NRI Accounts | Banking Solutions Tailored for NRI
I) FOREIGN CURRENCY (NON RESIDENT) ACCOUNTS
Foreign Currency (Non Resident) (FCNR) accounts can be opened by non resident Indian and persons of Indian origin.
The accounts can be opened as Term Deposits in the following currencies:
1. US Dollar (USD)
2. Great Britain Pound (GBP)
3. EURO (EUR)
4. Japanese Yen (JPY)
5. Canadian Dollar (CAD)
6. Australian Dollar (AUD)
7. Singapore Dollars (SGD)
8. New Zealand Dollar (NZD)
9. Swiss Franc (CHF)
The period of deposit will be 1 year to 5 years. Interest will be paid on maturity, in the same currency of the deposit. For deposits of tenure up to one year simple interest will be paid and for deposits of tenure beyond one year the interest will be compounded at half yearly rests. The maturity proceeds inclusive of interest is fully repatriable.
Current Interest Rates Details
Minimum amount of deposit shall be: 1000 unit of Foreign currency for all except Japanese yen for which it is 100000 unit.
Premature Closure is allowed. However the interest payable in such cases will be one percent below the rate applicable for the period the deposit has run.
No interest is allowed on a deposit if closed prematurely before completion of one year. Swap charges will be levied for premature closure of large deposits.
Loans against the security of FCNR accounts can be extended to the account holder/ third party in India, without any limits, subject to the usual margin requirements.
FCNR Accounts are Opened Only at Designated Branches.
II) NON RESIDENT EXTERNAL (NRE) ACCOUNTS
- NRE Accounts are Indian rupee denominated accounts that can be maintained as Savings, Current or Term Deposit.
- Accounts can be maintained individually or jointly with other NRI/PIO with Former or survivor clause.
- Credits to NRE accounts can be by way of remittance from abroad in permitted currencies, or by transfer from other NRE/FCNR accounts.
- The entire balance in the account is fully repatriable.
- Loan facility is available against the security of NRE Term deposits.
- Interest income is free from income tax
- Premature closure of deposit is permitted subject to conditions
- Operation in the account allowed by duly executed power of attorney or mandate for local payments.
- Nomination facility available. Nominee can be a resident Indian.
III) NON RESIDENT ORDINARY(NRO) ACCOUNT
- NRIs and PIO can maintain NRO account for bonafide local banking transactions denominated in Rupees, not involving any violation of the provisions of FEMA and rules and regulations made thereunder.
(Note: Opening of accounts by individuals/entities of Bangladesh / Pakistan nationality / ownership requires prior approval of Reserve Bank of India)
- When a resident Indian becomes non resident, the existing account in India will be designated as NRO account.
- The accounts can be in the form of savings, current or term deposits.
- Joint account with other NRI(s)/PIO or close resident relative is permitted with Former or survivor clause.
- Remittances from abroad and legitimate dues in India of the account holder can be credited to the account.
- Interest income is subject to income tax.
The following debits are permitted in the account
(i) All local payments in rupees including payments for investments in India subject to compliance with the relevant regulations made by the Reserve Bank.
(ii) Remittance outside India of current income like rent, dividend, pension, interest, etc. in India of the account holder.
(iii) Remittance up to USD One million, per financial year (April-March), for all bonafide purposes, to the satisfaction of the bank.
IV- RESIDENT FOREIGN CURRENCY (RFC) ACCOUNT
A Resident Foreign Currency account in India can be maintained by a Non-resident Indian who has returned home for permanent settlement, after staying abroad for a minimum period of one year. An RFC account can be opened without any regulatory approval from the Reserve Bank of India.
RFC accounts can be maintained in USD/EUR/GBP/JPY/AUD/CAD in the form of Savings / Term Deposit.
Credits to the account can be in any of the following means:
- Balances standing to the credit of NRE and FCNR accounts at the time of return
Income from overseas assets or sales proceeds from overseas assets
Entire amount of pension received from abroad - Balance in the account can be remitted abroad for bonafide purposes either for yourself or your dependants.
