NRI Services

Non Resident (External Rupee) Accounts (NRE A/cs)

Our Bank extends the following NRI services under AD II category licence.

• Individual NRIs can open accounts under this category to place their savings meant for
  meeting unforeseen exigencies or as an investment in Term Deposits. The funds can be invested in Savings accounts or Term Deposits. The funds are repatriable along with interest..
• Accounts can be opened by submitting duly filled in application along with copy of pass port and 2 photographs, with foreign remittance. Even account can be opened

with “0” balance also while NRIs are in India and remittance can be made subsequently after NRIs go abroad on finishing their trip to India.

• Credits can be only out of foreign remittance / Traveller cheques / Foreign currencies Credit can also be the proceeds of NRE term deposits.
• Withdrawals are permitted for local payments, transfer to NRE a/cs and certain other investments permitted by RBI.
• Joint accounts can be opened provided all the account holders are NRIs.
• Power of Attorney can be given to locals for payments in India and investment in approved investments.
• Term Deposits can be out of NRE SB funds and can be made for a minimum period of 1 year to maximum 5 years. Maturity period should not exceed 10 years.
• Loans can be extended against NRE Term Deposits for personal / business purposes
  
  only and not for investment in agriculture, plantation, real estate business or for relending.

Other Schemes

Type of Accounts :

• Savings Deposit Account
• Current Deposit
• Fixed Deposit
• Re-investment Deposit
• Recurring Deposits.

Period :

• Minimum 1 year
• Maximum 5 years

Rate of Interest :

4% on NRE SB a/cs and Usual Domestic Term Deposit rates

On NRE Term Deposits

Joint A/cs :

Can be opened with NRIs residing in the same or different

Countries .

• Nomination : Allowed in favour of Residents / NRIs.
• Repatriability : Funds can be freely repatriable to any approved
  Foreing Currencies (Principal and interest)

Tax exemptions :

• Interest exempt from Income Tax.
• Balance exempt from Wealth Tax.
• Gifts to close realtives from the balances
  NRI a/cs are exempted from Gift Tax.

Nomination :Allowed in favour of Residents / NRIs.

Repatriability :Funds can be freely repatriable to any approved

Foreing Currencies (Principal and interest)

Tax exemptions  : 

• Interest exempt from Income Tax.
• Balance exempt from Wealth Tax.
• Gifts to close realtives from the balances
  NRI a/cs are exempted from Gift Tax.

FAQs on NRI Services

1. Who is a Non-Residnet Indian (NRI) ?

An Indian citizen or a person of Indian Origin residing abroad with an intention to stay abroad for an indefinite period for:

• Business or vocation or for any other purpose.
• Indian citizen working abroad on assignment with foreign governments, United nations and its affiliates.
• Offcials of State/Central Governments and PSUs deputed abroad.
• Indian crew members of Airlines and Shipping Companies posted abroad.
• An Indian student who takes up employment abroad after completion of studies.
• Non-Resident minor represented by his/her natural NRI guardian.

2. Who is a person of Indian Origin ?

• A foreign citizen ( other than a citizen of Pakistan or Bangladesh) is deemed to be of Indian Origin, if he at any time, held an Indian Pass port
• OR
• He or either of his parents or any of his grand parents was a citizen of India by virtue of the Constitution of India or Citizenship Act, 1955 (57 of 1955)

3. Who is not an NRI ?

• Persons who go abroad for
• Tourism as tourists
• Business promotion
• Training
• Medical Treatment
• Sports or cultural activities.
• Crew members working for shipping / Airlines companies posted in India.
• Indians or persons of Indian Origin residing in Nepal/Bhutan