Barclays Launches Non-Resident Indian Banking
Barclays further expands its commitment to the Indian market with the launch of a suite of specially designed products for Non-Resident Indian (NRI) customers, for the first time available directly from a bank’s branch network.
From today, NRI customers will be able to visit one of over 50 Barclays branches in and around London and access, among other products, two types of Savings bank accounts:
· Non-Resident External (NRE) Savings Account, enabling customers to conveniently manage all their basic Rupee transactions in India using their overseas earnings in any foreign currency;
· Non-Resident Ordinary (NRO) Savings Account, enabling them to manage their Rupee income in India.
Both accounts come with a mandate facility to allow designated individuals in India to manage the account jointly with the holder, free ATM cards for both the account and the mandate holder, free cheque books and free pay orders from India. The interest on both saving accounts is 3.50% and is paid half-yearly.
Also launching today and available to NRI customers are:
· NRE Term Deposit and NRO Term Deposit accounts, enabling customers to convert currency savings from as low as 50,000 Indian Rupees and place them into Term Deposits for attractive returns of up to 5.45%, with no penalties for premature withdrawal.
Finally, NRI customers will be able to access:
· Foreign Currency Non-Resident (FCNR) Term Deposit accounts, earning their foreign currency savings of British Pounds, US Dollars or Euros returns from 3.78% up to 5.57% in India, without needing to convert them into Rupees.
Barclays is planning to extend NRI Banking services to more than 70 branches in large cities across the UK from early August. In the meantime, customers can find out more by calling the 24-hour NRI Contact Centre on 0800 376 2355 from the UK or 1800 233 7878 from India.
Arvinder Bharath, Global Head of NRI Banking, says: “Barclays is helping its Indian customers to put their money where their heart is. There are over one million non-resident Indians in the UK. Many with friends and family back in India want to share their earnings with them and continue to provide financial support. Thanks to our extensive branch network capability and our international expertise, we are able to provide services that meet the needs of NRIs for effective, convenient and cost-effective banking”.
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