Citibank has introduced a new scheme, which will enable its account holders to transfer funds from a Citibank account in the United States to a rupee checking account in India using its online service or ATMs.

Announcing the new scheme, the bank said account holders in the US would also be able to transfer funds within the country using the same route.

The bank expects the scheme -- called Citibank Global Transfers -- to be especially appealing to people of Indian origin in the US who wish to remit funds to family members or friends, as they would be instantly available to the party to whose account they are transferred.

The transfer fee would be $10 regardless of the amount, the bank said.  

"Citibank is the only bank in the US to offer a service like Citibank Global Transfer," said Maura Markus, president of Citibank North America's Retail Distribution Group.

"It's offered both domestically and internationally and it's done in real time. Consumers will appreciate the convenience and affordability of this service when they realise that parents with a Citibank account in the US can transfer money to the account of their child or relative in California, Spain or even India -- instantly," he said.

Customers have the option of entering the US dollar amount to be sent or the foreign currency amount to be received. They also have the option of sending a typed message with the transfer, Citibank said.

The service is available at all Citibank ATMs except those located in former California Federal Bank or European-American Bank.

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What do you think about the story? Read what others have to say: Number of User Comments: 8 Sub: Hi Please apply the same scheme for people living in United Kingdom . Thanking you, Fayaz Posted by md_m_fayaz Sub: Can we think abt other countries apart from US This facility should be available to people staying abroad irrespective of their countries.I'm staying In Uganda(E. Africa), therefore woud like to get the money transferred ... Posted by Manisha Sub: regarding money transfer well,dont you think that the service charges for this facility is a bit expensive...i think rather it should be like....whatevermoney you transfer bank should deduct ... Posted by deepak patil Sub: Good Scheme but .... Hello, It is really a good scheme but it would be nice of you if you could apply the same to people in other countries ... Posted by narendra Sub: hi please apply the same scheme for people in germany . thanking you, madhu Posted by madhu mandava