Wed, 09 August 2023
Bilateral relations between the Kingdom of Bahrain and India were established over 50 years ago. Today, over 350,000 Indian nationals reside in Bahrain - their home away from home. We learned about the innovative products and services that ICICI Bank Limited, Bahrain offers to these Non-Resident Indians (NRIs).
ICICI Bank Limited launched retail and commercial banking activities in the Kingdom of Bahrain in 2007, three years after setting up an offshore banking unit in the Kingdom. Ever since, the Bank has been catering to various banking and financial needs of the NRIs living in the island country. The Bank has been providing improved convenience to its customers by continuous upgradation and introduction of new products and services, as well as expansion of its physical network. It has a branch in Manama and two service centres in Juffair and Dana Mall. The service centres provide services for all products offered by the Manama branch, except cash deposit and withdrawal.
ICICI Bank Limited Country Head – Bahrain, Raghavendra Shenoy, believes that the Bank has gained the trust and confidence from the NRI community by providing customised products and services. “As the Bank continues to expand its operations, it recognises the importance of catering to the unique requirements of NRIs,” says Mr. Shenoy.
The Bank’s dedication to serve NRIs is further exemplified by offering products and services which they can use in both India and Bahrain. “These offerings facilitate easy management of funds and enable NRIs to conveniently invest or save in India. We offer a suite of products and services for retail and private banking customers including savings and current accounts, fixed deposits, global money transfer or remittances, and investment in instruments like bonds and mutual funds for private banking customers” he states.
“One of the most popular offerings is the ‘Loan Against Deposit’ facility which enables NRIs to avail loans against their deposits. This convenient facility allows customers to meet their financial needs without liquidating deposits,” he adds.
NRIs can also take advantage of ICICI Bank’s home loan for properties in India – a unique offering which allows them to invest in property in India while living in the Kingdom. Similarly, they can make use of the 3-in-1 trading account in India. The Bank also offers a range of trade and transaction banking services to corporate clients.
Notably, ICICI Bank recently expanded its reach in the Kingdom through the opening of a service centre at Dana Mall, Sanabis which is easily accessible for residents in the Central, Northern and Southern provinces. “This expansion enhances the Bank’s presence in the country. It also enables us to provide a seamless banking experience to customers in the vicinity,” he says.
“Through its NRI products and ‘Loan Against Deposit’ offerings, the Bank has catered to the specific needs of the Indian community in Bahrain, making banking more accessible and convenient. As the Bank continues to innovate and redefine the banking landscape in Bahrain, it is poised to strengthen the economic ties and promote bilateral trade between these two thriving nations,” he concludes.