PNB Branch where he maintains an account
Swift Field 72 : Purpose of Remittance (E.g.: Family Maintenance, FCNR Deposits, etc.)

NOSTRO

List of Correspondent Banks in Major Currencies to facilitate Speed Money Transfer to Punjab National Bank

NAME OF THE BANK CURRENCY SWIFT ACCOUNT NUMBER
FIRST ABU DHABI BANK AED NBADAEAAX AE260350000006201227314
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED AUD ANZBAU3M 920694AUD00001 BSB 013024
CANADIAN IMPERIAL BANK OF COMMERCE CAD CIBC CATT 1778617
COMMERZBANK AG EURO COBADEFF 50040000/4008 75086100EUR
*DEUTSCHE BANK AG EURO DEUTDEFF 50070010/9534 6941000
JP MORGAN CHASE EURO CHASDEFX 6231608255
HONG KONG & SHANGHAI BANKING CORPORATION LTD HKD HSBC HK HH 511111148001
MIZUHO BANK LTD JPY MHCBJPJT 0498117
ANZ BANK NEW ZEALAND LIMITED NZD ANZBNZ22 920694 NZD00001
*HSBC BANK PLC GBP MIDL GB 22 00264058
PUNJAB NATIONAL BANK INTERNATIONAL LTD. GBP PUNBGB22 11000003
BARCLAYS BANK PLC GBP BARCGB 22 20325340415758
HONGKONG & SHANGHAI BANKING CORPORATION LTD SGD HSBCSGSG 141313247001
SKANDINAVISKA ENSKILDA BANKEN SEK ESSESESS 52018527010
ZURCHER KANTONAL BANK CHF ZKBKCHZZ80A CHF5800700070000038369
BANK OF AMERICA NA USD BOFAUS3N 6550-5-92101 CHIPUID:382802
BANK OF NEW YORK MELLON USD IRVTUS3N 890-0331-569
*CITIBANK NA USD CITIUS33 36003588 (UID 033086)
DEUTSCHE BANK TRUST COMPANY AMERICAS USD BKTRUS33 04054364
STANDARD CHARTERED BANK USD SCBLUS33 3582021835001
HSBC BANK USD MRMDUS33 000 -04661 -2
JP MORGAN CHASE BANK USD CHASUS 33 001 -1 -404332
WELLS FARGO BANK NA USD PNBPUS3NNYC 2000191001534
DBS BANK LTD SINGAPORE USD DBSSSGSGXXX 0710-000249-01-9
WELLS FARGO BANK NA USD< PNBPUS3NN YC 2000193007918 FED ABA 026005092 (CHIPS ABA -0509)
STANDARD CHARTERED BANK USD SCBLUS33 3582 -080785001 UID -033086

BIC Code for SWIFT

RUPEE DRAWING ARRANGEMENT (RDA)

Rupee Drawing Arrangement (RDA) is a channel to receive cross-border remittances from overseas jurisdictions. Under this arrangement, the Authorised Category I banks enter into tie-ups with the non-resident Exchange Houses to open and maintain their Vostro Account.Cross-border inward remittances may be received under Rupee Drawing Arrangements (RDAs) through the Rupee Vostro Account of Exchange Houses situated in Gulf countries and all other countries, which are FATF compliant. (for all other countries which are FATF compliant only under Speed Remittance Procedure).

MONEY TRANSFER SERVICES SCHEME (MTSS)

  • Money Transfer Service Scheme (MTSS) is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India.
  • Only inward personal remittances into India such as remittances towards family maintenance and remittances favoring foreign tourists visiting India are permissible.
  • The system envisages a tie-up between reputed money transfer companies abroad. The funds will be disbursed to beneficiaries in India at ongoing exchange rates.
  • At present, we have arrangements with following two services :
    Transfast Financials Services Pvt Ltd .
    Ria Money Transfer Services Pvt Ltd. (Under API Integeration)
  • A cap of USD 2500 has been placed on individual remittance under the scheme.
  • Amounts up to Rs.50,000/- may be paid in cash to a beneficiary in India. Any amount exceeding this limit shall be paid by means of account payee cheque/ demand draft/ payment order, etc., or credited directly to the beneficiary`s bank account only.
  • Only 30 remittances can be received by a single individual beneficiary under the scheme during a calendar year.

FAQs- RUPEE DRAWING ARRANGEMENT(RDA)

It facilitates electronic credits to the accounts both for PNB customers and customers of other banks by way of NEFT/ RTGS/ IMPS. The Exchange House sends payment instructions with complete details like name, address etc. via PNB Insta or Internet Banking.

