|
Query
|
Details at a glance
|
| NRO |
NRE |
RFC |
FCNR |
| 1 |
What are the currencies in
which I can open an account? |
Only in Indian Rupees |
Only in Indian Rupees |
In three currencies namely USD,
GBP, and EURO |
In five currencies
namely USD, GBP, EURO, AUD and CAD |
| 2 |
Can I open an account with
any convertible currency? |
Yes. Amount will be converted
to rupees at spot exchange rate |
Yes. Amount will be converted
to rupees at spot exchange rate |
Yes. Currencies other than the
above three will be converted to any of the above three at spot rate |
Yes. Currencies other
than the above five will be converted to any of the above three at
spot rate |
| 3 |
What are the type of accounts
and permitted periods? |
Current, Saving and Fixed deposit
for periods of 15 days and above (Minimum 7 days for single deposits
exceeding Rs.15.00 lakhs). |
Current, Savings and Fixed Deposits
for a period of 1 year to 5 years.
|
Current, Savings and Fixed Deposits
for a period of 1 year to 5 years.
|
Only fixed deposits
for a period of 1 year to 5 years. |
| 4 |
Can I have a cheque book facility? |
Yes, for NRO savings account cheque
book will be provided. |
Yes, for NRE savings account
cheque book will be provided. |
Not applicable |
Not applicable |
| 5 |
At what minimum frequency can
I receive interest if I choose? |
At 3 months for Fixed deposit
and 6 months for Savings Bank. |
At 3 months for Fixed deposit
and 6 months for Savings Bank. |
At monthly intervals. |
At 6 monthly intervals. |
| 6 |
What are the rates of interest
offered by your bank? |
Competitive
rates as given in www.indian-bank.com/interest.htm |
Competitive
rates as given in www.indian-bank.com/interest.htm |
Competitive
rates as given in www.indian-bank.com/interest.htm. |
Competitive
rates as given in www.indian-bank.com/interest.htm. |
| 7 |
Am I exposed to exchange risk
in maintaining accounts? |
Loss of exchange if rupee depreciates. |
Yes, loss in exchange in case
rupee depreciates. |
No, the amount is held in the
same currency totally insulated against exchange risk. |
No, the amount is
held in the same currency totally insulated against exchange risk. |
| 8 |
Can I open a joint account? |
Yes, joint accounts are permitted. |
Yes, joint accounts are permitted.
But all the account holders have to be non residents. |
Yes, joint accounts are permitted.
But all account holders have to be eligible for RFC account. |
Yes, joint accounts
are permitted. But all account holders have to be non residents. |
| 9 |
Can I register nomination in
the account? |
Yes, nominations are permitted. |
Yes, but nominees to receive
settlement in non convertible rupees. |
Yes, nominations are permitted. |
Yes, but nominees
entitled to receive settlement in non convertible rupees. |
| 10 |
Am I to pay tax on deposit
and interest? |
Yes. Deposit subject to wealth
tax and interest subject to Indian income tax at source if interest
exceeds Rs.5000/- |
No. Deposit and interest is exempted
from Indian tax. |
Interest earned subject to Indian
tax. |
No. Deposit and interest
earned are exempted from Indian tax. |
| 11 |
Can I take loans against my
deposit in case of need? |
Yes, loans are promptly available
upto 90% of deposit. |
Yes, loans are promptly available upto 90% of
deposit.Maximum Rs. 20
lakhs.
|
No, RBI regulations does not
permit loans against RFC deposits. |
Yes, loans are promptly
available in rupees upto 90% of the deposit. Maximum Rs. 20 lakhs. |
| 12 |
Can I authorise any resident
to operate the account? |
Yes, through a power of attorney. |
Yes, through a power of
attorney
except for repatriation.
Power of Attorney holder is permitted to remit through normal banking channel to the Non-Resident account holder, provided specific powers for the purpose are given. |
Yes, through power of attorney
except for repatriation. |
Yes, through a power of attorney
except for repatriation.
Power of Attorney holder is permitted to remit through normal banking channel to the Non-Resident account holder, provided specific powers for the purpose are given. |
| 13 |
Can I leave instructions with
you to renew deposits automatically? |
Yes, deposits will be renewed
automatically based on your one time instructions |
| 14 |
How can I open an account with
your bank? |
By completing the
common application form and sending to any of our branches along
with initial remittance by way of draft/ cheque/TT. |
By completing the
common application form and sending to any of our branches along
with initial remittance by way of draft/ cheque/TT. |
By completing the
common application form and sending to any of our FX authorised
branches along with initial remittance by way of draft/ cheque/TT. |
By completing the
common application form and
sending to any of our FX authorised branches along with initial remittance
by way of draft/ cheque/TT. |
| 15 |
Is deposit and interest repatriable
freely? |
Repatriation upto USD 1 million for any purpose per financial year from the balance in NRO account subject to payment of applicable taxes. Necessary application under section 195 of Income Tax Act and a certificate from a Chartered Accountant detailing the computation of tax liability and date of payment must be submitted. |
Principal and interest earned
are fully repatriable. |
Outward remittance from out of
RFC balances including interest is permitted for bonafide purposes
of account holder or for dependents. |
Principal and interest
fully repatriable. |
| 16 |
How can I remit funds to open
an account with you |
Remittance can be made by cheque/
draft directly or by transfer to our Nostro accounts held abroad. |
| 17 |
Can I close fixed deposit accounts
prematurely? |
Yes. Fixed deposit accounts can
be closed before due date. But interest rate payable will be the rate
applicable for the period for which it has run |
Yes. Fixed deposit accounts can
be closed before due date. But interest rate payable will be rate
applicable for the period for which it has run. Deposit
should have run for a minimum period of 1 year to be eligible for
interest |
Yes. Fixed deposit accounts can
be closed before due date. But interest rate payable will be rate
applicable for the period for which it has run. |
Yes. Fixed deposit
accounts can be closed before due date. But interest rate payable
will be the rate applicable for period for which it has run. Deposit
should have run for a minimum period of
1 Year to be eligible for receipt of interest. |
