Thursday, August 14, 2008

SIB launched S. B. account for NRI a Novel Convenience Banking Product

South Indian bank launched a premium S.B. account for NRI customers of the bank. The S.B. account was launched by Mr.M.K.Abdullah, the earliest NRI customer of the bank and Chairman of the EMKE Group (which employs more than 20000 Indians in 25 countries). At the time of launch the First Diamond Account passbook to Mr.Edwin Tharakan a prominent NRI. The function was presided by Dr.V.A.Joseph, Chairman and CEO of the Bank.

The pioneering product has value added features outlined for NRIs to make it extremely easily and comfortable. The account holder has to maintain an average balance of Rs 50,000/ only. The scheme has following features:

* Free and unlimited Any Branch Banking (ABB) facilities.

* Free and unlimited fund transfer to any other bank account in India through

RTGS and NEFT by debit to NRE accounts.

* Free and unlimited purchase of Drafts/Payment Orders by debit to NRE accounts.

* Free International ATM-cum-Debit Card for which annual maintenance charges are not collected.

* Free withdrawal of cash through other Banks’ ATMs in India.

* Free fund transfer facility through Internet Banking.

* Free utility payment and e-commerce services for Internet Banking customers.

*Free SMS facility and no annual maintenance charges.

The account holders will be able to avail the facility of Banking (ABB) and can withdraw cash and deposit cheques for collection at any branch of the bank. Customers will also be able to issue ABB cheques which are payable at par at all branches of the Bank. The feature-rich Savings Bank account is available at all the 511 branches of the Bank which has set up one of the largest CORE banking branch net work in India in the private sector.

In his launch speech Mr.M.K.Abdullah stated that as a satisfied NRI client of the Bank for more than thirty years he has been satisfied with the services offered by the bank and has been observing the excited performance of SIB in the arena of NRI services .He added the he has no doubts about the popularization and acceptance of the new product by the NRIs the world over.

Presiding over the function, Dr.V A Joseph, Chairman and CEO of the Bank, stated, “South Indian Bank, being a customer – oriented Bank is striving hard to render personalized customer service using the latest technological capabilities. The technological capability of the Bank was recognized when the Bank could bag the banking technology excellence award from IDRBT which is the technical arm of RBI. The service quality of the Bank has also been recognized when the Bank was selected in the ‘Outlook Money – C Fore’ survey as the best private sector Bank in India in the service quality segment.” Dr.V A Joseph informed that Hadi Express Exchange in Dubai to which South Indian bank is providing management support has received licenses to open 3 more branches at Dubai, Abu Dhabi and Rasal Khaima. Through Hadi Express Exchange NRIs in Bur Dubai and Sharjah are already being served.

Funds remittance done through the branches of Hadi Express Exchange is credited online to the accounts of the customers within 30 minutes for which the beneficiary gets an SMS. “SIB Express”, is the online delivery channel of SIB’s NRI services has received high admiration from the customers in the Gulf who number more than 1.65 lakh. Dr Joseph also gave details of the facility recently started for online booking of offerings. The facility is being offered free of bank charges , through South Indian Bank payment gateway-the first bank to go online booking -by the customers of the bank who are devotees of Guruvayur Sreekrishna Temple which is described as the Dwaraka of South India. This facility can also be utilized by the NRIs to give offerings, hassle –free with greater transparency and security at the click of a button ,either for themselves or their aged parents .

“South Indian Bank had completed on 26.03.07 the project ‘SIBertech’ by introducing a centralized Core Banking Solution in technology partnership with Infosys Technologies when many banks had not even started implementation of CBS. SIB, which is affectionately called by NRIs as the “Bank for the Pravasis” had started this project in 2001 mainly for the convenience of the NRIs.The new product now launched would confirm this belief”, the Chairman concluded his speech.

On the occasion Mr.H.Suresh Prabhu ,Executive Director ,Mr.Cheryan Varkey,Chief General Manager,Mr.Alex Mathew, General Manager and Mr.C.J.Jose Mohan , Dy. General Manager were also present and gave the speech..

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