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Mumbai, April 11
Mashreq Neo has tied up with Federal Bank to enable its Indian customers to open non-resident accounts with the private sector lender in India instantly through the Neo app.
“In addition to seamless account opening, customers will soon be able to view the balance in their NR accounts with Federal Bank on the Mashreq Neo App, and make instant remittances to India via its Quick Remit facility,” they said in a statement on Monday.
“Through this, we will be able to deliver the best banking services to the Indian diaspora in the UAE. Federal Bank has a significant market share in the Non-Resident Indian business and in the Inward Remittances business; with this partnership, the best of all that we have on offer will be available to customers of Mashreq Neo,” said Shalini Warrier, Executive Director, Federal Bank.
Fernando Morillo, Group Head of Retail Banking at Mashreq, said the UAE is home to over three million NRIs and they also make up a significant proportion of the Neo franchise.