DOHA - India's Federal Bank and Al Dar Exchange have entered into an agreement aimed at catering to the needs of Indian residents of Qatar.
Al Dar Exchange has eight branches in the country and the Qatari government holds a 33 percent stake in the company. Al Dar Exchange also has over 100 direct tie-ups with foreign banks and financial institutions while Federal Bank is one of the leading commercial banks with approximately 1,423 branches all over India.
Via their National Electronic Funds Transfer (NEFT) system, one can transfer funds to any major bank branch in India irrespective of where they are located. In addition to this, funds sent to any Federal Bank account will be credited immediately and those sent to other banks will be credited on the same day.
To mark the Onam season, a festival observed in the southern Indian state of Kerala, Federal Bank will be distributing gifts to customers who receive funds of Indian rupees 100,000 or more in the form of 'FEDFAST' remittances from Middle East. The promotion will last until September 20.
Commencing from today onwards, customers can walk into any of Al Dar's locations to remit funds back to India through Federal Bank.
Al Dar Exchanges are located on C-Ring Road (by Gulf Cinema), Muaither (by Family Shopping Complex), Old Airport Road, Al Gharraffa, Salwa (by Safari Hypermarket), Al Nasr (by Family Food Centre), Q-Post Main Office and Al Khor (Al Khor Post Office).
© The Peninsula 2008
