OPENING OF ACCOUNT/FUNDING

Opening of Account
On receipt of duly completed Account Opening Form along with Introduction and verification/attestation of required documents:

Required Documents:

• 1. The Bank’s prescribed NRI account opening form completely filled in and signed by the depositor.

• 2. Two recent passport size recent photograph of the depositor (one each in case of joint account) and signed across.

• Appropriate document in support of NRI or PIO status of the applicant.

Appropriate Documents in support
For NRIs:

• Photocopy of Passport with valid Visa.
• Photocopy of employment certificate/contract wherever applicable or any other appropriate document like recent Rent receipt/ Salary slip from the employer/Income tax receipt etc. that confirms NRI status of the depositor.
  
  For PIOs:
  
  Photocopy of Indian passport or foreign passport with place of birth in India. If such passport is in the name of either of the parents or grand parents of the depositor, a supporting evidence of relationship must be submitted. Or
  
  PIO Card or a certificate issued by Indian Embassy certifying that the
  Applicant or either of his parents or grand parents are of Indian origin
  with supporting evidence of relationship. Or

School/College/ University certificate of the depositor/parents/grand
parents with supporting evidence of relationship. Or

In case of spouse, the marriage certificate with supporting evidence of
maiden name. Or

any other appropriate document which confirms PIO status of the applicant.

Introduction and verification/attestation may be done by :-

• A person known to the bank Or
• The applicants existing bank abroad Or
• Notary public Or
• Official of Indian Consulate/Embassy/ High Commission.
  
  Funds remitted from abroad in any permitted currency through banking channels are credited. Credit by surrender of Foreign Currency(FC) /Foreign Currency Travellers’ Cheques (FCTC) to the bank by the account holder in person while on a temporary visit to India subject to CDF rules
  
  NOTE: Third party TCs not permissible
  Transfer of funds from an existing Non-resident account namely, FCNR (B) or NRE is permissible
  DESIGNATED CURRENCIES: USD, Pound Sterling, Euro and Japanese Yen.
  
  Minimum Deposit:
  
  500 units of FC units and there of multiples of 100 units

TYPES OF ACCOUNTS

Only Term Deposits.

TENURE OF DEPOSITS & CURRENCY OF DEPOSIT

USD ,GBP and Euro

1 year and above but less than 2 years,
2 years and above but less than 3 years
3 years and above but less than 4 years
4 years and above but less than 5 years
5 years only

JOINT ACCOUNTS

Joint A/c permitted, all the joint account holders may be non-residents. NRIs are also permitted to open joint account with resident close relatives on ‘former or survivor’ basis..

RATE OF INTEREST

As per current schedule of interest rate

LIBOR linked rates for different currencies and different maturity periods presently LIBOR +1.00%

Interest will be compounded at 180 days intervals for deposits of above 1 year

Interest payable, either half yearly or on an annual basis as desired, to the credit of new FCNR (B) deposit, NRE/NRO/account in the name of the account holder in case of fixed deposit in case of Re-investment Plan interest is compounded half yearly .

INCOME TAX

Interest earned on balance in FCNR (B) deposits are exempt from Indian Income Tax.

PAYMENTS

Funds can be used for local payment as well as for repatriation.

REPATRIABILITY

Balance and interest repatriable.

LOAN FACILITY AGAINST FCNR DEPOSIT

To self and third party:

Rupee Loan available to depositors as well as to third parties.
Non-fund based facilities can also be availed of.
Credit facilities to 3rd parties can be granted only when the Depositor himself executes the Security Documents in the presence of Bank officials and witness acceptable to the Bank.
Credit facilities to third parties cannot be granted on the basis of documents executed by PA holder of the depositors.

Can be arranged through correspondent banks on best effort basis to depositors only.

OTHER FACILITIES

Nomination Facility Available.