Call Deposit Accounts
Corporates, individuals, trusts, offshore funds and offshore companies can open call deposit accounts as the formalities are very simple.
There is no requirement of minimum balance, but to earn interest, a minimum balance of USD 2,000 or its equivalent in other currencies is required. Interest is calculated on a daily product basis and credited to the account quarterly.
Accounts can be opened in major currencies such as USD, GBP and EURO. Accounts can be operated by instructions over fax, subject to submission of a suitable indemnity.
Funds in these accounts are available to the account holder at any time without any notice.
Fixed Deposit Accounts
Deposits in major currencies are accepted for a period ranging from one week to a year.
Minimum balance to be maintained in Fixed Deposit Account is USD 5,000 or equivalent in other currencies.
Interest rates are fixed based on the LIBOR and prevailing on the day of deposit/renewal. Deposits are accepted on rollover basis which will be renewed automatically along with accrued interest, with necessary adjustment in the interest rate depending on the changes in the rates in money market on the due date.
Renewal advice is faxed/mailed to the depositors as per their choice.
Transfer of Funds
We have a large network of branches and also correspondent banks around the globe to facilitate transfer of funds anywhere in the world in any currency of customer’s choice. We have excellent and modern infrastructure such as Swift, telex and fax to effect transfer of funds.
Settlement of trade and investment transaction is done to the satisfaction of customers at very reasonable charges.
We offer various credit products to meet short and medium-term financial needs of corporates for genuine business requirements subject to standard risk assessment norms. We also participate in loan Syndications with other banks.
Foreign Exchange Business
We offer trade related services like documentary credits (issue, negotiation, confirmation/advising of L/Cs etc.), collection of bills, pre/post shipment finance, import finance etc. We also undertake other services such as forward contracts, currency swaps, currency trading etc. for our customers.
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