Business Daily from THE HINDU group of publications
Sunday, Dec 24, 2006
ePaper
Business Daily from THE HINDU group of publications Sunday, Dec 24, 2006 ePaper |
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Money & Banking
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Financial Services Marketing - Promotions & Offers Industry & Economy - NRIs
Elina Mohanty
Brisk business According to banks, the NRI business is growing at around 50 per cent this season.
Mumbai , Dec. 23 NRIs are heading to India for a Merry Christmas and a Happy New Year with their extended family. And banks are not missing the chance to eye their wallets by offering seasonal schemes. Specially priced deposit schemes and advisory-related services top the list. According to banks, the NRI business is growing at around 50 per cent this season. "The NRI business is seasonal and picks up in the second half due to arrival of NRIs during Christmas and New Year by around 50 per cent," said Mr Anup Bagchi, Head-International retail banking, ICICI Bank. The bank will offer a special deposit scheme for NRIs during December-February. For a three-year deposit, denominated in rupee, the customer will get an interest rate of 6.24 per cent per annum. When he remits dollars for the deposit, ICICI Bank will offer the most competitive exchange rate, he said. NRIs contribute around 15 per cent to the bank's retail portfolio. "The alternate returns for most monies parked overseas in dollars will be around 3.5 per cent to 4 per cent," he said. The bank is also offering a new service, `Easy receive'. Under this scheme, the domestic beneficiary (relative, in most cases), who receives foreign currency remittances from the NRI at least once in a quarter, can open a zero-balance account with ICICI Bank. "And with an average quarterly balance of Rs 10,000, he can access any bank's ATM, free of charge," he said. HDFC bank will offer investment counselling and advisory services coupled with free online investment accounts in all its branches. "NRIs can also avail of special tax advisory service and assistance when applying for a PAN card. There are also specially priced relationship products for resident family members," said Mr Amit Kumar, Senior Vice-President and Head, NRI business, HDFC Bank. "A bundled offering comprising an e-broking account linked to a demat account and NRE/NRO Savings Account is available for NRIs who wish to trade in the Indian stock markets. Investment seminars are being conducted for our NRI customers across various cities in India," he added. NRI business during December-February accounts for approximately 45 per cent to 50 per cent of the bank's overall business done with NRIs. Other banks such as ABN-Amro Bank are running promotion campaigns at the banks' branches. "We are celebrating the homecoming of NRIs at our key branches in India till January 15. NRIs can walk into the ABN Amro branches in India to participate in the contests and win prizes. They also get an assured gift on opening an account," said Mr Sumant Kathpalia, Head- Consumer Banking, ABN Amro Bank.
More Stories on : Financial Services | Promotions & Offers | NRIs | ICICI Bank Ltd | HDFC Bank Ltd
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