Newly launched products – Loan Against Deposit (LAD) and Dollar Bonds
MUMBAI: ICICI Bank today announced the introduction of two new products – Loan Against Deposit (LAD) and Dollar Bond – for NRI customers at its branch in Gift City, Gujarat’s growing international financial and IT services hub. ICICI Bank is the first bank to introduce this product in Gift City.
Regarding this, Mr. Shriram H Iyer, Head, International Banking Group, ICICI Bank said, “We at ICICI Bank continue to offer various solutions to meet customer needs.
In line with this philosophy we have offered dollar bonds and loans against deposits to our NRI customers through our branch in Gift City. Foreign currency bonds are one of the preferred investment options among NRI customers. We want to provide easy digital banking options to our customers,
Which will lead to smooth sailing and best experience. We are excited about our next operations as we grow our operations, we will continue to create value for our customers in all areas with regulatory provisions.”
Key features of both these offers are:
· Loan Against Deposit (LAD): LAD is like foreign currency loan against deposits (including Rs. NRE FD) in India. Customers can avail LAD for their short-term cash requirements by closing their term deposits before maturity without paying penalty for breaking the deposit. They can avail up to 95%* on the value of their deposit. Customers can avail flexible tenure with fixed or floating interest rates with easy documentation process.
· Dollar Bonds: This is an investment option for NRIs, wherein they can book dollar bonds through ICICI Bank in Gift City. The Bank offers over 50 top issuers/companies for these bonds.
Besides, Gift City has various other major offers for NRI customers:
· Global Current Account: This is a non-interest bearing account, which does not require a minimum balance. It helps NRIs to deposit money in foreign currencies like US Dollar, Euro, Great Britain Pound (GBP) in India.
· Global Savings Account: NRIs can earn interest by depositing money in this savings account for short periods.
· Term Deposits: These are similar to Foreign Currency Non Resident (FCNR) deposits with a minimum lock-in period of seven days as compared to one year for FCNR in India. Customers can deposit in foreign currencies like US Dollar, Euro, Great Britain Pound (GBP).
Also, the ICICI Bank branch in Gift City offers various banking solutions to corporates, including corporate finance including transaction banking, current accounts, foreign currency deposits, trade finance (for importers and exporters), external borrowing and foreign currency term loans.
To know more about availing the products and services offered by ICICI Bank’s Gift City branch, contact the Relationship Manager (RM) or www.giftcity.icicibank.comVisit the