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HDFC Bank opens rep office in Dubai

BS Banking Bureau

HDFC Bank has opened its first overseas representative office in Dubai. The bank also has plans to open representative offices in Singapore, New York and London if the Dubai foray is successful.

Aditya Puri, managing director, HDFC Bank: "The bank began concentrating on non-resident Indian business in the last 12-15 months. We have an NRI deposit base of around Rs 13.50 billion. We have added products to our portfolio and now have a good offering for the NRIs."

The minimum balance deposit for opening an account has been fixed at Rs 10,000.

"We are offering a complete range of products such as advisory services, car loans credit cards, debit card etc, against this NRE account. We have also tied up with Deloitte Haskins & Sells for providing information on income tax. HDFC Bank has also tied up with Thomas Cook for remitting to money to India. This money will credited into the account of the customer either the same day or the next day."

The bank plans to charge Rs 30,000 as advisory fees. "These services will be provided on the Net. The customer can give his portfolio to us and, depending on his risk profile, a portfolio will be suggested to him. The bank will also help to track his portfolio. However, if the customer has taken loans against shares, car loans etc from the bank, the advisory services will be offered free to the customers," said Puri.

He added: "The response in Dubai has been quite good. Depending on the need, we will look at opening rep offices in places of NRI concentration such as New York, Singapore and London."

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