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Different types of NRI services offered by Federal bank

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The federal bank has a steady stream of new services for NRI customers to facilitate a better banking experience.

  1. Fed Oriental Pravasi Insurance

It is a medical insurance offered by the Oriental Insurance Company. It covers all hospitalization expenses of NRI customers by giving them cashless treatment. The premium amount per annum is only Rs.260. The policy is valid only one year. You can renew your policy through Fednet. Only the NRI account holder is eligible for open this policy. They provide Rs.10,00,000 if the policy holder’s death due to accident or happens any permanent disability by the accident. No health care check-up’s needed for open a policy. They will bear the medical treatment up to Rs.75,000 for the diseases that affect their employment. You will also get maternity benefit of Rs.25,000. You can easily open policy through Fednet.

  1. Pay LIC premium

The federal bank provides the easiest way to make payments of LIC premium. This service is available for all Fednet customers who have LIC policies. This is applicable for only those who had select LIC branches across India. If you want to activate this facility first you need to have a Fednet registration and a valid LIC policy. The registration request will be transferred to the LIC office for validation. It will take 30 days of time. The registration status will get on your registered e-mail id. After that, you will the notifications about the payment. Then you can pay the amount at any time. The payment will be transferred to the LIC of India, Mumbai. They will send the receipt of your payment via e-mail. Sometimes it will take some more time to process the receipt.

  1. Fed Alerts

Federal bank enables alerts about your banking activities. You just need to register your mobile number on it. After that, you will get regular updates in 24*7. This service is available for everyone those who activated this facility. This registration can be registered at the account opening time. If you not getting notification alerts just dial the toll-free number 1800-425-1199 or 1800-420-1199 to activate this service.

  1. Overseas Representative Office

You can make direct contact with the officers. Each country has their own representative officers. So you can contact them for any type of advice or assistance about the bank. This services available on the office times only.

  1. NRI Division

                              This provides the NRI customers to contact NRI divisions for their account opening, information related to money transfer and product and service provided to NRI’s. the NRI customers can contact their NRI divisions through this address;

NRI Division

Federal Bank Ltd, International banking department

7th floor, Federal Towers, Marine Drive

Ernakulam, Kerala, India. PIN 682031

  1. Portfolio Investments Scheme

Reserve Bank of India (RBI) has allowed NRI to invest in shares / convertible debentures of Indian companies the portfolio investment scheme approved by RBI. It doesn’t need any minimum balance to open PIS account. Internet banking facilities are available with low transaction charge. PIS transactions must report to the RBI on daily basis. You can open an account easily. You can easily transfer cash to your linked accounts without service charges.They provide simplified documentation. Nomination facilities are available. You will get daily statements of transactions. The federal bank has tie-ups with;

  • Geojit BNP Paribas Financial Services Limited.
  • India Infoline limited.
  • Doha Brokerage and Financial services limited.
  • Kotak Securities Limited.
  • Philip capital India Limited.
  1. Safe Deposit Locker

                           You can deposit your expensive things in locker facilities. It is available all over the country. You can only deposit your valuable thing in your branch only. The annual rent needs to pay in advance. The nomination facilities are available for the customers. The locker can be in the sole name of a person or joint names or individuals. The lockers are available in various sizes that are small, medium and large. The rent charges change with the size of the locker.

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