Federal Bank, one of India’s leading private sector banks, reinforced its commitment to Non-Resident Indians (NRIs) in the Middle East during a press conference held in Dubai. This marked the first international media interaction of Managing Director & CEO, Mr. KVS Manian, since he assumed office in September 2024.During the event, Mr. Manian highlighted Federal Bank’s strong relationship with the NRI community and its longstanding presence in the UAE through its representative offices for the past 17 years. As part of its ongoing commitment to enhancing NRI banking services, the Bank launched a new NR Savings Account variant – Prospera.
Prospera: Premium Banking for Affluent NRIs
The newly introduced Prospera NRE Savings Account is designed to cater to the evolving financial needs of the emerging affluent NRI segment. It offers a range of exclusive benefits, including:
• Complimentary Insurance Coverage of up to ₹60 Lakh
• Airport Lounge Access for a premium travel experience
• Special Rewards on debit card spending
• Enhanced Banking Privileges tailored for high-value customers
“For over seven decades, Federal Bank has been a trusted partner for NRIs across the globe, enabling their financial aspirations and strengthening their connection with India,” said Mr. KVS Manian. “We currently handle nearly one-fifth of India’s inward remittances, underscoring the immense trust placed in us by the Indian diaspora. Recognizing that NRIs seek a comprehensive financial experience beyond traditional banking, we are committed to evolving our offerings to meet their aspirations.”
Accompanying Mr. Manian at the event were senior officials, including Joy P V, Executive Vice President & Country Head – Deposits, Wealth, and Banca; Eqbal Manoj, Executive Vice President & Head – Branch Banking; Aravind Karthikeyan, Chief Representative Officer (Abu Dhabi); and Sherin Kuriakose, Chief Representative Officer (Dubai).
Digital Innovation: Introducing PIS Account Opening via Mobile Banking
As part of its digital banking advancements, Federal Bank also introduced a new feature in its Mobile Banking platform that allows NRI customers to open a Portfolio Investment Scheme (PIS) account and invest in the Indian stock market seamlessly.
“The Middle East, particularly the UAE, remains a crucial market for Federal Bank, with a significant share of our NRI business originating from this region,” said Joy P V. “Our new digital and financial offerings reflect our commitment to adapting to the changing needs of the Indian diaspora and providing them with world-class banking solutions.”
Federal Bank’s Market Leadership in NRI Banking
During the event, Federal Bank emphasized its strong position in NRI banking, highlighting key achievements such as:
• Market leadership in remittance services, handling a major share of inward remittances to India
• Robust digital innovations for seamless cross-border banking
• A strong network of remittance partners in the UAE
• Consistent growth in NRI deposits and wealth management services
With these advancements, Federal Bank continues to reinforce its leadership in the NRI banking space, ensuring that its customers enjoy world-class banking services that align with their aspirations and lifestyles.
