Federal Bank launches offshore Banking Services for NRIs
- Various product offerings include short term Foreign Currency Deposits for period less than 1-year, overseas loans to individuals, structured products etc.
- Retail products will be offered in addition to the bank’s existing line of Trade finance, Corporate loan and Treasury products from GIFT City branch
15th December 2021: Federal Bank launched an array of product offerings for individuals including NRIs attheir 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 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 Ms Sunita Singh Dalal, Of Counsel- Stephenson Harwood LLP, UAE and Mr. Ankur Maheshwari, CEO- Equirus wealth.
About Federal Bank Limited
Federal Bank (NSE: FEDERALBNK) is a leading Indian private sector bank with a network of 1,289 banking outlets and 1,957 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at ₹ 3.06 Lakh Crore as on September 30, 2021. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.97% as on 30th September 2021. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve centre for Non Resident Indian customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.
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For more details:
Binu Thomas, Chief Representative,
Federal Bank GCC Operations,
Abu Dhabi, UAE