NRI Banking ........................................
Bank of Baroda and YES Bank have considerable NRI banking volume. Details of the facilities offered by the two banks:
Indian banks have been offering NonResident External Rupee Account, or NRE account, and Non-Resident Ordinary Rupee Account, or NRO account, to non-resident Indians. Of these banks. Bank of Baroda commenced its overseas journey way back in 1953. The bank’s wide network of foreign branches, offices and correspondent relations at convenient business locations ensure a smooth and safe banking experience for the NRIs. The bank has a NRI Desk at Baroda Corporate Centre, Bandra-Kurla Complex, Mumbai, functioning in total synergy with Indian as well as overseas branches of the bank. It is a focal point for addressing issues, clarifications etc relating to NRIs. Any NRI / Person of Indian Origin (PIO) can open NRE/FCNR account with the bank and it has a presence across the globe, including the U.S., U.K. UAE and Africa. BoB has been serving in the UAE for 40 years. It has NRI units in the branches to facilitate Indian expats for FDR in India or housing loan.
YES Bank on the other hand offers a combination of NRE and NRO accounts for better flexibility and convenience. The bank’s seafarer account offers to steer a person’s finances in the right direction as he sails from one port to another and it ensures superior services and exclusive privileges.
Bank of Baroda has 113,560 NRI customers as on 31 December 2017. The total number of accounts held by these NRI customers is 7,74,036 as of Q3, 2017-18. NRIs constituted 12.19% to the bank’s total customers, says a spokesman of NRI Services department of the bank.
YES Bank’s objective is to provide a comprehensive and holistic banking solution to NRIs through ‘Global Indian Banking’ (NRI Services) program. The bank’s NRI book constitutes 25% of total retail deposit base. According to the bank, one-third of the total HNI (through YES First program) revenue is generated through NRI customers.
The top 3 Indian cities that account for Bank of Baroda’s NRI accounts are Mumbai, Ernakulam and Anand while the fastest growth in the number of accounts has been at Ahmedabad, Baroda and Mumbai. In terms of number of transactions, branches in Mumbai, Ahmedabad and Baroda stand out.
In the case of YES Bank, branches in Mumbai, Delhi, Gurgaon and Kochi are the top performers.
REMITTANCE VOLUME UP
Bank of Baroda saw a reduction of `138.45 crore in inward remittances in 2017 compared to 2016, but the number of transactions increased by 5,30,020. Total number of deposit accounts as on 31 December 2017 touched 8,13,586 from 7,94,739 a year ago and the amount increased to `53196 crore, registering yoy growth of 4.24%.
YES Bank organizes multiple activities to target NRI customers overseas and in India. A flagship program, NRI Festival is organized to engage with NRIs while they are in India. The bank also conducts multiple digital campaigns, including social media campaigns and location based campaigns, as part of its marketing activities focused on NRIs.
Bank of Baroda’s Baroda Contact Center (India) provides most of the banking services through telephone channel and with the help of technology, thereby improving convenience to the customers. These services are available 24x7 to NRIs from overseas locations.
YES Bank leverages its human capital, technology, speed and financial acumen to be the ‘Banker of First Choice’ for NRI customers. The bank has been a pioneer in several technology initiatives, including blockchain and to enhance facilities provided to its customers. It has a number of digital banking products for NRI customers. For example, YES Mobile, which is a mobile banking application that has more than 85 services that an existing account holder can make use of. All NEFT, IMPS and RTGS transactions done through YES Mobile are free of charges. YES Secure mobile/desktop application helps customers generate OTP on his/ her mobile device instead of receiving it through SMS and IVR/email. Customers can transact without mobile connectivity. For all retail net banking transactions, YES Secure mobile app will generate OTP even if the customer’s mobile is in ‘no network’ zone. Similarly, YES Tag is India’s first transaction chatbot that can be accessed by the bank’s customers on their existing social media apps. All NEFT, IMPS and RTGS transactions done through YES Tag are free of cost and the transactions are limited to `5000.
At a NRI mega meet organized by Bank of Baroda in Bhuj region in Gujarat