Federal Bank Launches NR Savings Accounts For NRI Women Customers

On the occasion of the FIFA Women's World Cup, Federal Bank announced the introduction of a unique NR savings account plan designed exclusively for Non-Resident Indian (NRI) women. This scheme, known as NRE Eve+, has been designed to meet the specific financial needs of NRI women by providing a variety of advantages that are geared at enhancing their financial journeys.
With NRE Eve+, account customers get free access to domestic and international airport lounges, including exclusive discounts on beauty, health care, dining, shopping, travel, and entertainment, all of which are catered to the tastes of women.

Up to Rs. 78 Lakh in complimentary insurance coverage is offered, including benefits for child education, accidental death, hospital cash, and card protection. Other noteworthy benefits include wealth management support, concessions on PIS AMC charges, and special discounts on housing and vehicle loans. Special privileges include cheaper rates on locker rent, preferential rates on currency exchange, welcome gift (2000 reward points), birthday gift (1000 reward points), and welcome gift (gift with 2000 reward points). NRI women customers are also allowed to open zero balance savings accounts for two children below 12 years of age.

Shalini Warrier, Executive Director of Federal Bank, said, "Federal Bank has always been a pioneer in the Non-Resident customer segment. This product is designed to incorporate unique features and benefits which will surely be an attractive proposition to our valued women in the diaspora and will contribute to their financial well-being, making a meaningful impact in their lives."
Shyam Srinivasan, MD & CEO of Federal Bank, revealed the product theme during the global virtual launch. Shalini Warrier, Executive Director at Aluva, revealed a prototype of the customised debit card and gave it to its first NRE Eve + customer, Mrs. Suni Paul. The first NRE Eve + holders from Abu Dhabi were Dr. Jean Shahdadpuri, MD-Nikai Group of Companies, Mrs. Beena Muraleedharan, ED-SFC Group, and Mrs. Danesa Thandassery Raghulal, ED-Elite Foods Pvt Ltd.

Federal Bank said on Tuesday that it raised Rs 3,099 crore through qualified institutional placement (QIP). According to Federal Bank, the board approved the issuance of 23.04 crore shares with a face value of Rs. 2 each to qualified institutional buyers who qualified at an issue price of Rs. 131.90 per unit, including a premium of Rs. 129.90 per share. This represents a discount of Rs. 0.69 (0.52%) on the floor price of Rs. 132.59. The bank's paid-up equity share capital has grown as a result of the share allocation from Rs 4,23,63,28,436 crore, which comprises 2,11,81,64,218 shares, to Rs 4,697,283,704 crore, comprising of 2,348,641,852 shares.
On Thursday, Federal Bank announced a standalone net profit of Rs 854 crore for the quarter ended in June which is a rise of 42 percent over the company's Q1FY23 profit of Rs 601 crore.

First-quarter of FY24 net interest income (NII) rose by about 20% to Rs 1,919 crore from Rs 1,605 crore in Q1FY23. In Q1FY24, the lender's provisions dropped by 7% to Rs 155 crore from Rs 167 crore in Q1FY23. In Q1FY24, the ratio of gross non-performing assets (NPAs) dropped to 2.38% while the ratio of net NPAs grew to 0.69%. The total income in Q1FY24 was Rs 5,756 crore, up 41% from Rs 4,081 crore in the corresponding quarter of last year. As of June 30th, 2023, the Bank's total business mix (deposits plus advances) was Rs. 4.06 lakh crore. As of June 30, 2023, the Bank's Capital Adequacy Ratio (CRAR), determined in accordance with Basel III standards, reached 14.28%.