Money & Banking

SIB launches gift scheme for NRI customers

Our Bureau Kozhikode | Updated on February 25, 2011


South Indian Bank (SIB) has introduced a gift scheme for its NRI customers as part of its ‘Pravasi Utsav 2010-11' celebration.

Under the scheme, the NRI customers, who put in Rs 1 lakh and above as a single remittance in their account (NRE savings bank, NRE time deposit, NRO savings bank, NRO time deposit and FCNA-B) or transfer from other banks, will be eligible to get a gift. The funds have to be retained in a single account for at least 30 days.

The scheme will be available only till March 31, 2011, when the ‘Pravasi Utsav' will come to an end.

According to Dr V.A. Joseph, Managing Director and Chief Executive Officer of the bank, during the ‘Pravasi Utsav', the bank is giving an NRO interest rate of 9.25 per cent and 10 per cent, respectively, to the general public and the senior citizens for deposits of one year to two years.

The bank has also introduced fund transfer facility for the customers to any other bank account in India through their internet account with SIB. The internet banking facility, ‘SIBerNet', would help the customers shop online, book travel tickets and make utility bill payments, among other things, Dr Joseph said.

The bank has tied up with VISA International for launching shopping-cum-debit cards for higher cash withdrawals for NRI customers and also extending daily purchase limit of Rs 2 lakh through point of sales all over the world.

The bank has also recently launched online remittance facility, SIB Eazy Remit, for Indians in the US in association with Bank of New York, which will help them send remittances to India from their offices or homes.

Published on February 25, 2011

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