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Leading private sector lender ICICI Bank has announced the launch of two new products including Loan Against Deposits (LAD) and Dollar Bonds for non-resident Indians (NRIs) at its branches in GIFT City, the Gujarat-based growing global financial and IT services hub. Following the announcement, ICICI Bank has become the first lender to introduce these services in GIFT city.
Loan against Deposits (LAD) is similar to taking a loan in foreign currency against a deposit in India (including Rupee NRE FDs). According to ICICI Bank, customers can use this feature to meet their short-term financial requirements without having to prematurely end their term deposits and forgo paying a penalty for early withdrawal. Customers of ICICI Bank are allowed to use up to 95 percent of the value of their deposits. They can obtain variable tenure with fixed or floating interest rates through a simplified documentation process.
On the other hand, as an alternative option, Dollar Bonds can also be purchased by NRIs through ICICI Bank in GIFT City. For these bonds, ICICI Bank claimed to be supplying a cohort of more than 50 prominent issuers and businesses.
Following the launch, Sriram H Iyer, Head of the International Banking Group, ICICI Bank, explained that the bank intends to make it simple for consumers to do financial transactions online which will provide them with a hassle-free experience as foreign currency bonds are considered one of the favourite investment options for NRI clients.
“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,” Iyer stated further.
Some other major offerings for NRIs at ICICI Bank’s branches in GIFT city include Global Current Account, Global Current Account and Term Deposits. Additionally, they provide banking services to businesses, such as Transaction Banking, Current Accounts, Foreign Currency Deposits, Trade Finance (for importers and exporters), and Corporate Finance, including External Commercial Borrowing and Foreign Currency Term Loans.
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