ICICI to launch Remittance Card

ICICI Bank Sri Lanka plans to launch a card-based remittance product to provide a convenient and hassle free alternative to receive remittances. This product will be available in the third quarter (July to September 2008) in the current financial year.

The remittance card is a Sri Lankan Rupee (LKR) denominated card. It is re-loadable for funding and can be used to withdraw money at over 1000 VISA affiliated ATM Island wide at no additional charge and merchant establishments in Sri Lanka. Only remittance-linked credits are permissible in the remittance card account.

This innovative facility can also be availed by those beneficiaries who do not have a savings bank account with ICICI Bank in Sri Lanka.

Senior Vice President - ICICI Bank, Sri Lanka Sachin Sikka said, "The Sri Lankan remittance market is growing rapidly with migration of Sri Lankans to newer geographies. At ICICI Bank, customer convenience is utilized as a strategic tool across all our business lines, and the launch of remittance card is all about maximizing convenience and benefits to both the remitter and beneficiary".

The Remittance Card can be used at over 1,000 VISA ATMs in the country. The withdrawal limit for this card is higher at Rs. 50,000 per day.

The card can also be used for transactions at over 14,000 merchant establishments across the country.

Beneficiary does not have to withdraw the entire credit and take the risk of carrying the money. With free access to over 1000 VISA ATMs, beneficiary can choose to withdraw the amount, as and when required. The money is remitted faster compared to other remittance products.

The ICICI Bank Ltd (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country.

ICICI Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 19 countries, including India.