15th December 2021: Federal Bank launched an array of product offerings for individuals including NRIs at their Gujarat International Finance Tec-City (GIFT City), Gujarat, India’s first international financial center where they have an overseas status branch.
Retail Overseas Foreign Currency Loans, Current Accounts, Savings Accounts and Term Deposit products are now available for Retail customers.
Various product offerings include short-term Foreign Currency Deposits for periods less than 1 year, overseas loans to individuals, structured products, etc. Retail products will be offered in addition to the existing line of Trade finance, Corporate loan, and Treasury products from the GIFT City branch
This is in line with the recent regulatory changes brought in by International Financial Services Centres Authority (IFSCA) in GIFT City to increase retail participation. These retail products are in addition to the existing line of Trade finance, Corporate loan, and Treasury products from the GIFT City branch.
The various product offerings include short-term Foreign Currency Deposits for a period less than 1-year, overseas loans to individuals, structured products, etc. which is not offered from the domestic jurisdiction. These products will help NRIs and Residents to tap the avenues in line with products and services rendered by other global international financial centers like DIFC Dubai, Singapore, London, etc.
During the occasion, Ashutosh Khajuria, Executive Director said “Federal being one of the first entrants to GIFT City has been serving Corporate customers since its inception. With the recent changes, a window is opened for retail clients, offering an opportunity for our NRI clients, to look at some of the offerings like foreign currency deposits, which enables them to earn interest on short-term deposits of less than one year that are not available on FCNR deposits at domestic branches, and many more such benefits.”
The launch event was followed by a webinar for the customers on ‘Wealth Management – Opportunities and challenges in Offshore Financial Centres’ by Ms. Sunita Singh Dalal, Of Counsel- Stephenson Harwood LLP, UAE, and Mr. Ankur Maheshwari, CEO- equirus wealth.
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