Federal Bank Strengthens NRI Banking Proposition – Unveils Prospera, a New NRE Savings Account Variant

Mumbai, Maharashtra, India & Dubai, United Arab Emirates – Business Wire India Federal Bank, one of India's leading private sector banks, unveiled a new NR Savings account variant – Prospera. The Prospera NRE Savings Account offers an impressive suite of benefits designed for the emerging affluent NRI segment which includes Complimentary Insurance Benefits up to Rs. 60 Lakh, complimentary airport lounge access, special rewards for debit card spends and other banking benefits. As an introductory offer, the Bank is providing discount of up to 24% on flight and hotel bookings on select travel platforms using Prospera Debit Card.

The launch happened in Dubai, marking Managing Director & CEO, Mr. KVS Manian's maiden international media interaction since assuming office in September. During the event, Mr. Manian highlighted the deep-rooted connect that the Bank has with the NRI population.

"For over seven decades, Federal Bank has been a trusted partner for Non-Resident Indians across the globe, facilitating their financial aspirations and connections with home," said Mr. KVS Manian. "Today, we handle approximately one-fifth of India's personal inward remittances, symbolizing the immense trust that the Indian diaspora and our remittance partners place in us. We recognize that today's NRI customers seek more than just basic banking and want to enjoy a comprehensive financial experience that matches their aspirations and lifestyle. We are committed to continuously evolving and enhancing our products and services to meet the changing environment and the needs of our customers." Mr. Manian was accompanied by senior officials, Joy P V, Executive Vice President and Country Head – Deposits, Wealth and Banca; Eqbal Manoj, Executive Vice President and Head – Branch Banking, Aravind Karthikeyan, Chief Representative Officer (Abu Dhabi) and Sherin Kuriakose, Chief Representative Officer (Dubai).

"Our new offerings reflect our understanding of the evolving needs of the Indian diaspora and our commitment to serving them better," added Joy P V. During the visit, Eqbal Manoj, introduced a new feature in the Bank’s Mobile Banking Platform for NRI customers, through which they can open Portfolio Investment Scheme (PIS) account and invest in Indian stock market.

The Bank also highlighted its achievements in the NRI banking space, such as market leadership in remittance services, digital innovation in cross-border banking, a strong presence across key NRI markets, a robust remittance partnership network in the UAE, and consistent growth in NRI deposits.

About Federal Bank Federal Bank (NSE: FEDERALBNK) is a leading Indian private sector bank with a network of around 1550 banking outlets and 2054 ATMs/Recyclers spread across the country and the Bank’s total business mix (deposits + advances) stood at Rs. 4.96 Lakh Crore as on 31st December 2024. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 15.20 % as on 31st December 2024. Federal Bank has Representative Offices in Dubai and Abu Dhabi that serve as a nerve center for Non-Resident Indian customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.

To View the Image, Click on the Link Below: Launch of Federal Bank's Prospera by KVS Manian, MD & CEO and Joy P V, EVP & Country Head - Deposits, Wealth & Banca at Burj Khalifa (Disclaimer: The above press release comes to you under an arrangement with Business Wire India and PTI takes no editorial responsibility for the same.). PTI PWR PWR

Source: PTI