OPENING OF ACCOUNT & FUNDING

Eligibility

• Returning Indians, i.e Indians who were non-residents earlier and are returning now for permanent stay.
  Funding Of Accounts
  By foreign inward remittances, transfer of FCNR (B) deposits and by NRE deposits.

• By inward remittances in foreign currency of pensions, superannuation benefits etc. received from erstwhile employers abroad
• Proceeds in foreign currency of assets held outside India and brought to India at the time of returning for permanent stay.
• Foreign Exchange received or acquired when abroad as gift or inheritance from a person resident outside India.
• By surrender of Foreign Currency(FC) /Foreign Currency Travellers’ Cheques (FCTC) to the bank by the account holder in person subject to CDF rules.
  NOTE: Third party TCs not permissible

DESIGNATED CURRENCIES: U.S.Dollars, Pound Sterling, Euro.

TYPES OF ACCOUNTS
Term deposits

TENURE OF DEPOSITS
6 months, 12 months, 2 years and 3 years.

JOINT ACCOUNTS
Not permitted with residents Indian.

RATE OF INTEREST
As per Bank's current schedule of interest rate.

PAYMENTS
Balances can be used for local payments as well as for repatriation. Funds can be transferred to NRE/FCNR account on becoming NRI again.

REPATRIABILITY
Balance and interest freely repatriable on becoming NRI.

NOMINATION FACILITY
Available
RFC (D) DEPOSITS

Eligibility
: Resident Individuals
Types of account
Only Current Account without any ceiling with cheque book facility.
Sources of Fund :

• Foreign Exchange acquired when on a visit abroad
• By way of honorarium or gift when on a foreign visit
• Un-spent amount of foreign exchange during travel abroad
• Settlement of any lawful obligation.

Debits from the Account:
Debits for payment towards travel, medical treatment abroad, gifts and other current and capital account transactions as extended to resident Indians
Change of status from resident to non-resident:
Upon change of residential status from resident to non-resident at the option / request of the account holder, the balance in RFC(D) account may be credited to NRE account

For details mail to cmibd@unitedbank.co.in with subject NRI BANKING