Sending money to India does not anymore mean sending checks (cheques) to India. These days you get the best exchange rates when you send money to India. With online options the competition is more and so when you send money you get better rates, lower cheaper fees, easier and faster transfers including free draft delivery to any location in India. So how often do you send money or transfer money to India, where are you located (for example there are more options for US to India transactions), what your currency is , is dollar to rupee exchange rate is suitable when you send money to india : all these matter !!

ICICIbank is one very reliable service. This gives you the best exchange rate for dollar to indian rupee at any given day or time.  Their service is called Money2India and is free if you have an NRI /NRE account. The draft is sent by courier to any location to India. For other users you need to setup an account online and you can pay by credit card (some charges apply), wire transfer to a New York Bank (wire charges apply) , online bank transfer (mostly free) or by cheque / check (take more time). There is a charge per transaction (less than $10). This charge varies.

Another option is CitiBank or CitiNRI. Presently there is a promotion going on for NRI accounts: no minimum deposit required. Money transfers are free if you have account (same like ICICI). Citibank is one of the most reliable names in the business and have quite a few promotions. But  their exhange rates are not as good as ICICI. So if you are sending a lot of money, ICICI is more suitable.

If you like walking into a bank and sending money, then checkout Western Union. There are other newer online options like iKobo and remit2India. Remit 2 India is pretty good for one time transactions.

ICICI Send Money
Send Money using ICICI money2india. Check listing 1 below.
CitiNRI services
Citibanks money to India services gets a facelift. Check listing 2 below.
Best Exchange Rate
When sending money to India, check the ICICI's exchange rate. Check listing 3 below.

Send money to India. Tips !! listing 1: http://www.icicibank.com/pfsuser/icicibank/ibank-nri/nrinewversion/m2i.htm
ICICI Send Money . Send Money using ICICI money2india.

Send money to India. Tips !! listing 2: http://www.citinri.com
CitiNRI services . Citibanks money to India services gets a facelift.

Send money to India. Tips !! listing 3: https://m2inet.icicibank.co.in/m2iNet/exchangeRate.misc
Best Exchange Rate . Send Money using ICICI money2india.

And dont forget to check the existing goverment exchange rate at RBIs official website. This is just for reference. Do not expect to get this rate but the closer the better.

If you plan to transfer money frequently to India, its better to setup a NRI / NRE (if you are an Indian citizen )  account. One more option is to start a NRI savings account. In an NRI fixed deposit account you lock in a rate and your money for a period of time. But these days Indian government is not encouraging this and so has very low interest rate. The savings option is good to keep your money for some time, get a better rate and then move out when dollar to rupee exchange rate is favorable.

the above details are personal observations. Please cross check the information before you send money to India.