| Question |
NRI Account Details Sheet |
| NRO |
NRE |
NRNR |
RFC |
FCNR |
| 1 |
What are the currencies in which I can open an account ? |
Only in Indian Rupees |
Only in Indian Rupees |
Only in Indian Rupees |
In four currencies namely USD,
GBP, DEM and Yen |
In four currencies namely USD,
GBP, DEM and Yen |
| 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. Amount will be converted
to rupees at spot exchange rate |
Yes. Currencies other than
the above four will be converted to any of the above four at spot rate
|
Yes. Currencies other than
the above four will be converted to any of the above four at spot rate
|
| 3 |
What are the type of accounts
and permitted periods ? |
Saving and fixed deposit for
periods of 46 days and above. |
Savings and fixed deposits
for periods of 6 months and above. |
Only fixed deposit for periods
of 6 months to 36 months |
Savings and fixed deposit for
flexible periods. |
Only fixed deposits for a period
of 6 months to 36 months. |
| 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. |
No, cheque book facility will
be available. |
No, cheque book facility will
be available. |
No, cheque book facility will
be available. |
| 5 |
At what minimum frequency can
I receive interest if I choose ? |
At 3 months. |
At 3 months. |
At 3 months. |
At monthly intervals. |
At 6 monthly intervals. |
| 6 |
What are the rates of interest
offered by your bank ? |
Competitive
rates as attached. |
Competitive
rates as attached. |
Competitive
rates as attached. |
Competitive
rates as attached. |
Interest
rates as per RBI directives as attached. |
| 7 |
Am I exposed to exchange
risk in maintaining accounts ? |
Loss of exchange if rupee depreciates.
|
Yes, loss in exchange in case
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
with other non residents or close resident relatives. |
Yes, joint accounts are permitted.
But all account holders shave 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 initiate
reverse settlement in non convertible rupees. |
Yes, nominations are permitted.
|
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. |
No. Deposit and interest is
exempted from Indian tax. |
No. Deposit and interest earned
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. |
Yes, loans are promptly available
upto 90% of deposit. |
No, RBI regulations does not
permit loans against RFC deposits. |
Yes, loans are promptly available
in the currency of deposit or in rupees upto 75% to depositors and in rupees
to third parties. |
| 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. |
Yes, through a power of attorney.
|
Yes, through power of attorney
except for repatriation. |
Yes, through power of attorney
except for repatriation. |
| 13 |
Can I leave instructions with
you to renew deposits automatically ? |
Yes, deposits will be renewed
automatic- ally based on your one time instructions |
Yes, deposits will be renewed
automatic- ally based on your one time instructions |
Yes, deposits will be renewed
automatic- ally based on your one time instructions |
Yes, deposits will be renewed
automatic- ally based on your one time instructions |
Yes, deposits will be renewed
automatic- ally 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 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 ? |
Principal amount is not repatriable.
Interest earned is repatriable subject to limits prescribed by RBI |
Principal and interest earned
are fully repatriable. |
Principal amount is not repatriable.
Interest earned is fully repatriable with effect from 1.10.94. |
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. |
Remittance can be made by cheque/
draft directly or by transfer to our Nostro accounts held abroad |
Remittance can be made by cheque/
draft directly or by transfer to our Nostro accounts held abroad . |
Remittance can be made by cheque/
draft directly or by transfer to our Nostro accounts held abroad . |
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 subject
to a penalty of 1%. |
Yes. Fixed deposit accounts
can be closed before due date. But interest rate payable will be subject
to a penalty of 1%. |
Yes. Fixed deposit accounts
can be closed before due date. But interest rate payable will be subject
to a penalty of 1%. |
Yes. Fixed deposit accounts
can be closed before due date. But interest rate payable will be subject
to a penalty of 1%. |
Yes. Fixed deposit accounts
can be closed before due date. But interest rate payable will be subject
to a penalty of 1% (on the date of deposit) over the rate applicable for
period for which it has run. Deposit should have run for a minimum period
of six months to be eligible for receipt of interest. |
