India's ICICI Bank Expands Non-Resident Banking Offerings

By Editorial 13 May, 2014

ICICI Bank, India's largest private sector bank, has announced the launch of two new saving account products for non-resident Indian (NRI) customers.

With the launch of these new accounts – NRI Pro and NRI Premia – ICICI Bank now offers three savings accounts for NRIs, including the already existing Regular account.

The three-tiered offering has been designed to cater to the unique needs of different categories of NRI customers, the bank said. Building on the basis Regular account, the NRI Pro and NRI Premia savings accounts have been designed to offer enhanced convenience and experience.

Rajiv Sabharwal, Executive Director, ICICI Bank, said: "We serve 1.5 million NRI customers across more than 150 countries and process over five million NRI transactions annually. This experience has given us insights into the lifestyle and aspirations of NRIs and our products are designed to meet their needs."

NRI customers can choose from two types of Regular savings accounts – NRE and NRO. An NRE savings account is used for overseas income and an NRO savings account is mainly used for income earned in India such as rental income.

In addition to offering Regular savings account benefits, the NRI Pro savings account offers NRI customers value-added features such as priority services, preferential rates on money transfers and banking benefits for family members based in India.

The NRI Premia savings account will offer all the benefits of a NRI Pro savings account along with access to a dedicated relationship manager to take care of the customer's banking needs, and a travel insurance package which includes air accident coverage of up to INR10m (USD167,168), along with a range of other privileges.

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