Chennai, 1st June 2021: Federal Bank launched an exclusive NR savings account scheme for Seafarer segment. This scheme is specially curated and crafted for the mariners and offers best in class services clubbed with state-of-the-art digital banking platforms that allows the mariners to execute banking transactions seamlessly, irrespective of the geo coordinates and time zone differences. The scheme is available in both NRE SB and NRO SB variants. 


The facilities offered in the scheme are preferential exchange rate for monthly inward remittances, premium debit card with domestic airport lounge access, linked zero balance NRO account and bespoke financial planning and customized wealth management products and services. 


Officially launching the account scheme, Ms. Shalini Warrier, Executive Director of the Bank remarked “Federal Bank has always been a pioneer in the Non Resident customer segment.  With a market share of over 6.6% in this business, along with a market share in excess of 17% in personal inward remittances to India, the Bank lives by the mantra of “Digital at the fore, human at the core”. This unique product, designed to cater for the needs of our seafarers, is one more step in that direction. The unique features and benefits will surely be an attractive proposition for customers who are part of the growing maritime industry”.