Utility Schemes

 
NRI (Non-Resident Indian)

You are Non-Resident Indian, if you are:

1. A person resident outside India who is a citizen of India i.e.,
   

   1. Indian citizen who proceed abroad for employment or for carrying on any business or vocation or for any other purpose in circumstances indicating indefinite period of stay outside India.
       
   2. Indian citizen working abroad on assignment with Foreign Govts., Govt. Agencies or International/ Multilateral Agencies like United Nations Organization (UNO), International Monetary Fund (IMF), World Bank, World Health Organization (WHO) etc.
       
   3. Central/ State Govts/ Public Sector Undertakings(PSUs) Officials deputed/ posted abroad on assignment with Foreign Govt. Agencies/ Organization or in their own Offices including Indian Diplomatic Missions abroad.

2. A person of Indian origin who is a citizen of any other country other than Bangladesh or Pakistan, if
   

1. At any time, held an Indian passport, or
    
2. Self or either of his parents or any of his grand parents was a Citizen of India by virtue of Constitution of India or Citizenship Act 1955 (57 of 1955), Or
    
3. The person is a spouse of an Indian citizen or a person referred in Sub Clause b(i) or (ii) above.

3. Indian student studying abroad having regard to circumstances stated as under:

   1. Stays abroad for more than 182 days in the preceding financial year, And
        
   2. Intention to stay outside India for an uncertain period when they go abroad for their studies.

How to open NRI accounts:

Air mail/ courier or deposit during your temporary visit to India, the application form duly filled in with following formalities:

• Your signature in the form should be attested.
   
• Enclose one passport sized photograph (one for each in case of joint account holders) signed across or at the reverse.
   
• Enclose a photocopy of your passport duly attested.
   

Attestation may be obtained from any one of the following:

1. An official authorized by the Indian embassy or consulate abroad.
    
2. Notary.
    
3. Your Banker.
    
4. A person known to our Bank.

Remittances to India:

For the purpose of opening a new account and for remitting funds for your existing accounts, you may choose any of our authorized branches convenient to you and any one of the following modes of remittance:

• A demand draft drawn in any foreign currency i.e. US Dollar, Pound Sterling and EURO preferably drawn on New York/ London/ Frankfurt.
   
• Your personal cheque in foreign currency drawn on your account abroad.
   
• Drafts issued abroad in Indian Rupee and payable in India.
   
• International Money Order in foreign currency.
   
• Transfer from existing FCNR(B)/ NRE accounts with us or any other Bank in India.
   
• Remittance can also be sent through SWIFT messages through any of our 17 SWIFT centers. For detailed information, kindly contact any of our authorized branch or International Banking Division, Head Office, Kolkata.

In case, you require any clarification and further details , please feel free to contact us at following address:

United Bank of India,
International Banking Division,
4th Floor, Head Office Building,
11, Hemanta Basu Sarani,
Kolkata- 700 001 INDIA.

Telephone : 91- 33- 22489852, 22435798
Fax : 91- 33- 22486922
e mail : cmibd@unitedbank.co.in

 

Liberalized Release of foreign exchange to Resident :

If you are a resident in India, you can avail foreign exchange from authorized branches of our Bank without any hassles for the following purposes:

1. Business Visit abroad: For business visit abroad, you can avail upto USD 25000 irrespective of period of stay abroad.
    
2. Private Travel: You can avail foreign exchange upto USD 10000/ per calendar year for tourism or any other private travel purpose for traveling to countries other than Nepal and Bhutan. 
    
3. Participation in International Conference/ Seminars, Specialized Training abroad:You can avail foreign exchange upto USD 25000/ irrespective of the duration of the programme.
    
4. Study Abroad: You can avail foreign exchange upto USD 100000/ or upto the estimate from the Institution abroad, whichever is higher, per academic year. Further, Student can also avail benefits of Non Resident Indian during their stay abroad. 
    
5. Medical Treatment: You can avail foreign exchange upto USD 100000/ or upto the estimate from Doctor or hospital in India or overseas to meet the expenses for medical treatment abroad.
    
   Foreign exchange upto USD 25000/ per person for meeting boarding/ lodging/ travel expenses of the patient and also the accompanying attendant.
    
6. Employment abroad: Foreign exchange upto USD 100000/ can be availed for the purpose.
    
7. Emigration: Foreign exchange upto USD 100000/ or amount prescribed by country of emigration.
    
8. Maintenance of close Relatives Abroad: Foreign exchange upto USD100000/per year can be availed for the purpose.
    
9. Gifts/ Donations : Foreign exchange upto USD 5000/ per remitter/ donor per calendar year can be remitted.
    
10. Liberalized Remittance Scheme of USD 25000/ for Resident Individuals: Resident Individuals can remit upto USD 25000/ per calendar year for acquiring and holding immovable property or shares or any other asset including maintenance of account abroad outside India.
     
