National Bank of Dubai teams up with India's HDFC Bank to offer non-resident Indian (NRI) services

National Bank of Dubai today announced its partnership with HDFC Bank, one of India's premier banks to help conduct their banking transactions in UAE and in India, in a seamless and cost-efficient manner.

Under the umbrella brand of NBD-HDFC Bank NRI Services, the partnership will offer a series of banking products and services such as joint account facilities, remittances, wealth management solutions, preferential pricing on home loans in India and others.

As part of the joint proposition, NRI customers will be able to sign up for the NBD-HDFC Bank NRI Value Account, featuring an NBD Value Account in the UAE and an HDFC Bank NRE / NRO Account in India.

The accounts will offer a host of benefits and features in the UAE such as interest, insurance, a free credit card, roadside assistance, medical access and value offers. Additionally, customers will get international gold debit cards at a preferential fee, payable at par chequing, investment advisory services, online mutual funds purchase and discounted safe deposit lockers, in India. Customers would be able to apply for opening both accounts at the same time by either visiting specified NBD branches or requesting a bank staff to visit them at home or office when convenient

Additionally, customers will be entitled to carry out cash withdrawals and enquiries on ATMs of NBD and HDFC Bank free of charge on accounts held in UAE and India. This will be a key benefit to NRI equity funds held in any account, whether in the UAE or in India, will be freely accessible at no extra cost to the customers. HDFC Bank has 1323 ATMs in 228 cities in India while NBD has over 150 ATMs in the UAE.

The arrangement will also offer customers the convenience of free telex transfers for remitting funds, from the customer's NBD Value account held with NBD to his or her account with HDFC Bank in India. Customers will be able to log on to NBD Online or walk into any NBD branch to request for a telex transfer.

In addition to the above, NRI customers will also be able to avail comprehensive wealth management solutions including investment products and insurance, with advisory services to help them choose the right NRI investment strategy to suit their personal financial profiles and needs. They will also be able to avail preferential pricing and home loan services for purchase of a dream house back home in India, apart from a variety of other banking products such as credit cards, personal loans, and auto loans, both in the UAE and India.

'An integral part of NBD's strategy is to provide value added products, seamless convenience and superior service to our customers,' stated Douglas Dowie, CEO, National Bank of Dubai. 'Our partnership with a leading institution like HDFC Bank will enable us to offer Indians in the UAE, one bank for both their worlds.' 'Through this alliance with NBD, we are looking to jointly provide Indian customers in the UAE the convenience of one - stop financial services,' said Aditya Puri, Managing Director, HDFC Bank. 'With growing interest in investment opportunities in India, we believe NRIs in the UAE will benefit from the hassle-free and cost effective platform that this partnership provides.'

//Source:http://www.ameinfo.com/