Kerala-headquartered Federal Bank launched an exclusive NR savings account scheme for the seafarer segment. This exclusive scheme is for mariners and they can execute banking transactions irrespective of the geo-coordinates and time zone differences.
The scheme is available in both NRE SB and NRO SB variants.
The facilities offered in the scheme are preferential exchange rate for monthly inward remittances, premium debit card with domestic airport lounge access, linked zero balance NRO account and financial planning and customised wealth management products and services.
Shalini Warrier, Executive Director of the Bank, said, “This unique product, designed to cater for the needs of our seafarers, is one more step in that direction. The unique features and benefits will surely be an attractive proposition for customers who are part of the growing maritime industry."
Warrier added the market share of Federal Bank is over 6.6 per cent in Non Resident customer segment, along with a market share in excess of 17 per cent in personal inward remittances to India.