HDFC Bank ties up with Qatar National Bank

June 1st, 2008 - 1:52 pm ICT by admin  

Dubai, June 1 (IANS) India’s HDFC Bank has tied up with Qatar National Bank (QNB) to offer a range of products and services to expatriate Indians in Qatar. “The alliance with QNB will enable us to offer Indian expatriates in Qatar the convenience of carrying on their banking in Qatar and India, and access to a host of financial services in a seamless, quick and cost-effective manner,” reports quoted Abhay Aima, HDFC Bank’s group head for private banking, NRI and international consumer business, as saying.

Called QNB-HDFC Bank NRI Services, the new bank will allow its customers to use their dual account to remit money from any QNB branch to any HDFC Bank branch in India.

The remittance will take 24 hours and cost 5 Qatari riyals ($1.37).

Customers can also avail of a host of HDFC Bank products like online trading in Indian stock markets and rupee mutual fund investments through QNB outlets.

Apart from this, the tie-up also offers benefits from QNB’s Qatar Airways Co-branded Credit Card, with no fees for the first year and customers will be eligible for QNB’s loan products at competitive prices.

To qualify for these products and services, customers have to maintain a salary account in QNB.

Established in 1964, QNB is the first Qatari-owned commercial bank, with an ownership structure split 50-50 between Qatar Investment Authority and the private sector.

HDFC Bank is one of India’s largest private sector bank with 761 branches and 1,977 ATMs across 327 cities.

Qatar is home to around 200,000 Indians.

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