Lender eyes wealth management and remittance services for NRIs
SIB has also established links to meet the insurance and mutual fund requirements of NRI clients.
Inayat-ur-Rahman, Enterprise Editor
South Indian Bank Limited (SIB), a large private sector bank based in Kerala, India, will launch a special wealth management service, depository system, life insurance system, payment and transfer service trade-linked funds and mutual fund products for Non-Resident Indians (NRIs).
Announcing this, Murali Ramakrishnan, CEO of South Indian Bank Ltd, who is in Dubai for an official visit, speaking to Gulf Today, said: “We are currently offering our NRI clients facilities to obtain insurance, home loans and automobiles, and investing in mutual funds and pension plans.
“We are further expanding our suite of services by introducing wealth management services in association with a wealth management company as part of our strategy to become the total solution provider for the financial needs of the NRI community.”
The new deposit scheme – FCNR (Foreign Currency Non Resident) Platinum Deposit Scheme, is a forward forex reservation product available in various currencies. The scheme offers a better return than NRE deposits. The 5-year FCNR Platinum in Japanese yen offers a yield of 7.38% compared to the NRE deposits, which offer an annualized return of 6.67%. SIB deposits from NRIs increased steadily and reached INR 274.41 billion ($3.5 billion; Dhs 12.88 billion) as of March 31, 2022. Remittances from NRIs increased by 33 % YoY to reach INR 198.5 billion ($2.54 billion).
South Indian Bank has 928 branches, 1,148 ATMs and 121 CDM/CRMs across India and a representative office in Dubai, UAE. The bank’s shares are listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Ltd., Mumbai (NSE). SIB has been present in the UAE through its representative office in Dubai and its agents have been operating Hadi Express Exchange, one of the leading money transfer companies in the UAE, since 2006. The exchange facilitates instant transfer to the account SIB from UAE, opens NRE accounts and depository accounts and investment services.
Through links with exchange houses, SIB facilitates remittances for its customers across the Middle East. Apart from Hadi Express Exchange, the bank also has remittance links with all major exchange houses in the UAE, such as Al Ansari Exchange, Lulu International Exchange, Joyalukkas Exchange and Al Fardan Exchange.
“Our existing and new products and services are structured to help our clients get guaranteed better returns for their hard-earned money.
Deposits from NRIs around the world have always been a stronghold of our Bank and we have a good base in the Middle East, particularly in the United Arab Emirates. SIB’s robust digital infrastructure will complement our presence in providing NRIs with efficient remittance services,” said George Joseph, Chief Representative of SIB. The above services including Wealth Management Service to come in association with a Wealth Management Company will be added to SIB’s suite of product offerings for Non-Resident Indians (NRIs), which currently includes deposit products, Portfolio Investment Programs (PIS), National Pensions Scheme (NPS) as well as various loan products like home loan, car loan, etc. SIB has also established links to meet the insurance and mutual fund requirements of NRI clients.