ICICI Bank has recently announced the launch of two new products, namely Loan Against Deposits (LAD) and Dollar Bonds for NRI customers at its branch in GIFT City, the Gujarat-based emerging global financial and IT services hub.
Live TV
Loading...
ICICI Bank is the first bank to offer these products in GIFT City, the lender said.
Speaking on the launch, Sriram H Iyer, Head – International Banking Group, ICICI Bank said, “We, at ICICI Bank, continue to launch solutions to meet customer needs. In line with this philosophy, 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."
Loan against Deposits (LAD)
LAD resembles a loan in foreign currency against a deposit in India (including Rupee NRE FDs). The customers can avail LAD for their short-term cash requirement without having to prematurely close their Term Deposits and thereby avoid paying a penalty for breaking the deposit. They can avail up to 95 percent of their deposit value. With a simple documentation process, customers can get flexible tenure with fixed or floating interest rates.
Dollar Bonds
It is an alternate investment option for NRIs, where they can book dollar bonds through ICICI Bank in GIFT City. The Bank offers a cohort of over 50 marquee issuers / companies for these bonds.
In addition, the other key offerings at GIFT City for the NRI customers are:
Moreover, ICICI Bank’s branch at GIFT City offers banking solutions to corporates including Transaction Banking, Current Accounts, Foreign Currency Deposits, Trade Finance (for importers and exporters), Corporate Finance including External Commercial Borrowing and Foreign Currency Term Loans.
(Edited by : Anshul)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha elections 2024: BJP's bid for breakthrough in Kerala is an uphill battle, say experts
Apr 23, 2024 9:53 PM
2024 Lok Sabha Elections | PM's Rajasthan speech — has it anything to do with the post-poll mood of the first phase
Apr 23, 2024 3:45 PM
It's KGF 2024 and here's a look at the key characters in Karnataka
Apr 23, 2024 3:17 PM
JP Morgan: Nifty may test 25,000 if BJP wins in 2024 Lok Sabha elections
Apr 23, 2024 2:23 PM