BackFederal Bank starts international banking services for individuals at GIFT city
The various product offerings include short term foreign currency deposits for period less than one-year, overseas loans to individuals, structured products, among others, not offered from the domestic jurisdiction
PremiumMumbai: Private sector lender Federal Bank on Thursday launched product offerings for individuals, including non-resident Indians (NRIs), at Gujarat International Finance Tec-City (GIFT city).
It said that 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, it said.
The various product offerings include short term foreign currency deposits for period less than one-year, overseas loans to individuals, structured products, among others, 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 and London, it said.
Ashutosh Khajuria, executive director, Federal Bank 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."
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