ICICI Bank launches dollar bond, deposit-linked loan for NRIs at GIFT City

Lender claims to be the first to offer these products in GIFT City

Private sector lender ICICI Bank has launched two new products – loan against deposits and dollar bonds – for non-resident Indians at its GIFT City branch in Gujarat.

The bank is the first to offer these products in GIFT City, the lender said in a release.

The loan against deposits facility is similar to a loan in foreign currency against a deposit in India and includes non-resident external fixed deposits in rupees, ICICI Bank said. Clients may avail of the facility for short-term cash requirements without premature closure of term deposits which entails penalties.

Up to 95 per cent of the deposit value can be availed of using this loan and customers can borrow for flexible tenures at fixed or floating interest rates.

For dollar bonds, ICICI Bank is offering over 50 marquee issuers and companies for such securities, the bank said.