11. Other Current Account Transactions: Foreign exchange can also be freely drawn for all other bonafides current account transactions on production of documentary evidence to the satisfaction of Bank. All you need to remember that there are certain activities such as lottery, racing etc., for which no foreign exchange is allowed; whereas for some activities foreign exchange can be released within specified limit only.

Resident Foreign Currency (Domestic) Account:

You can open a non-interest bearing Resident Foreign Currency (Domestic) Account denominated in foreign currency by depositing foreign currency (a) Saved from your trip abroad (b) Received as honorarium during your trip abroad (c) Received as gift from person/s during their visit to India (d) Received from a person on a visit to India for services rendered to him in India.

The balances held in the account can be used for any purpose for which foreign exchange can be bought from a bank in India.

Special Features of liberalized schemes:

1. Endorsement of foreign exchange purchased on passport is optional.
    
2. International Credit Cards/ ATM Cards/ Debit Cards can be used outside India for making payment for permissible expenses/ permissible imports to the extent of limit of the card.
    
3. Remittances for misc. purposes upto USD 5000/- can be made without production of any document, merely on simple application cum declaration form provided the Rupee equivalent is being paid by debit to account, cheque or by demand draft.
     
4. Foreign exchange can be purchased from any of our authorized branch by deposit of cash if foreign exchange is equivalent to INR 50000/- only, otherwise payment has to be made by way of a crossed cheque/ pay order/ banker's cheque/ demand draft only.
    
5. Foreign exchange can be purchased 60 days ahead of the journey date. In case journey is not undertaken within 60 days, the foreign exchange must be surrendered to a Bank.
    
6. On returning to India, the unspent foreign exchange in the form of cash must be surrendered to a Bank within 90 days and Traveller cheques within 180 days. However, out of unspent amount foreign exchange upto USD 2000/- can be retained by you for future use. Foreign exchange in coins can be retained for an indefinite period without any limit.
    
7. Foreign exchange can be brought to India without any limit. However, exchange brought must be declared to custom authorities in Currency Declaration Form in case cash is more than USD 5000/- and Cash and TCs taken together are for more than USD 10000/-.
    
8. You can borrow from NRI close relatives upto USD250000/ repayable after 1 year.

EXIM PRODUCTS AND SERVICES:

Product and Services for Exporters:

• Pre-shipment finance in Rupee and foreign currency.
   
• Post-shipment finance in Rupee and foreign currency/ EBR.
   
• Exporters' Gold Card Scheme.
   
• Handling export bills on collection basis.
   
• All types of outward remittances as permissible under FEMA 1999.
   
• Outward remittances in any permissible currency.
   
• Inward remittances including advance payments.
   
• Competitive and finer exchange rates/ Service charges.
   
• Exchange Earners Foreign Currency (EEFC) accounts facility.
   
• Assistance in obtaining credit reports on overseas parties.
   
• Speedy services through SWIFT connectivity/ advising of Letter of Credits.
   
• Issuance of Bid Bond/ Performance Guarantee.
   

Products and Services for Importers:

• Establishment of Import letters of credit for imports into India and handling of documents under Letters of Credit.
   
• Arrangement of buyer's credit at competitive rates.
   
• Handling of Import Bills on collection basis.
   
• Remittance of advance payment against Imports.
   
• Issuance of Guarantees as permissible under FEMA.
   
• Credit reports on overseas suppliers.
   
• Competitive and finer exchange rates/ service charges.
   
• Speedy services through SWIFT connectivity.

Exporters' Gold Card Scheme

Purpose of Scheme:

To simplify the procedures for providing credit to exporters, to make it more borrower friendly as per guidelines of Reserve Bank of India.

Eligibility:

1. Exporter should be in exports business for at least 3 years.
    
2. Credit risk rating should be at least UBI CR 3.
    
3. Existing borrowal account should be standard without any major irregularity for last years. The borrowal accounts with other banks may also be considered, subject to meeting such conditions.
    
4. Exporters name should not be in the ECGC's Specific Approval List (SAL) or  caution list of RBI.
    
5. Unit should be profit making for last 3 years with overdue bills below 10% of their turnover of current year.

Benefits for Exporters:

1. Disposal of credit proposals within stipulated time period.
    
2. Turnover method for the purpose of sanctioning of credit limits within working capital limit of Rs. 5 Crores. (Projected turnover shall be considered).
    
3. Relaxed inventory norms.
    
4. Standby limit of 20% over and above assessed limit as an additional limit.
    
5. Gold cards will be issued for 3 years.
    
6. Concession of 0.25% in rate of interest being charged on export credit. Further in case of Post Shipment Rupee Credit, the rate of interest applicable for 90 days, may be allowed upto the maximum period of 365 days.
    
