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ICICI Bank launches 'Easy NRI Account'

September 30, 2014




Dubai: ICICI Bank, India's largest private sector bank, announced the launch of 'Easy NRI Account', a savings bank account specially designed to ensure convenient banking for NRIs (Non Resident Indians) located in the Middle East.

 

The 'Easy NRI Account' has been created with the objective of simplifying regular banking activities along with facilitating remittances for customers. This account offers a low monthly average balance requirement of just Rs. 2,000.

 

In addition, the account offers a unique feature of nil charges for non-maintenance of minimum balance, as long as the customer has remitted a sum of Rs. 20,000 to ICICI Bank India Easy NRI Account over the preceding three months. This ensures that customers can use the account for remittances without worrying about minimum balance maintenance.

 

The Easy NRI Account has a special provision for customers who are more comfortable monitoring their account activity using a passbook. The Easy NRI Account holder or mandate holder for this account is issued a passbook which can be updated by simply visiting any of ICICI Bank’s over 3,600 branches in India.

 

Recurring deposits starting from as low as Rs.500 have also been enabled, encouraging NRI customers to save easily and automatically.

 

Mr. Rajiv Sabharwal, Executive Director, ICICI Bank, said, “At ICICI Bank, we strive towards designing products that meet customer needs. Our experience of serving 1.5 million NRI customers for over a decade has helped us gain valuable insights into their lives. These insights have led to the development of the 'Easy NRI Account'. We are confident that this product will enable our customers to carry out their day-to-day banking transactions as well as remittances in a simple and hassle free manner.”

 

About ICICI Bank Ltd: ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank with consolidated total assets of US $ 124.5 billion at June 30, 2014. ICICI Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 18 countries, including India.

 

About ICICI Bank NRI Services: ICICI Bank is one of the most preferred banks for NRIs in the world. It reaches out to NRIs in over 150 countries. Serving more than 1.5 million NRIs over the last decade, it continues to be the trusted choice of Indians abroad. The bank with its rich experience and expertise deploys technology to deliver the best in banking experience to its NRI customers. The bank offers solutions to NRI customers with a focus on:

  • Comprehensive product suite addressing specific financial needs of the NRI
  • Round the clock availability through various channels to ensure convenience for the NRI
  • Usage of cutting edge technology to deliver efficiency & ease

 

Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of nonperforming loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. The products and services provided by ICICI Bank Limited are subject to product/service specific terms & conditions. The products and services are also subject to RBI rules/regulations, prevailing foreign exchange regulations & other applicable Laws. The information contained in this document is not intended to nor should it be construed to represent that ICICI Bank provides any products or services in any jurisdiction where it is not licensed or registered or authorized to do so. The information provided herein is not intended nor should it be construed to represent that ICICI Bank Limited is soliciting. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to law or regulation. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.

 

For Press Queries please contact:

 

Sujit Ganguli
Senior General Manager & Head - Corporate Communications and Brand Group
ICICI Bank Ltd,
Mumbai - 400051
Email - ganguli.sujit@icicibank.com



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