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ICICI Bank, India's largest private sector lender, has launched two new saving account products — NRI Pro and NRI Premia — for NRI customers.
“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 like, for example, rental income,” an ICICI Bank statement said.
Value-added features
In addition to offering regular savings account benefits, the NRI Pro savings account offers NRI customers value-added features such as priority service, 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 bouquet* which includes air accident coverage of up to Rs 1 crore.
Special privileges
NRI Premia customers will also get to experience special privileges in the form of 24 X 7 concierge programme that gives them access to reservation assistance as well as preferential pricing on dining, travel bookings, golf courses, spas and special events across the world.
With these launches, ICICI Bank now offers three-tiered savings accounts for NRI customers – Regular, Pro and Premia.
“The three-tiered offering has been designed with the objective of catering to the unique needs of different categories of NRI customers based on their life stage. While the regular savings account is the basic product, the NRI Pro and NRI Premia savings accounts have been designed to offer enhanced convenience and experience,” the bank statement said.
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. In this highly regulated and commoditised product space, features like the concierge service, benefits for family members in India and insurance bouquet help us in creating a distinctive experience for the customer.”
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