7. Gold card holders shall be eligible for concession of 25% in all types of service charges.
    
8. In case of WTPCG, premium will be shared on 50:50 basis by Bank and Exporter. Besides exporters may be exempted from coverage of ECGC (buyer wise) policy.
   

NRI External Account

Eligibility:

Non Resident Indian (NRI) & Persons of Indian Origin (PIO), singly and/ or jointly with a non resident only.

Deposits:

• NRE accounts can be opened by remittances from abroad in any convertible.
   
• Currency or from transfer of funds from existing NRE/ FCNR accounts held by any person with any Bank in India.
   
• Accounts can also be opened during temporary visits of NRIs to India against tender of foreign currency traveler cheques/ notes and coins.
   
• The remittance received in foreign currency for opening of NRE accounts will be converted into Indian rupees at the prevailing exchange rates.
   
• Nomination facility available.

Forms of deposit:

Savings/ Current/ Recurring and Term Deposits.

Period of Deposit:

Minimum 1 Year to maximum 5 Years in case of Term Deposits and Recurring Deposits.

Rate of Interest:

Savings A/c : As applicable to domestic savings accounts.
 
Recurring & Term Deposits: As published from time to time.

Advantages:

• Principal alongwith interest freely repatriable in permissible currencies.
   
• The deposit amount will be converted into foreign currency at the prevailing rates at the time of outward remittance.
   
• Loans/ overdrafts in rupees can be availed by NRI depositors or 3rd party against security of term deposits.
   
• In terms of prevailing provisions of Income Tax Law, interest income from such deposits is exempt from Income Tax. Balances held in such accounts are also exempt from Wealth Tax. Further, gifts made to close relatives are free from Gift Tax.
   
• Facility of automatic renewal of term deposits on maturity and safe custody of deposit receipt is also available.
   
• Operations in the account are allowed to resident Indians through Power of Attorney for withdrawals from the account for permissible purposes.

Foreign Currency Non-Resident A/C

Eligibility:

Non-Resident Indians(NRI) and Persons of Indian Origin (PIO), singly and/ or jointly with a non resident only.

Currency Of Deposit

US Dollar, Pound Sterling & Euro.

Forms of deposit:

Term Deposit only.

Period of Deposit:

Minimum 1 Year to Maximum 5 Years.

Rate of Interest:

As published from time to time.

Advantages:

• Principal alongwith interest freely repatriable outside India.
   
• Loans/ overdrafts in rupees can be availed by NRI depositors or 3rd party against security of term deposits. Foreign currency loans can also be given to account holders only against security of FCNR deposit.
   
• In terms of prevailing provisions of Income Tax Law, interest income from such deposits is exempt from Income Tax. Balances held in such accounts are also exempt from Wealth Tax. Further, gifts made to close relatives are free from Gift Tax.
   
• Facility of automatic renewal of deposits on maturity and safe custody of deposit receipt is also available.
   
• Nomination facility available.

Non-Resident Ordinary Account (NRO)

Eligibility:

Non-Resident Indians(NRI) and Persons of Indian Origin (PIO), singly and/ or jointly with a Non-Resident/ Resident.

Deposits:

Deposits can be made in INR through transfer of existing deposits/ legally eligible local funds and/ or INR equivalent of proceeds of foreign exchange remitted from abroad.

Form of Deposit:

Savings/ Current/ Recurring/ Term Deposit

Period of Deposit:

Maximum of 10 Years in case of Recurring and Term Deposits.

Rate of Interest:

As applicable to Resident deposits from time to time.

Features:

• Joint Account with Resident Indian permissible.
   
• Loan facility against security of Recurring/ Term Deposit.
    
• Interest is repatriable.
   
• Nomination facility available.
   
• Facility of automatic renewal of deposits on maturity and safe custody of deposit receipt is also available.

Resident Foreign Currency Account (RFC)

Eligibility:

Returning Indians, who were earlier NRIs, returned to India for permanent stay, can open Resident Foreign Currency Account with us for the purpose of:

• Retaining their savings in foreign currency.
   
• Crediting the proceeds of FCNR(B)/ NRE deposits.
   
• Crediting foreign exchange received as pension or any other superannuation or other monetary benefits from his employer outside India.
   
• Crediting foreign exchange received or acquired when he was resident outside India as gift or inheritance from a person resident outside India.

Forms of Deposit:

Savings, Current and Term Deposits.

Period of Deposit:

Minimum 1 Year to Maximum 5 Years.

Rate of Interest:

As published from time to time.

Currency of Deposit:

US Dollar, GBP and EURO.

Features:

• Repatriation of funds is permitted for bonafides purposes for self & dependents including exchange required for travel, other personal and investment purposes.
   
• On becoming NRI again, you can transfer funds held in this account to FCNR (B) and/ or NRE accounts with us.
   
• Freely convertible into any of three currencies mentioned above.