Tuesday, November 14, 2006: Standard Chartered Bank has launched NRI Swagat account, a first of its kind customer proposition, which addresses the specific banking requirements of the NRIs with their roots in Kerala and Punjab, says a release.

It comes in two variants - one version is targeted at the NRIs/ PIOs with origins in Kerala and the other at the NRIs with their roots in Punjab.

This product has regular features of an NRE savings account. Both principal and interest can be remitted overseas without any limitations with no tax deductions at source, adds the release.

This account allows unlimited cash withdrawals from the account through Visa ATMs across the globe. Customers get free inward remittances and free demand drafts/ pay orders on this account.

The account allows access to money in the account to the family members in India by offering ATM card to the mandate holder. Customers can avail themselves of two free linked resident savings accounts with no minimum balance requirement for the account holder's near and dear, says the release.

Source-http://www.hindu.com/2006/11/14/stories/2006111403262100.htm