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South India Bank launches product for NRIs
Tuesday, August 12, 2008

There is good news for the NRI customers of South India Bank as it has launched a new product for its Non-Resident Indian customers who maintain higher average balance in their savings accounts. M K Abdullah, chairman of the Dubai-based EMKE Group that employs more than 20,000 Indians in 25 countries, issued the first Diamond Account passbook to prominent NRI accountholder Edwin Tharakan in Thrissur yesterday.
According to V.A Joseph, chairman and CEO of the bank, the account offers multi-city and tech-savvy features adding to customer convenience." With the carefully thought-out value additions, banking for NRIs, who maintain an average balance of Rs50, 000, is made extremely easy and comfortable," he said.

The services include unlimited online fund transfer to any other bank account in India, unlimited purchase of drafts and payment orders, maintenance of international ATM-cum-debit card, withdrawal of cash through other banks' ATMs in India, utility payment and e-commerce services and SMS facility - all at no cost. The accountholders using 'Any Branch Banking (ABB)' facilities can withdraw cash and deposit cheques for collection at any branch of the bank. Customers can also issue ABB cheques which are payable at par at all branches.

"This product is available from all the 511 branches of the bank," Joseph said. The bank had earlier bagged the Banking Technology Excellence Award from the Reserve Bank of India's Institute for Development and Research in Banking Technology.

 

 

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