ICICI Bank has introduced deposit-linked loans and dollar bonds for NRIs. | Techno Glob

ICICI Bank has launched two new products for NRI customers–loan against deposits (LAD) and dollar bond–at its branch in GIFT City, an emerging global financial and IT services hub based in Gujarat. ICICI Bank is the first bank to offer these products at GIFT City.

“Foreign bonds are a preferred investment option among NRI clients. To facilitate and facilitate digital banking for our customers; We want to drive a smooth journey and provide a hassle-free experience,” said Sriram H. Iyer, Head, International Banking Group, ICICI Bank.

Key features of these offers are:

Loan from Deposits (LAD): LAD is like deposits in India (including rupee NRE FDs). Customers can utilize LAD for their short-term cash requirements without having to close their Term Deposits prematurely and avoid paying penalty for breach of deposit. They can get up to 95%* of their deposit value. With a simple documentation process, customers can get a fixed or flexible term with an interest rate.

Dollar bonds It is an alternative investment option for NRIs who can book dollar bonds through ICICI Bank in GIFT City. The bank offers a portfolio of over 50 marquee issuers/companies for these bonds.

Global Current Account: This is an interest-free account with no minimum balance required. It allows NRIs to use currencies in India, USD, EUR It helps to deposit in foreign currencies like GBP.

Global Savings Account: NRIs can do it. Deposit in no time and earn interest in this savings account.

Term Deposits: they are Similar to Foreign Currency Non Resident (FCNR) deposits with a minimum lock-in period of seven days compared to one year for FCNR in India. Buyers in USD, EUR You can deposit in currencies such as GBP.

ICICI Bank Branch in GIFT City Remittance Banking; current accounts; foreign currency deposits; trade finance (for importers and exporters); We provide banking solutions including corporate loans such as external business loans and foreign currency loans.

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