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ICICI Bank Launches New Products for NRIs

Published on November 22, 2022
Current Context: ICICI Bank Limited launched two new products for Non-Resident Indians (NRIs) at its branch in GIFT city.
ICICI Bank Launches New Products for NRIs
  • ICICI Bank became the first bank to launch products for NRIs in the Gujarat International Financial Tech (GIFT) City.
  • The two newly launched products are Loan Against Deposits and Dollar Bonds.
  • Loan Against Deposits:
  1. It includes Non-Resident External (NRE) Fixed Deposit (FD) in Rupees.
  2. Customers can avail of flexible tenures with fixed or floating interest rates.
  3. Customers will get up to 95% of the deposit value.
  • Dollar Bonds:
  1. It is another investment option that can be availed by the NRIs, where they can book dollar bonds through ICICI Bank in GIFT City.
  2. The bank will offer over 50 marquee companies and issuers for such securities.
  • ICICI Bank was established in 1994 with its headquarters in Mumbai. The current CEO of the bank is Sandeep Bakhshi.

Question:

Q.1 Which of the following became the first bank to launch products for NRIs in the Gujarat International Financial Tech (GIFT) City?
a. SBI
b. PNB
c. HDFC
d. ICICI
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