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Federal Bank launches offshore banking services for NRIs

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Federal Bank has launched a range of products, including offshore banking services, for non-resident Indians (NRIs) from its overseas-status branch at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar.

The bank has launched for retail customers current account, savings account and term deposit products and retail overseas foreign currency loans at its branch at GIFT City, India’s first international financial centre.

The new product launch is in line with the recent regulatory changes brought in by International Financial Services Centres Authority (IFSCA) in GIFT City to increase retail participation.

These retail products are in addition to the bank’s existing line of trade finance, corporate loan and treasury products from GIFT City branch.

The various product offerings include short term foreign currency deposits for period less than one-year, overseas loans to individuals and structured products which is not offered from the domestic jurisdiction, said a press statement.

“Federal Bank is one of the first entrants to GIFT City and has been serving corporate customers since its inception. These products will help NRIs and residents to tap the avenues in line with products and services rendered by other global international financial centres like DIFC Dubai, Singapore and London,” said Ashutosh Khajuria, Executive Director, Federal Bank.

“With the recent changes, a window is open for retail clients offering an opportunity for our NRI clients, to look at some of the products like foreign currency deposits, which enable them to earn interest on short term deposits of less than one year that is not available on FCNR deposits at domestic branches, and many more such benefits,” he said.

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