| FCNR
Account
- Accounts can be opened in five major currencies, viz., US
Dollar, Pound Sterling, Deutsche Mark, Euro and Japanese Yen.
- Accounts are opened for periods ranging
from 12 months
to 3 years.
- FCNR a/c's may be opened with a remittance in the
designated currency received from abroad or by conversion of a remittance in any other
convertible foreign currency into the designated currency at the risk and cost of the
customer.
- Minimum amount accepted in FCNR deposit: US$.1000, £1000, DEM.2000, EURO 1000,
JPY. 150000.
- Remittances in Indian rupees from abroad or funds in the
NRE SB a/c can also be placed in FCNR deposits after due conversion into the designated
currency.
- On maturity, payment shall be made in foreign
currency/Indian Rupees, as desired by the depositor.
- Affords protection against fluctuation in
exchange rates.
- Interest is payable at half-yearly intervals only.
- Interest is compounded every 6 months under the
reinvestment plan.
- Renewal of deposits should be done within 14 days of
falling due to earn interest from the date of maturity.
- Please avail of Safe Custody and Automatic
Renewal Facility at the branch.
- Loan facility available.
- Foreign currency loans are also available against these
deposits.
Resident Foreign currency (RFC)
Citizen of India or persons of Indian origin who
have been outside India for a continuous period of not less than one year and have become
resident in India on or after 18/4/92 are eligible to maintain RFC accounts.
- Can be held singly or jointly in the names of eligible
persons.
- Accounts can be maintained in the form of savings bank,
current accounts, term deposits.
- Cheque book facility not permitted.
- No loans / overdrafts permitted on RFC accounts.
- Maintained in designated currency viz US Dollar.
- Interest is payable in the designated currency viz. US
Dollar.
- The entire amount of foreign exchange brought to India at
the time of return to India for permanent settlement as well as balances standing to the
credit of NRE and FCNR accounts at the time of return, income received on overseas assets
in the form of interest, dividends, sale proceeds of assets, pensions received from abroad
etc. can be credited to RFC accounts.
- Funds in RFC accounts can be remitted abroad for any
bona fide purpose of the account holder or dependants. It can also be used for making local
payments.
- Can be transferred from one RFC account to another of the
same account holder.
- Returning Indians desiring to go abroad again on
employment, business or vacation can transfer funds in RFC accounts to NRE/FCNR accounts.
- Nomination facility available. Nominees can be residents
or non-residents. The funds may also be repatriated to him when a claim becomes payable
subject to satisfaction of conditions.
Non-resident Non-repatriable Rupee
Deposit Scheme
Accounts can be opened by way of transfer of funds from
abroad or from existing NRE/FCNR accounts.
- Deposits for period ranging from 6 months to 3 years.
- Deposits maintained in Indian Rupees only on a
non-repatriable basis.
- Interest earned in NRNR deposit are fully
repatriable
abroad and can be credited to NRE/FCNR accounts.
- Income from the deposits will be free from Income tax.
- On maturity, if the deposit holder is an NRI, the deposit
can be renewed further as an NRNR deposit. However if the same is not renewed, the deposit
will be credited to the Ordinary Non Resident Savings Bank rupee
accounts of the
depositor. If the depositor has come back to India for good and does not hold NRI status
then the deposit will be credited to his resident accounts.
- Can be held in the joint names of non-resident and
resident. However once the Non Resident Indian ceases to be an NRI, the deposit has to be
treated as resident deposit.
- Loan facility available.
- Attractive interest rates.
- Income from NRNR Deposits are also free from
income tax.
- Nomination facilities available. But amount cannot be
repatriated even if nominee is a non resident.
Non-Repatriable
Deposit Accounts (NRO)
Ordinary non resident rupee accounts NRO/NRSR
savings/current account
- The local funds of an NRI viz, rent, dividend, interest,
sale proceeds of securities, property, etc. can be credited to these accounts.
- Balances can also be placed in term deposits.
- Income earned on investments done on non-repatriable basis
are to be credited to NRO account. After completion of formalities, eligible amount can be
repatriated.
Term deposit accounts
- Interest rates will be as for domestic deposits.
- Term deposits can be opened by remittances from abroad OR
by transfer of funds from existing NRE/FCNR/NRO/NRSR accounts of the same person with
other banks in India OR from other branches of the bank OR by tendering foreign currency
notes/ travellers cheques brought by NRI's during their visit to India.
- Minimum amount to be deposited is Rs. 1000/-
- Period of deposit ranges up to 10 years.
- Premature closure of deposit permitted, as per rules.
- Interest payable quarterly or at monthly intervals at
discounted value.
- Provision for authorization to pay interest to anyone in
India.
- Loan facility is available against the security of the
deposit.
- Deposit receipt can be kept in Bank’s safe custody.
Provision for automatic renewal is available on maturity.
Special term deposit accounts
All conditions detailed above for Term deposits for
Special Term Deposits.
- These are reinvestment deposits. Interest earned on the
deposits is added to the principal and compounded at quarterly intervals. The principal
amount together with interest is repaid on maturity of the deposit.
- Net yield on these accounts is distinctly higher because
of compounding of interest at quarterly intervals.
Cash certificates
- All conditions detailed above for Special Term deposits
apply for Cash Certificate Deposits.
