South Indian Bank (SIB) launches a Novel Convenience Banking Product For The Indian Diaspora

Aug. 11, 2008 - PRLog -- With the following carefully thought-out value additions of this pioneering product , banking for NRIs, who maintain an average balance  of Rs 50,000/ only , is made extremely easy and comfortable: -

     >     Free and unlimited Any Branch Banking  (ABB) facilities.
     >Free and unlimited fund transfer to any other bank account in India through
       RTGS and NEFT by debit to NRE accounts.
    >Free and unlimited purchase of Drafts/Payment Orders by debit to NRE accounts.
    >Free International ATM-cum-Debit Card for which annual maintenance charges are not  
      collected.
    >Free withdrawal of cash through other Banks’ ATMs in India.
     >   Free fund transfer facility through Internet Banking.
     >   Free utility payment and e-commerce services for Internet Banking customers.
     >Free SMS facility and no annual maintenance charges.

Customers of this feature-rich Savings Bank account availing Any Branch Banking (ABB) facilities can withdraw cash and deposit cheques for collection at any branch of the bank. Customers can also issue ABB cheques which are payable at par at all branches of the Bank. This product is available from all the 511  branches of the Bank which has established one of the largest CORE banking branch net work in India in the private sector.

Mr.M.K.Abdullah in his inaugural address stated that as a satisfied NRI client of the Bank for more than thirty years he had been observing the enthusiastic performance of SIB in the arena of NRI services .He had no doubt that the new product would be welcomed by the NRIs the world over.

Presiding over the function, Dr.V A Joseph, Chairman and CEO of the Bank, stated, “South Indian Bank, being a customer – oriented Bank is striving hard to render personalized customer service using the latest technological capabilities. The technological capability of the Bank was recognised when the Bank could bag the banking technology excellence award from IDRBT which is the technical arm of RBI.  The service quality of the Bank has also been recognized when the Bank was selected in the ‘Outlook Money – C Fore’ survey as the best private sector Bank in India in the service quality segment.”Dr.V A Joseph also added that Hadi Express Exchange in Dubai for which management support is being provided by South Indian Bank has received licenses to open 3 more branches at Dubai, Abu Dhabi and Rasal Khaima. Hadi Express Exchange is already serving our NRIs in Bur Dubai and Sharjah.

Funds remitted through the branches of Hadi Express Exchange are credited online to the accounts of the customers within 30 minutes for which the beneficiary gets an SMS .“SIB Express”, the online delivery channel of SIB’s NRI services has been applauded by the customers in the Gulf who number more than 1.65 lakh. Dr Joseph also referred to the facility recently started for online booking of offerings, free of bank charges , through South Indian Bank payment gateway-the first bank to go online booking -by the customers of the bank who are devotees of Guruvayur Sreekrishna Temple which is described as the Dwaraka of South India. This facility can be utilized by the NRIs to effect offerings, hassle –free with greater transparency and security at the click of a button ,either for themselves or their aged parents .

“South Indian Bank  had completed on 26.03.07 the project ‘SIBertech’ by introducing a centralised Core Banking Solution in technology partnership with Infosys Technologies when many banks had not even started implementation of  CBS . SIB, which is affectionately called by NRIs as the “Bank for the Pravasis” had started this project in 2001 mainly for the convenience of the NRIs.The new product now launched would confirm this belief”,the Chairman concluded his speech.

Mr.H.Suresh Prabhu ,Executive Director ,Mr.Cheryan Varkey,Chief General Manager,Mr.Alex Mathew,General Manager and Mr.C.J.Jose Mohan ,Dy.General Manager also spoke on the occasion.

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South Indian Bank (SIB) is one of the leading scheduled commercial banks in India with a strong focus on technology and service culture.