REMITTANCES

 Remittances

• Remittances involve transfer of funds from one place to another. Two of the most common modes of remittance of funds are demand drafts and Telegraphic/ Mail Transfers (TT/ MT). Drafts are issued by one branch of the Bank and are payable by another branch of the Bank (or, in case there being no branch of the Bank at the place of destination, branch of another Bank with which the issuing Bank has necessary arrangements). 
• The drafts are handed over to the applicant. In the case of telegraphic/ mail transfer, no instrument is handed over to the applicant; the transmission of the instrument is the responsibility of the branch. Generally, the payee of both the TT and the MT is an account holder of the paying branch. 
• Electronic Funds Transfer is another mode of remittance which facilitates almost instantaneous transfer of funds between two centers electronically. Most of the banks have now introduced digital mode of remittance which makes remittance possible online and on mobile devices directly by the customer in a few clicks.

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