- If you decide to go abroad again you can transfer your funds to NRE/FCNR account(s)
Interest earned on RFC account is subject to tax.
| Sr. No. | Scheme Name | NRI Elevate | NRI Privilege | NRI Signature |
|
Type |
NRE SB/NRO SB |
NRE SB/NRO SB |
NRE SB/NRO SB |
|
|
1 |
Eligibility |
All NRI Customers are eligible |
||
|
2 |
Minimum SB Balance Requirement |
Minimum Quarterly Average Balance (QAB) of Rs. 50,000/- |
Minimum Quarterly Average Balance (QAB) of Rs. 1.00 lakhs |
Minimum Quarterly Average Balance (QAB) of Rs. 2.00 lakhs. |
|
|
or |
or |
or |
|
|
Minimum Total Term Deposit Balance Requirement |
Total Term Deposit (NRE/NRO/FCNR) is equivalent to Rs. 5 Lakh (based on CIF) |
Total Term Deposit (NRE/NRO/FCNR) is equivalent to Rs. 10 Lakh (based on CIF) |
Total Term Deposit (NRE/NRO/FCNR) is equivalent to Rs. 20 Lakh (based on CIF) |
|
|
3 |
Relationship Manager |
NA |
NA |
Available, Branch Manager, Specialized NRI Help Desk, RO & CO" |
|
4 |
Preferential exchange margin on Inward Remittance in USD equivalent FCY. |
Preferential conversion rate for all inward remittances based on the below slab |
||
|
> USD 5000 to USD10 000 |
Card Rate (TT BR) + 4 bps |
Card Rate (TT BR) + 5 bps |
Card Rate (TT BR) + 6 bps |
|
|
>USD10,000 to USD 50,000 |
Card Rate (TT BR) + 8 bps |
Card Rate (TT BR) + 10 bps |
Card Rate (TT BR) + 12 bps |
|
|
>USD 50,000 |
Card Rate (TT BR) + 11 bps |
Card Rate (TT BR) + 12 bps |
Card Rate (TT BR) + 15 bps |
|
|
5 |
Inward remittance charges |
NIL |
NIL |
NIL |
|
6 |
Concession on Outward Remittance charges |
10% on Outward Remittance charges (SWIFT Charges – No concession) |
25% on Outward Remittance charges (SWIFT Charges – No concession) |
50% on Outward Remittance charges (SWIFT Charges – No concession) |
|
7 |
Personal Accident Insurance Coverage during their visit in India (With account) |
Rs. 10 lakhs |
Rs. 20 lakhs |
Rs. 30 lakhs |
|
8 |
Air Accident Insurance (within PAI) |
Rs. 10 lakhs |
Rs. 20 lakhs |
Rs. 30 lakhs |
|
9 |
Personal Accident Insurance Coverage (in the Rupay debit card) subject to the terms and conditions of NPCI |
Rs.2. lakh on Rupay Platinum |
Rs. 10 lakh on Rupay Select |
Rs. 10 lakh on Rupay Select |
|
10 |
NEFT / RTGS/IMPS |
NIL transaction charges |
NIL transaction charges |
NIL transaction charges |
|
11 |
SMS/E-mail alert |
NIL charges |
NIL charges |
NIL charges |
|
12 |
One Prepaid domestic Card to family member |
one prepaid domestic card to family member where card issuance charges is free only. card limit, loading etc as per the prepaid card guidelines of the bank and RBI |
||
|
13 |
Debit card variant |
VISA Gold/ Rupay Platinum (or lower variants if customer opts) |
VISA Signature/Rupay Select (or lower variants if customer opts) |
VISA Signature/Rupay Select (or lower variants if customer opts) |
|
14 |
Lounge Access |
As per card variant. Lounge access to domestic/international airports and railway stations shall be provided as per the offers given by the card aggregator service providers, i.e., M/s NPCI, M/s VISA etc., in accordance with their terms and conditions. Branches are requested to educate the customer to refer the website of the respective card provider (VISA/RuPay) for the updated details from time to time |
||
|
15 |
Debit issuance Card charges |
Nil |
NIL |
NIL |
|
16 |
Debit Card AMC |
As per applicable charges |
