South Indian Bank Limited (SIB) will soon launch special services for NRIs in the Gulf, the CEO of the Kerala-based bank said in Dubai.
Murali Ramakrishnan, also the managing director of the private sector lender, said the bank would launch new customer-centric accounts and expand its bouquet of services by introducing wealth management services in association with the wealth management company.
“We are currently providing our NRI customers with facilities to obtain insurance, home and vehicle loans, and invest in mutual funds and pension plans. “With the additional services, we are confident that we will be providing a complete solution for the NRIs.”
The representative office of SIB has been functioning in Bur Dubai Bank Street since 2018. NRI customers can contact this office for all information regarding NRE banking services and investment opportunities in India, said Ramakrishnan, who was on a visit to the Gulf.
One of the new products of SIB is FCNR (Foreign Currency Non-Resident) Platinum Deposit Scheme, a forex forward booking product available in various currencies. This scheme offers better returns as compared to NRE deposits.
Ramakrishnan said the five-year FCNR in Japanese yen provides a yield of 7.38 per cent (currently) compared to platinum NRE deposits, which offer an annual output of 6.67 per cent.
Announcing that the worst is over for the bank, the CEO said that despite setting double-digit growth targets in its loan books, it would grow at Rs 16 billion in FY22 compared to Rs 20 billion in FY16. Seeking to limit the fall to Rs.17 billion.
SBI’s NRE deposits have grown consistently and touched Rs274.41 billion (Dh12.88 billion) as of 31 March 2022. The remittance business has also increased by 33 per cent year-on-year.