Standard Chartered Bank launches NRI Swagat Account for Punjab

Nov. 17, 2006 – Chandigarh, Chandigarh, India, Tuesday, November 14, 2006 :: Standard Chartered Bank, India’s largest international bank, has launched its NRI Swagat account, a first – of – its – kind customer proposition which addresses the specific banking requirements of NRIs with their roots in Punjab and Kerala. The Standard Chartered Bank NRI Swagat account comes in 2 variants – one version is targeted to NRI’s / PIO’s (Persons of Indian Origin) with their origins in Kerela and the other for NRI’s with their roots in Punjab. This product has the regular features of a Non Resident External savings account. Both principal and interest can be remitted overseas without any limitations and no tax deduction at source (TDS). But additionally, this regional account brings a host of attractive features. On availing this account customers are offered Free Investment Advisory services on the widest range of investment products and are also facilitated in investing in Life Insurance products depending on their needs. They can also interact with Relationship Managers who speak the local language [i.e. Malayalam / Punjabi depending on account variant availed by the customer]. The NRI Swagat account also allows unlimited free cash withdrawals from the account through VISA ATMs across the globe. The customers also get free inward remittances and free demand drafts / Pay orders on this account. The account also allows access to the money in the account to the family members in India by offering ATM card to the Mandate Holder. Furthermore customers can avail 2 free linked resident savings accounts with no minimum balance requirement for his near and dear ones. Rahul Johri, Business Manager – Global NRI Services, Standard Chartered Bank says, ” We would like to distinguish our NRI proposition by creating customized and innovative offerings coupled with world class service. The NRI Swagat Account, a key initiative for our NRI business, brings together these elements of innovation and service”. Standard Chartered Bank is India’s largest international bank with 81 branches in 31 cities, having a combined customer base of 2.1 million in retail banking and over 1,000 top corporate relationships. In Punjab region it has four branches in Chandigarh, Amritsar, Jalandhar and Ludhiana. Key businesses include Consumer Banking – primarily credit cards, mortgages, personal loans and wealth management – and – Wholesale Banking, where the Bank specializes in the provision of cash management, trade, finance, treasury and custody services.

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