Federal Bank's gift to expats: Free insurance worth Rs 60 lakh and 24% discount on flight tickets

DUBAI: Federal Bank has launched a new NRE savings account called Prospera. Designed to suit expatriates eager to move forward in life, the Prospera NRE Savings Account offers a host of benefits, including complimentary insurance benefits worth Rs 60 lakh, airport lounge access, and reward points for debit card expenditures. Up to a 24 percent discount is now available on flight and hotel bookings on select travel platforms as an introductory offer.

Prospera launched at the first international press conference held by Federal Bank's Managing Director and CEO, KVS Manian, after taking charge in September 2024. He spoke about Federal Bank’s strong relationship with the expatriate community in the Gulf region.

‘For over seven decades, Federal Bank has been a trusted partner in fulfilling the financial aspirations of expatriates around the world and maintaining their sense of belonging,’ said KVS Manian.

‘The fact that one-fifth of individual remittances to India today go through Federal Bank is a testament to the trust placed in the bank by the expatriate community and our remittance partners. We understand that today's expatriates seek more than just basic banking services; they desire experiences that align with their lifestyle and aspirations. We are committed to continuously improving our products and services to meet the needs of our customers and the changing circumstances.’

Manian was accompanied by senior officials including Joy P.V. (Executive Vice President and Country Head of Deposits), Eqbal Manoj (Executive Vice President), Arvind Karthikeyan (Chief Representative Officer, Abu Dhabi), and Sherin Kuriakose (Chief Representative Officer, Dubai).

Our understanding of the evolving interests of the Indian diaspora, combined with our commitment to providing top-notch service, is reflected in our new offerings," said Joy P. V. Eqbal. Manoj inaugurated a new facility that enables diaspora members to open Portfolio Investment Scheme (PIS) accounts through Federal Bank's mobile banking platform, FedMobile. This facility allows them to invest in the stock market.

The bank also highlighted its achievements in the NRI banking sector, such as being a leader in remittance services, driving digital innovation in international money transfers, maintaining a strong presence across key NRI markets, establishing a robust remittance partnership network globally, and achieving sustained growth in expatriate investments.