ICICI bank the largest private sector bank and the second largest bank in India, NRI services has won the World Finance (London) award for the best bank for offering NRI Services Worldwide, 2008. The bank has also been judged best for its remittance business segment for the second year in a row by the Asian Banker Magazine.
According to Girish Nayak, head of ICICI Bank NRI Services bank’s main international strategy has been the NRI footprint.
Nayak explained, "ICICI Bank helps NRIs maintain the all-important link with their home country by offering a complete product suite that is available at the click of a mouse or a simple phone call away. The Bank is always innovating new products to stay a step ahead of the NRI needs and maintain its leadership position as the NRI Banker of choice”.
In 2001 ICICI Bank launched its NRI Services as a one-stop shop to address the home-linked financial needs of NRIs. The product suite offered include a variety of savings and deposit products, structured investment options, online remittances, mortgages, insurance and equity-linked products addressing the entire gamut of financial needs of this overseas community.
ICICI Bank is having a global presence and a rich customer base spread across 18 other countries, through its combination of subsidiaries, branches and representative offices. The bank is having has a presence in the UK, Canada and Russia through wholly owned subsidiaries.
Product distinction includes a premium product called – NRI Edge targeted at affluent NRIs looking for priority services and exclusive privileges. Other specialized products being offered include a card-based remittance account for with drawing down money transfers at the India ATMs and the Easy Receive a beneficiary-focused account customized for NRIs' family members in India with linked benefits.
ICICI Bank first started a foreign exchange forwards linked product called Rupee Plus. The product is a risk free and an opportunity to earn significantly higher returns on NRI investments. 100% principal and return protection is offered by this product.
For NRIs Money Transfers is a core need therefore ICICI Bank is offering state of the art technology enabled speedy and low-cost options to NRIs. Customers from the overseas ICICI Bank offices are able to initiate instant payment to their accounts in India. Customers also get the facility to transfer funds from their ICICI Bank India accounts to any other bank account efficiently at no additional cost using the online platform.
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