With a strong NRI client base across the globe, Citibank India has announced the launch of an exclusive bank account facility including forex forward product for the expatriates employed in India. Thus, a novel concept to customise a comprehensive banking and solutions package tailored to expatriate needs has been introduced in the Indian banking sector for the first time.
About 100,000 expatriates reside in India currently and over 25,000 expatriates come into India each year. The average annual salary of expatriates in India is Rs 20 lakh and about 80-90% of their income is spent in India towards family maintenance, investments, and lifestyle expenses. The outbound remittances of expatriates are thus observed to be minimal.
PS Jayakumar, country business manager, global consumer group, Citibank India said, ?The regulation allows expatriate accounts to get activated only after the expatriates enter the country. Currently, we service 3,000 expatriates in India and expect to get at least 25,000 more accounts within this fiscal.?
TR Ramachandran, retail banking head, global consumer group, Citibank India said, ?To get protection against forex volatility, we have introduced a forex forward product for expatriates. Also, we have tied up with mutual funds like DSP Merill Lynch and Franklin Templeton to advice expatriates on investment strategies.?
