NEWSLINKS
INDIA & THE WTO
NEW GOVERNMENT
COMMENTARY
INTERVIEWS
SPECIALS
CHAT
ARCHIVES
SEARCH REDIFF

ICICI Bank enhaces Web services for NRIs

Our Special Correspondent in Bombay

ICICI Bank has launched Internet-based services for the benefit of Non Resident Indians.

According to Mohan N Shenoi, senior vice-president, retail banking, Indian bank customers abroad no longer need to worry about the status of the money sent for their kith and kin in India, and would be able to get online information on how to transfer money electronically to India.

"Ours is India's first NRI-oriented online banking service. NRIs can safely send money to India online and keep track of its status. We are also offering a free advisory service called Sawal Jawab (Question-Answer)." Queries relating to investment opportunities in India and Indian tax laws will be entertained.

ICICI's earlier offering -- Infinity banking -- was accepted by some 15,000 customers, most of them settled in the United States, Middle East and Europe. This, apparently, encouraged ICICI Bank to step up its Internet-based services.

Shenoi said an NRI could open an account with the bank by simply logging on to www.icicibank.com and then clicking on 'NRI Services' . Once the information sought is submitted, the customer would be given a password in 72 hours. A new account can be opened with zero balance.

Neeraj Bhai, senior vice-president, information and technology, said, "Security is of high level and the user will have two passwords which will be changed every six months."

Also on the platter is the 'millennium offer' of high interest rates on NRI deposits (rupee as well as FCNR) for all maturity periods.

Business