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OPENING OF ACCOUNT AND SOURCES OF CREDIT. Opening of AccountOn receipt of duly completed Account Opening Form along with Introduction and verification/attestation of required documents:Required Documents:
The Bank’s prescribed NRI account opening form completely filled in and signed by the depositor.
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 supportFor NRIs:
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.
Source of CreditOut of foreign inward remittances received in permitted currencies through normal banking channels By encashing cheque/ draft drawn in foreign currency or INR drawn on Vostro Accounts maintained by foreign banks and Exchange Houses. By transfer from other NRE/FCNR accounts of the same account holder or another account holder with our Bank or with other Banks accompanied by a certificate from paying bank 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 Currency Declaration Form (CDF) rules *NOTE: Third party TCs not permitted. TYPES OF ACCOUNTS Savings Bank, Current a/c., Fixed Deposits, Reinvestment Plan Certificate .PERIOD OF DEPOSITS Term deposits – Minimum 12 months to maximum 10 years. 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 Saving bank Account :- 4%Term Deposit Account :- Decided by the Bank in accordance with RBI directives.
INCOME TAX Interest is fully exempt from Indian Income Tax PAYMENTS/ OPERATIONS Balances can be used for local payments as well as for repatriation at the prevailing exchange rate. Funds can be transferred to another NRE account of the same account holder or another account holder. Investment on a repatriable basis permitted in: - Government dated securities / treasury bills· Units of domestic Mutual Funds· Bonds issued by a public sector undertaking (PSU) in India· Shares in Public sector Enterprises being disinvested by the Government, provided the purchase is in accordance with the terms and conditions in the notice inviting bids. Shares and convertible debentures of Indian companies under FDI (including automatic route & FIPB). Shares and convertible debentures of Indian companies through stock exchange under Portfolio Investment Scheme (PIS). OPERATIONS BY POWER OF ATTORNEY HOLDER Local payments and investments and to repatriate to account holder only, provided PA document specifically provides for the same. *Note: PA holder cannot open, close, repatriate to 3rd parties, give gift or transfer the funds to another NRE/FCNR account. REPATRIABILITY Balance and interest freely repatriableLOAN FACILITIES, FUND BASED /NON-FUND BASED, AGAINST SECURITY OF FUNDS HELD IN THE ACCOUNT. A/c holder in India Loan in INR against term deposits (NRE) held by the NRIs, for personal purposes, purchase of immovable property and business including direct investment on a non-repatriation basis without approval from RBI Loans in foreign currency can be arranged outside India on security of funds held in NRE accounts, duly hedged by booking forward contract, on interest rates and margin etc. decided at the time of loan.
To third party Fund based or non fund based facilities to Resident individuals, firms or companies in India against security of NRE deposits is permitted. Documents to be executed by depositors only. 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 holders of the depositors. NOTE: Rate of interest on loan, Margin, etc., will be as per Bank’s policies. NOTE: Loans either by depositor/third party cannot be availed for agriculture, Plantation, Farm house, Relending, real estate business, Transferable Development Rights etc.,· OTHER FACILITIES Nomination Facility Internet Banking International Debit Card in the Name of Account Holder