ICICI Bank launches 'Easy Receive Account'

Ahmedabad, Dec 19 (UNI) ICICI Bank today launched an 'Easy Receive Account' for resident Indians who receive remittances from abroad.

''The product will be available throughout India with focus on Gujarat, Punjab and Kerala for their large NRI remittances,'' said Anup Bagchi, senior General Manager, International Retail Product Group (IRPG) of ICICI Bank.

Addressing reporters here, Mr Bagchi said the new account benefits both the sender and the receiver. The account holder need not have minimum balance (though one remittance in a quarter is required) and cash withdrawal from any ATM is Rs 50,000, more than the Rs 25,000 limit for a normal savings account.

For the first time any bank has offered such a product that touches both the beneficiary and the sender, Mr Bagchi added.

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