Indian private sector lender Federal Bank has partnered with payment solutions provider Transfast Remittance for enabling online inward remittance to India from the US.

The service will allow NRIs to transfer money to their India NRI accounts from their US bank account, also through debit or credit card, the Kerela-based lender said.

To get get access to the new service, customers need to download the Transfast app. Customers can select from two products, Fastrack and Value+.

Fastrack, available at a transfer fee of $4.99, will facilitate credit within zero to 24 hours. For amounts of $1,000 or more, the service can be accessed without any transfer fee.

Value+ will facilitate credit at higher exchange rate at zero-transfer fee, though with a delay of 3 to 5 business days.

Federal Bank chief general manager and head-Kerala network Varghese K I said: "Customers in the US can make use of this arrangement for fund transfer at lower cost and at competitive exchange rate in a faster, easier and reliable way."