1.       What is Speed Transfer to India?
Speed Transfer to India is a Money Transfer service that allows you to transfer money to India instantly to your beneficiary’s account with any bank in India electronically. If the beneficiary bank branch is not a participant of electronic funds transfer mode of Reserve Bank of India such as RTGS and NEFT, in that case our Indian correspondent bank will issue a Indian Rupee draft and send it through post/courier to your beneficiary's bank, as per your request and details provided you in the Beneficiary Registration form.
 
2.       Is it necessary to fill any application form with beneficiary's bank details?
Yes, it is necessary to fill in Beneficiary Registration Form with all the beneficiary bank account details, which are marked mandatory for remitter, beneficiary and beneficiary's bank. This makes transfer of funds easier and accurate.
 
 
3.       Are there any service charge deducted in the beneficiary (home) country over and above the fee here in Oman?
No, there is no service charge deducted by BankMuscat in the home country. Even if there is a demand draft issues and mailed across to beneficiary by post/courier, BankMuscat does not deduct anything from the amount transferred. Disbursement of funds in the beneficiary country is completely free of charge. However, BankMuscat has no control if other bank (beneficiary's bank) deducts any service charge or puts funds on hold.
 
4.       What is the maximum amt that is one can transfer by using BankMuscat Money Transfer?
 There is no cap on maximum amt to be transferred. However Money Transfer done through Cash Deposit Machine (CDM) is maximum of OMR 2000 per transaction as CDM does not accept more than 40 currency notes in one transaction. Hence incase if you want to transfer more than OMR 2000, then you will have to do multiple transactions.
 
5.       What are the charges?
Please refer to the above table where charges for various countries and products are specified
 
6.       What is RTGS and NEFT system?
 This service is offered to banks by the Reserve Bank of India, called Real Time Gross Settlement system and National Electronic Fund Transfer system is a nation wide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch.
 
If your beneficiary has an account with any of the bank branches under this service they can avail of this facility.
 
7.       Are all bank branches in India the system part of the funds transfer network?
As on July 20, 2008, 46363 branches of 87 banks are participating. Steps are being taken to widen the coverage both in terms of banks and branches.
 
8.       Whether the system is centre specific or has any geographical restriction?
There is no restriction of centre or of any geographical area inside the country. The system uses the concept of centralized accounting system and the bank's accounts, that are sending or receiving the funds transfer instructions, gets operated at one centre, viz, Mumbai only. The individual branches participating in NEFT could be located anywhere across the country, as detailed in the list provided on our website.
 
9.       Is there any specific code for sending funds electronically?
Yes, it is called IFSC Code which is specific to a bank and branch
 
10.    How I will know, what is the IFSC Code of my bank-branch?
RBI had since advised all the banks to print IFSC on cheques leaves issued to their customers. You may also contact your bank-branch and get the IFS Code of that branch.
 
11.    Can I get a list where I can find the IFS code for my bank and branch?
Please click here to download the list of all IFSC codes for all participating bank and branch of India