What is MTSS Full Form in Banking?

MTSS Full Form in Banking is Money Transfer Service Scheme. This is a way of transferring personal remittances from foreign nations to the beneficiaries in India. Only personal remittances that favor the foreign tourists who visit our country can be sent through MTSS. All the remittances with respect to trade and purchases of property and investments to the NRE accounts and donations to the charitable organizations can be performed through MTSS.

Features of MTSS Scheme:

With the help of the MTSS scheme, it is possible to transfer funds between countries for personal purposes, but MTSS cannot be used for other purposes of trade, for making donations, or for making money to NRE and NRO accounts. Also, MTSS limits the transactions to only 30 transactions per calendar year, and the limit for the transactions is around USD 2500 per transaction. MTSS also pays in cash up to Rs. 50,000 and anything beyond this amount is paid in demand drafts and cheques.

Advantages of the MTSS scheme:

MTSS is very easy to handle, it is completely hassle-free and it is a very swift method of sending payments to any beneficiaries in India. Only Indian agents will be authorized to pay the money to the beneficiary. They should also ensure that the MTCN number is passed on to the beneficiary in India correctly.