ICICI Bank starts offering dollar bonds and loans against deposits to NRIs, in GIFT City

22 Nov 2022 , 10:06 AM

At its GIFT City office in Gujarat, the private sector lender ICICI Bank has introduced two new products for non-resident Indians: loans against deposits and dollar bonds. According to an announcement from the institution, the bank is the first to provide these products in GIFT City.

According to ICICI Bank, the loan against deposits facility comprises non-resident external fixed deposits in rupees and functions similarly to a loan in foreign currency against a deposit in India. Customers can use the service for their short-term cash needs without incurring penalties for prematurely closing term deposits.

Customers can use this loan to borrow up to 95% of the deposit value for flexible terms with fixed or adjustable interest rates. According to the firm, ICICI Bank is offering more than 50 prestigious issuers and companies for dollar bonds.

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