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ICICI Bank launches Pro & Premia Savings Accounts for NRIs
May 06, 2014
Mumbai: ICICI Bank, India's largest private sector bank, announced the launch of two new saving accounts products -- NRI Pro and NRI Premia -- for NRI customers. With these launches, ICICI Bank now offers three-tiered savings accounts for NRI customers – Regular, Pro and Premia.
The three-tiered offering has been designed with the objective of catering to the unique needs of different categories of NRI customers based on their life stage. While the Regular savings account is the basic product, the NRI Pro and NRI Premia savings accounts have been designed to offer enhanced convenience and experience.
Mr. Rajiv Sabharwal, Executive Director, ICICI Bank, said, "At ICICI Bank, we constantly innovate and enhance product offerings to provide best-in-class banking experience to our customers. We serve 1.5 million NRI customers across more than 150 countries and process over five million NRI transactions annually. This experience has given us insights into the lifestyle and aspirations of NRIs and our products are designed to meet their needs. In this highly regulated and commoditised product space, features like the concierge service, benefits for family members in India and insurance bouquet help us in creating a distinctive experience for the customer."
NRI customers can choose from two types of Regular savings accounts - NRE and NRO. An NRE savings account is used for overseas income and an NRO savings account is mainly used for income earned in India like, for example, rental income.
In addition to offering Regular savings account benefits, the NRI Pro savings account offers NRI customers value-added features such as priority service, preferential rates on money transfers and banking benefits for family members based in India.
The NRI Premia savings account will offer all the benefits of a NRI Pro savings account along with access to a dedicated relationship manager to take care of the customer's banking needs, and a travel insurance bouquet* which includes air accident coverage of up to INR 10 million.
NRI Premia customers also get to experience special privileges in form of 24 X 7 concierge programme that gives them access to reservation assistance as well as preferential pricing on dining, travel bookings, golf courses, spas and special events across the world.
A comparison of available NRI saving account features
| NRI Regular | NRI Pro | NRI Premia | |
| Premium Benefits | |||
| Concierge service - Referral and reservation assistance as well as preferential pricing on hotels, flight booking, golf courses etc. | x | x | ✔ |
| Travel insurance bouquet* - Coverage against air accident up to INR 10 million and much more | x | x | ✔ |
| Service Benefits | |||
| Personalized service by dedicated Relationship Manager | x | x | ✔ |
| 24 X 7 priority service at call centres | ✔ | ✔ | ✔ |
| Benefits for family in India | ✔ | ✔ | ✔ |
| Preferential rates and waiver of charges | x | ✔ | ✔ |
| Debit Card benefits | NRI Silver Debit Card | Complimentary NRI Platinum Debit Card |
Complimentary NRI World Debit Card |
*Travel insurance bouquet is available to NRI customers from select geographies
About ICICI Bank Ltd: ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country with consolidated total assets of US $ 124.76 billion at March 31, 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 19 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. 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:
Sujit Ganguli
Senior General Manager & Head - Corporate Communications & Brand
ICICI Bank Ltd.
Bandra Kurla Complex, Mumbai – 400051
E-mail: ganguli.sujit@icicibank.com
