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South Indian Bank launches new deposit, insurance services for NRIs

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South Indian Bank Limited (SIB), a major private sector bank headquartered in Kerala, India, has announced the launch of a special wealth management service, deposit scheme, life insurance scheme, trade-related payments and remittance service and mutual fund products for Non-resident Indians (NRIs).

“We are currently providing our NRI customers with facilities to obtain insurance, home and vehicle loans, and invest in mutual funds and pension plans,” said Murali Ramakrishnan, CEO, South Indian Bank Ltd, who is in Dubai on an official visit.

The bank has launched a new deposit scheme, FCNR Platinum Deposit Scheme, to attract NRI funds. The FCNR Platinum Deposit, which is a forex  forward booking product available in various currencies, gives a slightly better yield than NRE deposits. The 5-year FCNR Platinum in Japanese Yen provides a yield of 7.38% compared to NRE deposits which provide an annualized yield of 6.67%.

The bank is launching its wealth management product for its NRI clients this financial year to improve their return on their savings.

The bank’s NRE deposits have grown consistently and touched INR 27.44 billion crore as on 31 March, 2022. Remittances have grown by 33% to INR 19.85 billion.

“We are adding to our bouquet of services by introducing wealth management services in association with a wealth management company. We are confident that soon we will be the complete solution provider for the NRI community’s financial needs,” he added.

Through Exchange house tie ups, SIB facilitates remittances for its customers across Middle East. SIB has a strategic alliance with Hadi Express Exchange, a major exchange entity operating in the UAE since 1994 with branches across UAE. The tie-up, further adds teeth to SIB’s presence in the UAE, in addition to its representative office in Dubai.

Apart from Hadi Express Exchange, bank is also having remittance tie up with all leading exchange houses in UAE like Al Ansari Exchange, Lulu International Exchange, Joyalukkas Exchange and Al Fardan Exchange.

Albin Thomas, General Manager, Hadi Express Exchange, an official of SIB in the UAE remarked, “Deposits from NRIs all over the world have always been a stronghold of our Bank and we have. a good base in the Middle East, especially in the UAE. More and more NRIs are using Hadi Exchange for their remittance services. SIB’s robust digital infrastructure will complement our presence to provide NRIs with effective remittance services.”

These services, including the upcoming wealth management service in association with a wealth management company, will add to SIB’s array of product offerings for NRIs, which currently includes deposit products, Portfolio Investment Schemes (PIS), National Pension Scheme (NPS) and also various loan products like housing loan and vehicle loan. SIB has also established tie-ups for fulfilling the NRI customers’ insurance and mutual fund requirements.

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