ICICI Bank has announced the launch of two new products for NRI customers at its GIFT City branch, namely, loan against deposits (LAD) and dollar bonds.
Sriram Iyer, Head, International Banking Group, said, “We, at ICICI Bank, continue to launch solutions to meet customer needs. 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. As we expand our horizons, we are excited to see what lies ahead of us.”
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% of their deposit value. With a simple documentation process, customers can get flexible tenure with fixed or floating interest rates.
Dollar bond 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.
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