Federal Bank launches offshore services for NRIs

TDT  | Manama

The Daily Tribune – www.newsofbahrain.com 

Federal Bank launched an array of product offerings for individuals including NRIs at their Gujarat International Finance Tec-City (GIFT city), Gujarat, India’s first international financial centre where the Bank has an overseas status branch. Retail Overseas Foreign Currency Loans, Current Account, Savings Account and Term Deposit products are now available for Retail customers.

This 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 a period less than 1-year, overseas loans to individuals, structured products etc. which is not offered from the domestic jurisdiction. 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, London etc.

During the occasion, Ashutosh Khajuria, Executive Director said, “Federal Bank being one of the first entrants to GIFT City has been serving Corporate customers since its inception.

With the recent changes, a window is opened for retail clients, offering an opportunity for our NRI clients, to look at some of the offerings like foreign currency deposits, which enables 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.”

The launch event was followed by a webinar for the customers of the Bank on ‘Wealth Management – Opportunities and challenges in Offshore Financial Centres’ by Sunita Singh Dalal, Of Counsel- Stephenson Harwood LLP, UAE and Ankur Maheshwari, CEOEquirus wealth.