The loan against deposits facility is similar to a loan in foreign currency against a deposit in India and includes non-resident external fixed deposits in rupees, ICICI Bank said
Private sector lender ICICI Bank has launched two new products – loan against deposits and dollar bonds – for non-resident Indians at its GIFT City branch in Gujarat. The bank is the first to offer these products in GIFT City, according to a release.
The loan against deposits facility is similar to a loan in foreign currency against a deposit in India and includes non-resident external fixed deposits in rupees, ICICI Bank said. Clients may avail of the facility for short-term cash requirements without premature closure of term deposits which entails penalties.
For dollar bonds, ICICI Bank is offering over 50 marquee issuers and companies for such securities, the bank said
Up to 95 per cent of the deposit value can be availed of using this loan and customers can borrow for flexible tenures at fixed or floating interest rates.
For dollar bonds, ICICI Bank is offering over 50 marquee issuers and companies for such securities, the bank said.
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