ICICI Bank today unveiled two new products for NRI customers namely Loan Against Deposits (LAD) and Dollar Bonds, at its branch in GIFT City, Gujarat’s emerging global financial and IT services hub. ICICI Bank is the first bank in GIFT City to offer these products.
Speaking on the launch, Sriram H. Iyer, Head – International Banking Group, ICICI Bank said, “We, at ICICI Bank, continue to launch solutions to meet customer needs. In line with this philosophy, we are offering Dollar Bonds and Loan against Deposits to our NRI customers through our branch at GIFT City. Foreign currency bonds are one of the preferred investment options amongst NRI clients. We want to provide our customers with the ease of banking digitally, driving a seamless journey and a hassle-free experience. As we expand our horizons, we are excited to see what lies ahead of us while we continue to create value for our customers across geographies in line with regulatory provisions.”
The following are the highlights of these offers:
Loan Against Deposits (LAD): A loan in foreign money against an Indian deposit (including Rupee NRE FDs). Customers can use LAD to meet their short-term cash needs without having to prematurely liquidate their Term Deposits and thus avoid paying a penalty for early withdrawal. They can receive up to 95% of their deposit amount. Customers can obtain variable tenure with fixed or floating interest rates through a straightforward documentation process.
Dollar Bonds: NRIs can book dollar bonds through ICICI Bank in GIFT City as an alternative investment option. For these bonds, the Bank offers a group of over 50 marquee issuers / companies.
In addition, the other key offerings at GIFT City for the NRI customers are:
Global Current Account: This is a non-interest bearing account with no minimum balance requirement. It enables NRIs to make deposits in India in foreign currencies such as USD, EUR, and GBP.
Global Savings Account: This savings account allows NRIs to deposit money for a short period of time and earn interest.
Term deposits: They are comparable to Foreign Currency Non Resident (FCNR) deposits in that they have a minimum lock-in period of seven days as opposed to one year in India. Customers can make deposits in USD, EUR, and GBP.
Also Read | ICICI Bank introduces two new products for NRIs
Furthermore, ICICI Bank’s GIFT City branch provides corporate banking services such as Transaction Banking, Current Accounts, Foreign Currency Deposits, Trade Finance (for importers and exporters), Corporate Finance (including External Commercial Borrowing and Foreign Currency Term Loans).
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