The CEO of Kerala-based South Indian Bank Limited (SIB) said in Dubai that the bank would soon introduce unique services for Indian nationals who do not reside in the Gulf.
The bank will partner with a wealth management business to offer wealth management services, according to Murali Ramakrishnan, who is also the managing director of the private sector lender. This will allow the bank to extend its menu of services and introduce new customer-centric accounts.
“We already offer our NRI customers the ability to purchase insurance, borrow money for a home or a car, and participate in mutual funds and pension plans. We are optimistic that we will be able to give the NRIs a comprehensive solution with the inclusion of the services,” said Murali.
Since 2018, SIB’s representative office has been operating in Bur Dubai Bank Street. According to Ramakrishnan, who was in the Gulf on business, NRI clients can contact this office for all information regarding NRE banking services and investment prospects in India.
The FCNR (foreign currency non-resident) Platinum Deposit Scheme, a forex forward-booking product accessible in several currencies, is one of SIB’s new products. The plan offers more yield than NRE deposits. According to Ramakrishnan, compared to NRE deposits, which now provide an annualized rate of 6.67 %, the five-year FCNR Platinum in Japanese yen offers a yield of 7.38 %.
Declaring that the bank’s worst is behind it, the CEO claimed that while setting a double-digit growth objective for its loan books, he is attempting to limit new slippages to Rs16–17 billion this fiscal, compared with Rs20 billion in FY22.