- On maturity a round sum viz Rs. 50,000, 100,000, 10,00,000,
etc. is received. Excellent for long term deposits.
Thrift deposit scheme
- A recurring deposit scheme. Fixed sums are deposited every
month for a fixed period.
- Compound interest is payable at the same rates as
applicable to other term deposits.
- The same condition as above also applicable for Non
Resident Special Rupee (NRSR) account newly introduced by Reserve Bank of India in 1999.
Loans
Loans Against deposits:
Cash key facility
- The most convenient method of obtaining advance against
NRE/NRNR/FCNR/NRO-Term/Special/Cash Certificate/Thrift deposits.
- Cheque book facility is available.
- Unlimited withdrawals permitted in
current account up to
90% of the deposit amount and interest accrued.
Demand loan facility
- Similar to Cash Key facility except that only one time
withdrawal permitted.
- Available in Indian rupees against NRE, NRO, FCNR, NRNR
deposits.
Common features
- Loan proceeds will be credited only
to a NRO/NRSR
account.
- Interest will be charged only on the amount drawn.
Interest is compounded quarterly.
- Repayment of the loan can be done through remittance from
abroad and with local funds.
- On maturity of the deposit, the loan will be adjusted
against the deposit and the balance will be credited to NRE (SB) or NR(O)SB accounts of
the depositor.
- Loans can be given to third parties also on the security
of the deposit.
NRI Housing Loans
Eligibility: Non-Resident Indians holding Indian
passport and having (1) A permanent job for 2/3 years in a reputed
company/organization/Govt. Departments. (2) Self-employed professionals with a minimum monthly income of Rs. 10,000/-.
- Maximum loan amount is Rs. 25 lacs. Subject to not
exceeding 36 times Net Monthly Income (NMI).
- Loans for construction of new/second house/flat and also
for outright purchase of ready-built house/flat. Loans for extension/renovation/repairs/alterations of existing
house.
- Margin 0f 20% of the total cost of the flat/house should
be met by remittance from abroad through normal banking channels or out of funds in the
borrowers’ NRE/FCNR/NRO/NRNR/NRSR account in India.
- Disbursement will be made only after the margin amount is
remitted/spent on the construction. Loans for other than outright purchase will be
disbursed in stages depending on progress of work.
- Period of the loan is up to 15 years. Soft
and attractive interest rates.
- Only 0.50% payable as processing charges.
- Repayment will be in Equated Monthly
Instalments
(covering the interest portion also).
- Repayment can be done out of NRE/FCNR/NRO/NRNR/NRSR funds.
- After return to India local funds can be used to repay the
dues.
- The property will be insured for total cost at your
expense.
- Contact the branch where you maintain NRE
a/c for
application and sanction of the loan.
- All your savings will have to be maintained with the
lending branch.
Non-resident (External) Rupee Accounts
(NRE)
Savings/Current Accounts
- Running account with cheque book facilities.
- Frequent withdrawals and credits are permitted.
- For local payments, residents can operate the account on
the basis of Power of Attorney or Letter of Authority. However, resident power of attorney
holder cannot repatriate the funds abroad.
Term Deposits
- Minimum amount to be deposited is Rs. 1000/-.
- Period of deposit ranges from 6 months to 10 years.
- Premature closure of deposit permitted, as per rules.
- Interest payable quarterly or at monthly intervals at
discounted value (on special request only).
- Provision for authorization to pay interest to anyone in
India.
- Loan facility is available against the security of the
deposit.
- Deposit receipt can be kept in Bank’s safe custody.
Provision for automatic renewal is available on maturity.
Special term deposits
All conditions detailed above for Term Deposits apply
to
Special Term Deposits. This is a scheme in which the interest is reinvested at quarterly
intervals and added to the principal deposit amount so that it accumulates and earns more
interest till maturity of the deposit.
Nava Swarna Varsha
This is a Special Term Deposit for 5 years with built-in
insurance cover on the life of the depositor to the extent of 5 times the deposit amount.
A very nominal premium will be recovered at the time of repayment.
There are reinvestment deposits. Interest earned on the
deposits is added to the principal and compounded at quarterly intervals. The principal
amount together with interest is repaid on maturity of the deposit. Yield on these
accounts is distinctly higher because of compounding of interest at quarterly intervals.
Cash Certificate
All conditions detailed above for Special Term deposits
apply for Cash Certificate Deposits. On maturity a round sum viz Rs.
50000, 100000, 1000000, etc. is received. Excellent for long term planning.
Thrift Deposit Scheme
A recurring deposit scheme Fixed sums are deposited every
month for a fixed period. Compound interest is payable at the same rates as applicable to
other term deposits. Loan facility available.
Unit Deposit
A fixed deposit scheme wherein you can withdraw your
deposit to the extent of your need and leave the remaining amount undisturbed
to earn you
interest at the contracted rate.
- Minimum amount Rs. 10,000
- The deposit will be held in units of Rs. 1000 each.
- Interest rate will be as for NRE term deposits.
- Principal and interest entirely
repatriable.
- Units can be withdrawn any moment.
- Interest will be paid on the units withdrawn after 6
months but before due date at 1% below the rate for which they have been held. The
remaining units will continue to earn interest at contracted rate.
- Can be jointly held with another NRI.
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