| Lloyds and ICICI permit free money transfers for British Indians |
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Indians living in Britain will benefit with a new scheme launched this week. Lloyds TSB along with ICICI bank has introduced fee-free money transfer services for the powerful 1million Indian population living here. What’s more, Indians can also arrange a rupee mortgage easily here if they have to buy property in India.
The first-ever of its kind, this facility is being offered by a high-street bank to assist Indian customers in controlling and dealing with their property purchases and finances effectively under one roof. Director of Lloyds TSB Community Financial Services, Gordon Rankin said “More than one million Indians now live and work in the UK and this number is on the rise. But the community’s links with India remain strong and many British Indians have businesses, properties and families.” He added that such specific services were devised to cater to the financial needs of the varied societies residing in Britain.
Besides giving access to customers to ICICI Bank’s network of 560 branches in India, Lloyds’ association with ICICI bank will also benefit Indian customers making money transfers between the two countries, by way of preferential exchange rates. However, this service does not stand valid for residents who were not of Indian descent. It is, therefore, necessary that customers have ample evidence of their Indian descent to be eligible for opening an account as per Indian banking regulations, Lloyds notified.
To avail this facility, Indians will be required to open a Lloyds TSB current account in any of its branches. After the opening of an account with Lloyds, simultaneously an account will be opened with ICICI bank. Thereby, Indian customers will be able to make free money transfers back home between these accounts. Additionally, the ICICI home loan service for Indians will allow them to go in for a rupee mortgage in order to make property investments in India, both for themselves or as a buy-to-let investment.
Appreciating the move, Sonjoy Chatterjee, managing director and CEO of ICICI Bank UK Ltd. Said, “The India banking service is a real landmark for the Indian community in Britain and for financial services in general.”
Posted
on : Wed, 20 Apr 2005 00:00 GMT | Banking News
By : Chris Rowe
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