South Indian Bank Introduces Innovative Banking Solutions for the NRI Community

19th October 2024, Dubai: South Indian Bank (SIB), one of India’s premier scheduled commercial banks, has announced the launch of its exclusive NRI SAGA (Salary Advantage Global Account), a premium banking product designed specifically for salaried NRIs. This initiative is part of our commitment to empower NRIs with enhanced banking services tailored to their unique needs.

NRI SAGA Accounts are designed exclusively for salaried NRIs through corporate partnerships with South Indian Bank and offer a host of advantages to enhance banking convenience. With zero balance requirements and priority banking services, customers enjoy a seamless experience, ensuring swift and personalized assistance. Additionally, account holders benefit from exclusive perks such as a complimentary debit card with airport lounge access on selected cards and a 25% waiver on processing fees for home and car loans, making it an ideal choice for NRIs seeking hassle-free banking solutions.

In addition to launching NRI SAGA, South Indian Bank also announced the signing of MOUs with exchange houses like Al Badar Exchange, Al Razouki Exchange, Salim Exchange, Al Deniba Exchange, First Exchange Oman, and Horizon Exchange, and a few Money Transfer Operators (MTOs) in the Middle East. (South Indian Bank has tie up with 35+ Exchange Houses across GCC Region to support NRIs to Remit Money to India).  These expanding alliances demonstrate SIB’s strong commitment to serving the NRI segment by facilitating hassle-free cross-border payments. The flagship SIB Mirror+ banking app is one among the few available in 9 different languages and is also equipped with unique safety features like e-Lock and e-Limit. SIB Mirror+ brings in convenience for customers to digitally transfer funds including international remittances, instant PIS account opening for NRIs, make QR code and UPI payments, pay bills to over 100 utilities, invest in Mutual Funds online, avail instant pre-approved loans, renew gold loans and much more. The “Remit Money Abroad” feature on the Bank’s mobile platform allows NRI customers to initiate foreign outward remittances from their mobile phone in more than 100 currencies across the globe. Customers can initiate outward remittance request 24×7 online including holidays in currencies like USD, AED, EUR & GBP.

“We are delighted to launch NRI SAGA, a product that addresses the unique needs of salaried NRIs,” said P R Seshadri, MD & CEO of South Indian Bank. “Combined with our enhanced digital offerings and an expanded global remittance network, this launch reaffirms our commitment to delivering exceptional banking services and support NRIs deserve, no matter where they are in the world,” he added.

South Indian Bank recently unveiled its second quarter financial results for the period ending 30/09/2024, reporting an impressive Net Profit of Rs. 325 Cr. The Bank registered growth in all the desired segments with a focus on quality assets across all verticals Corporate, Housing loan, Auto Loan, Personal Loan, Gold Loan etc.