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NRI Banking

Savings/current account:

  1. Account will be maintained in Indian rupees
  2. Account can be held jointly with Non Residents/Residents close relatives**
  3. Balances held in the account are freely repatriable
  4. Accrued interest income and balances held in the account are exempt from Income tax and Wealth tax respectively
  5. Nomination facility available
  6. Power of Attorney holders cannot open/close the NRE accounts but can undertake normal account operations.
  7. Interest payable on saving accounts presently @ 4.0 % p.a. on daily products
  8. **(as defined in section 6 of the companies Act, 1956)on "Former or Survivor" basis as a Power a Attorney holder in accordance with extant RBI instructions during the life time of the account holder

Term deposits

  • Term Deposit accounts can be funded out of inward remittance from abroad/transfer from existing NRE/FCNR accounts
  • Can be maintained for a period of one year and above for NRE deposits
  • Interest rates, , click here for the same
  • Interest payable with quarterly rests/quarterly compounded as the case may be.
  • Principal alongwith interest is freely repatriable in case of NRE Deposits
    and interest only in case of NRO Deposits
  • Accrued interest income is free from income tax in case of NRE
    Deposits. Whereas in case of NRO Deposits,interest income is subject to
    TDS.
  • Term Deposit account opening form, click here

    ALL BRANCHES ARE AUTHORISED TO ACCEPT AND MAINTAIN NON
    RESIDENT DEPOSIT ACCOUNTS, for branch locations click here

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