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Mon 7 Oct 2002 04:00 AM

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ABN Amro targets NRIs

ABN Amro’s NRI Banking Service allows UAE-based Indians to control their UAE and Indian assets and investments from the Emirates.

ABN Amro has introduced a personal banking service for non resident Indians (NRIs) that want to maintain investments in their country of origin. The ABN Amro NRI Banking Service allows a UAE-based Indian to control his current accounts and assets both in the UAE and India from his or her base in the Emirates.Customers of the service can access a broad range of investments in India, including index and managed funds, bonds and real estate. “Global Indians today have diverse banking and investment requirements. Having access to one’s funds anywhere in the world is of paramount importance,” said Romesh Sobti, executive vice president and country representative, ABN AMRO India. “Our portfolio of products and services have been designed to keep our customers in total control of their funds, thus providing a seamless one-stop banking service to all NRIs.”Account holder benefits include an international debit card, 24 hour telephone banking and online banking. Customers can also request e-mail and SMS triggers and have access to 575 ATMs in India and 790,000 globally.Customers need to maintain a minimum balance of US $1000 in their current account in order to get all the services for free. A ‘Premier’ offering, which requires a higher minimum balance in return for additional services, will follow in December.Sobit told ITP.net that India provides an increasingly promising investment environment. Whilst equity prices have suffered from global volatility, bonds have provided returns of up to 10% and real estate values have begun to recover. The Rupee officially remains a non-convertible currency, but Sobit says that an exception has been made for NRIs. Indians in the diaspora are estimated to be worth up to $80 billion, depending on how you define an NRI.ABN Amro has been present in India for eighty years and has branches in major cities like Baroda, Bangalore, Chennai, Hyderabad, Pune, Mumbai, Kolkata, Noida and Delhi.

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