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Fincare SFB launches NRI Banking Services in Ahmedabad, services available pan India

By siliconindia   |   Tuesday, December 11, 2018
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fincareFincareSmall Finance Bank launched its NRI Banking services today, on the sidelines of the inauguration of its 4th outlet in Ahmedabad at Prahalad Nagar. The choice of Ahmedabad is significant, considering that the Gujarati community contributes to nearly 33% of the Indian diaspora, making Gujarat home to one of the largest NRI bases in the country. The offerings are available pan India.

With a tagline, ‘Feel at home, a thousand miles away’, Fincare SFB’s NR product allows NRI customers to deposit their overseas earnings in India.  The account can be opened either by visiting the branch or by bank officials visiting the customer at their convenience, during their visit home to India.

NR Product Features:

1. 9% interest p.a. on NR Fixed Deposits - one of the highest interest rates offered among banks in this segment

2. Flexibility on interest payments options such as reinvestment FDs and periodic interest payout

3. No hassle of maintaining multiple accounts – this allows NRs to open Fixed Deposits without the hassle of opening a savings account and credit the maturity proceeds to any bank account of choice

4. The bank will be introducing the complete basket of NRI products over the next few months. 

In a press statement, Mr. Rajeev Yadav, MD & CEO, Fincare SFB said, “With continuous effort on growth and diversification, the launch of NR product is a step towards offering a vast array of products to our customers. Given the bank’s deep presence in some of the key NRI markets such as Gujarat, and as Gujarat’s homegrown bank, we are seeing an encouraging demand for the newly launched products, especially in this NR homecoming season. We welcome NRs to come and experience Fincare SFB’s NR banking services.”

Fincare Small Finance Bank, poised for a sustained growth with improved fundamentals, has registered an Rs. 42.3 crore profit after tax (PAT) in H1 FY19. The bank’s gross loans portfolio grew at 99 percent during the year, to close at Rs. 2,899 crore, as on September 30, 2018. The bank has also garnered deposits worth Rs. 1,455 crore as on September 30, 2018, a growth of 383 percent y-o-y, with retail deposits comprising 34 percent of the total deposits.

The bank has a network of over 500 banking outlets catering to over 13 lakh customers across 10 states and 1 Union Territory.

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