The online money transfer provider Xoom Corp. is working with India's Housing Development Finance Corporation Bank Ltd. to allow customers to receive payments instantly into an HDFC Bank account.

HDFC Bank serves 28.5 million customers across India through multiple channels including mobile banking and more than 3,300 branches. Xoom will offer favorable locked-in exchange rates for money transfers to India, and a no-fee option to customers who send more than $1,000 through a U.S.-based bank account, Xoom says in a March 31 press release.

Xoom is working to provide instant deposits to HDFC Bank at any time, including on bank holidays, says Julian King, senior vice president of marketing and corporate development for Xoom, in a release. Xoom also provides deposits within four hours to all other banks in India, including to NRE and NRO accounts. In 2013, Xoom facilitated the transfer of more than $5.5 billion to its more than one million customers around the globe, the company says.

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