NIL (Subject to maintenance of QAB for last quarter or required Deposit as per the scheme is available) |
NIL (Subject to maintenance of QAB for last quarter or required Deposit as per the scheme is available) |
|
17 |
ATM Cash Withdrawal |
VISA Gold – Rs. 40,000/- Rupay Platinum- Rs. 50,000/- Rupay Platinum- Rs. 50,000/- |
VISA Signature-Rs. 1,00,000/ Rupay Select-Rs. 50,000/- |
VISA Signature-Rs. 1,00,000/ Rupay Select-Rs. 50,000/- |
|
18 |
POS limit per day |
VISA Gold - Rs. 1,25,000/- Rupay Platinum - Rs. 1,25,000/- |
VISA Signature-Rs. 3,50,000/- Rupay Select - Rs. 5,00,000/- |
VISA Signature-Rs. 3,50,000/- Rupay Select - Rs. 5,00,000/- |
|
19 |
E-Com Limit |
VISA Gold - Rs. 1,25,000/- Rupay Platinum - Rs. 1,25,000/- |
VISA Signature-Rs. 3,50,000/- Rupay Select - Rs. 3,50,000/- |
VISA Signature-Rs. 3,50,000/- Rupay Select - Rs. 3,50,000- |
|
20 |
Number of ATM transactions free per month |
IOB ATM- Free |
IOB ATM- Free |
IOB ATM- Free |
|
Other bank ATM in India 5 transactions per month |
Other bank ATM in India – 10 transactions per month |
Other bank ATM in India – 10 transactions per month |
||
|
21 |
Credit Card subject to eligibility |
Issue charges- NIL |
Issue charges- NIL |
Issue charges- NIL |
|
AMC- As per applicable charges |
AMC- As per applicable charges |
AMC- 50 % waiver |
||
|
22 |
Locker rent Concession after one-year completion of SB account |
15% |
25% |
50% |
|
23 |
Concession in Processing charge on Housing loan after one-year completion of SB account |
100% - If the loan amount exceeds Rs 25 lakhs. 50% - if it is less than Rs 25 lakhs |
100% |
100% |
|
24 |
Concession in Processing charge on Vehicle loan after one-year completion of SB account |
25% |
50% |
100% |
|
25 |
Sweep facility (weekly once with maximum amount of Rs 1.50 Cr per week) |
NIL |
NIL |
NRE- Auto transfer of funds exceeding Rs 3,00,000/- to Flexi Fixed deposit with multiple of Rs 1,00,000/- for 12 months. |
|
(No interest to be paid if closed before 12 months, no additional interest for Senior citizen/ex staff members.) |
||||
|
NRO- Auto transfer of funds exceeding Rs 3,00,000/- to Flexi Fixed deposit with multiple of Rs. 1,00,000/- for maximum period of 179 days. |
||||
|
26 |
Certificate charges |
NIL charges for |
NIL charges for |
NIL charges for |
|
• Balance certificate |
• Balance certificate |
• Balance certificate |
||
|
• Interest certificate |
• Interest certificate |
• Interest certificate |
||
|
27 |
Demat Account |
Nil opening charges |
Nil opening charges and AMC |
Nil opening charges and AMC |
|
28 |
Foreign Cheque collection |
As per applicable charges |
No charges for cheque collection |
No charges for cheque collection |
|
29 |
Foreign Cheque return charges |
NIL |
NIL |
NIL |
|
30 |
Cheque book Issuance charges |
Free- 80 cheque leaves per year. One cheque book of 20 leaves at a time. |
Free- multiple of 20 leaves. One cheque book of 20 leaves at a time. |
Free- multiple of 20 leaves. One cheque book of 20 leaves at a time. |
|
31 |
DD issuance charges |
NIL |
NIL |
NIL |
|
32 |
Non maintenance of QAB charges |
|
|
|
|
NIL- If Deposit of Rs. 5 lakh is maintained |
NIL- If Deposit of Rs. 10 lakh is maintained |
NIL- If Deposit of Rs. 20 lakh is maintained |
||
|
33 |
Internet Banking & Mobile Banking |
Available with free of charge |
Available with free of charge |
Available with free of charge |
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