At present we have RDA agreements with 08 Exchange Houses

Name of address of Exchange houses are as under:

Country

Name

Address

Bahrain

Travelex, Bahrain

Jawad House, 171 Sh Issa Avenue, P O Box No. 24344, Manama Kingdom OF Bahrain.

Email: reghunath.radhajanardhanan@travelex.com, gauthaman.achu@travelex.com

Qatar

Islamic Exchange, Doha Qatar

Islamic Exchange Company, Near Doha Sports Stadium. P.O.Box No. 80925 Doha Qatar.

Email:operations@islamicex.com.qa, aml@islamicex.com.qa

Kuwait

Kuwait Asian International, Kuwait

48, Anwar Mustafa Thunyan Al Ghanim Building, Qasima 80073, Block 7, Street 66, Fahaheel Area, Kuwait.

Email:vazirkuaiex@gmail.com zahidkuaiex@gmail.com msameerkuaiex@gmail.com

Seychelles

Mahe Exchange

P O Box No. 930, M S Complex, Ground Floor, Revolution Avenue, Victoria Mahe, Seychelles.

Email:md@maheexchange.com manager@maheexchange.com

Singapore

Paypal PTE Ltd

5 Temasek Blvd, #09-01 Suntec Tower Five, Singapore 038985

Email:paved@paypal.com, kavagarwal@paypal.com

United Arab Emirates

Al Ahalia Money Exch. Bureau

P O Box 35245 Abu Dhabi, UAE

Email:bankingoperations@ahaliaexchange.com,

margub@ahaliaexchange.com

Al Ansari Exchange, UAE

Level 7, Al Ansari Business Center, Al Barshai, Beside Mall of Emirates P O Box 6176, Dubai UAE

Email:bankingrelations@alansari.ae

zaheer.tk@alansari.ae

United Kingdom

Aftab Currency Exchange

Suite 602, Piccadilly House, 49 Picadilly, Manchester MI 2AP, United Kingdom

Email:partner.onboarding@acemoneytransfer.com

The following is the list of permissible transactions under Drawing Arrangements with Exchange Houses:

  • Credit to Non-resident (External) Rupee accounts maintained Non­ Resident Indians in Indian Rupees.
  • Payments to families of Non-resident Indians.
  • Payments in favour of Insurance companies, Mutual Funds and the Post Master for premia / investments.
  • Payments in favour of bankers for investments in shares, debentures.
  • Payment to Co-operative Housing Societies, Government Housing Schemes or Estate Developers for acquisition of residential flats in India in individual names, subject to compliance of regulations applicable thereof, by the Non-resident Indians.
  • Payments of tuition/ boarding, examination fee, etc., to schools, colleges and other educational institutions.
  • Payments to medical institutions and hospitals in India, for medical treatment of NRIs / their dependents and nationals of all FATF countries.
  • Payments to hotels by nationals of all FATF compliant countries / NRIs for their stay.
  • Payments to travel agents for booking of passages of NRls and their families residing in India towards their travel in India by domestic airlines / rail, etc.
  • Trade transactions up to Rs. 15,00,000.00 (Rupees Fifteen lakhs only) per transaction.
  • k. Payments to utility service providers in India, for services such as water supply, electricity supply, telephone (except for mobile top-ups), internet, television, etc.
  • Tax payments in India.
  • EMI payments in India to Banks and Non-Banking Financial Companies (NBFCs) for repayment of loans.
  • Remittances to the Prime Minister’s National Relief Fund/Chief Minister’s Distress Relief Fund- Kerala/Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund subject to the condition that the remittances are directly credited to the Fund by the banks and the banks maintain full details of the remitters.

Exceptions

  • No cash disbursement of remittances received is allowed under Rupee Drawing Arrangements.
  • Under no circumstances, donations / contributions to charitable institutions should be routed through the Exchange Houses
Restrictions:

The accounts can be used for channeling cross- border inward remittances into India primarily on private account. The remitter and the beneficiary should be individuals barring a few exceptions: Remittances through Exchange Houses for financing of trade transactions are permitted up to Rs.15,00,000 (Rupees fifteen lakhs only) per transaction.

Remitter to visit the Exchange house and provide following details along with the amount to be remitted:

  • Remitter name and address
  • Remitter bank account number
  • Beneficiary name and address
  • Beneficiary Bank account details- Account number and IFSC code.
  • Purpose of remittance

Money sent through RDA mechanism gets credited to the beneficiary’s account directly without any intervention.

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