Lender eyes wealth management and remittance services for NRIs

Inayat-ur-Rahman, Business Editor

South Indian Bank Limited (SIB), a major private sector bank headquartered in Kerala, India, will be launching special wealth management service, deposit scheme, life insurance scheme, trade-related payments and remittance service and mutual fund products for Non-resident Indians (NRIs).

Announcing this, Murali Ramakrishnan, CEO, South Indian Bank Ltd, who is in Dubai on an official visit, talking to Gulf Today said, “We are currently providing our NRI customers with facilities to obtain insurance, home and vehicle loans, and invest in mutual funds and pension plans.

“We are further adding to our bouquet of services by introducing wealth management services in association with a wealth management company as part of our strategy to become the complete solution provider for the NRI community’s financial needs.”

The new deposit scheme – FCNR (Foreign Currency Non Resident) Platinum Deposit Scheme, is a forex forward booking product available in various currencies. The scheme provides a better yield than NRE deposits. The 5-year FCNR Platinum in Japanese Yen provides a yield of 7.38% compared to NRE deposits, which provide an annualized yield of 6.67%. SIB’s deposits from NRIs have grown consistently and touched INR 274.41 billion ($3.5 billion; Dhs12.88 billion) as on 31 March, 2022. Remittances from NRIs grew 33% year-on-year to INR198.5 billion ($2.54 billion).

South Indian Bank has 928 branches, 1,148 ATMs and 121 CDMs/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 is present in the UAE through its Rep Office in Dubai and its officers are managing Hadi Express Exhange, one of the major remittances companies in the UAE, since 2006. The Exchange facilitates instant transfer to SIB account from the UAE, open NRE accounts and deposit accounts and investment services.

Through exchange house tie ups, SIB facilitates remittances for its customers across Middle East. Apart from Hadi Express Exchange, bank is also having remittance tie up with all leading exchange houses in UAE like Al Ansari Exchange, Lulu International Exchange, Joyalukkas Exchange and Al Fardan Exchange.

“Our existing and new products and services are structured to help our customers earn better and guaranteed returns for their hard earned money.

Deposits from NRIs all over the world have always been a stronghold of our Bank and we have a good base in the Middle East, especially in the UAE. SIB’s robust digital infrastructure will complement our presence to provide NRIs with effective remittance services,” said George Joseph, Chief Representative Officer, SIB. The above services, including the upcoming wealth management service in association with a wealth management company, will add to SIB’s array of product offerings for Non-resident Indians (NRIs), which currently includes deposit products, Portfolio Investment Schemes (PIS), National Pension Scheme (NPS) and also various loan products like housing loan, vehicle loan, etc. SIB has also established tie-ups for fulfilling the NRI customers’ insurance and mutual fund requirements.