What is Money Transfer Service Scheme?

Money Transfer Service Scheme (MTSS) is a way of transferring personal remittances from abroad to beneficiaries in India. The Overseas Principal should be a registered entity, licenced by the Central Bank / Government or financial regulatory authority of the country concerned for carrying on Money Transfer Activities.

What is RDA remit?

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 in the FATF compliant countries to open and maintain their Vostro Account.

Is money transfer a service?

Domestic Money Transfer is a service that is provided by numerous companies to transfer money from one account to another in any part of the country. The process of transferring money is really simple. Money transfer to the beneficiary within 24 hrs.

How many international money transfer transactions can be received by a single beneficiary?

Only 30 transactions can be received by a single beneficiary in a calendar year.

What does RDA stand for in banking?

Mobile Check Deposit (formerly Remote Deposit Anywhere or “RDA”) is the ability to deposit a check into a SFSB checking or savings account from anywhere, without having to physically deliver the check to the bank.

What does RDA mean in insurance?

Regional Director of Agencies (insurance) RDA.

What is vostro transaction?

Vostro is a reference to “yours” and refers to “your money that is on deposit at our bank.” A vostro account is like any other account held by a bank. The account is a record of money owed to or maintained by a third party, typically another bank, but it can be either a company or an individual.

What is difference between Nostro account and vostro account?

A nostro account refers to an account that a bank holds in a foreign currency in another bank. The opposite term “vostro accounts,” derived from the Latin word for “yours,” is how a bank refers to the accounts that other banks have on its books in its home currency.