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OPENING OF ACCOUNT/FUNDING
Opening of Account
On receipt of duly completed Account Opening Form along with Introduction and verification/attestation of required documents:
Appropriate Documents in support
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 :-
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 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 .
Interest earned on balance in FCNR (B) deposits are exempt from Indian Income Tax.
Funds can be used for local payment as well as for repatriation.
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.
Nomination Facility Available.