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ICICI Bank introduces two new products for NRIs at its GIFT City branch
November 21, 2022
The new launches are Loan against Deposits (LAD) and Dollar Bonds
Mumbai:ICICI Bank today announced the launch of two new products, namely Loan Against Deposits (LAD) and Dollar Bonds, for NRI customers at its branch in GIFT City, the Gujarat-based emerging global financial and IT services hub. ICICI Bank is the first bank to offer these products in GIFT City.
Speaking on the launch, Mr. 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 key features of these offers are:
Loan against Deposits (LAD):LAD resembles a loan in foreign currency against a deposit in India (including Rupee NRE FDs).The customers can avail LAD for their short-term cash requirement without having to prematurely close their Term Deposits and thereby avoid paying a penalty for breaking the deposit. They can avail up to 95%* of their deposit value. With a simple documentation process, customers can get flexible tenure with fixed or floating interest rates.
Dollar Bonds: It is an alternate investment option for NRIs, where they can book dollar bonds through ICICI Bank in GIFT City. The Bank offers a cohort of over 50 marquee issuers / companies for these bonds.
In addition, the other key offerings at GIFT City for the NRI customers are:
Global Current Account:This is a non-interest bearing account which does not require any minimum balance. It helps NRIs to deposit money in India in foreign currencies such as USD, EUR, GBP.
Global Savings Account:NRIs candeposit money for short term and earn interest in this savings account.
Term Deposits:They aresimilar to Foreign Currency Non Resident (FCNR) deposits with minimum lock-in period of seven days compared to one year for FCNR in India. Customers can deposit in currencies such as USD, EUR, GBP.
Moreover, ICICI Bank’s branch at GIFT City offers banking solutions to corporates including Transaction Banking, Current Accounts, Foreign Currency Deposits, Trade Finance (for importers and exporters), Corporate Finance including External Commercial Borrowing and Foreign Currency Term Loans.
To know more about and avail the products and services offered by ICICI Bank at its GIFT City branch, please contact the Relationship Manager (RM) or visit www.giftcity.icicibank.com
*T&C apply
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About ICICI Bank: ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The Bank’s total assets stood at ₹ 14,88,674 crore at September 30, 2022.
Certain statements in this release relating to a future period of time (including inter alia concerning our future business plans or growth prospect s) are forward - looking statements intended to qualify for the 'safe harbor' under applicable securities laws including the US Private Securities Litigation Reform Act of 1995. Such forward - looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward - looking statements. These risks and uncertainties include, but are not limited to statutory and regulatory changes, international economic and business conditions; political or economic instability in the jurisdictions where we have operations, increase in non - performing loans, unanticipated changes in interest rates, foreign exchange rates, equity prices or other rates or prices, our growth and expansion in business, the adequacy of our allowance for credit losses, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks, changes in India’s sovereign rating, as well as other risks detailed in the reports fi led by us with the United States Securities and Exchange Commission. Any forward looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this release. ICICI Bank undertakes no obligation to update forward - looking statements to reflect events or circumstances after the date thereof. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov
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