Abhyudaya Co-operative Bank

Deposit Schemes for Non – Resident Indians

Non-Resident persons of Indian origin /nationality can open the following types of Non-Resident Accounts in Abhyudaya Co-operative Bank Ltd:

NON-RESDIENT (EXTERNAL) RUPEE ACCOUNT (NRE)

Types of accounts you can open are Savings, Current or Term Deposit in Indian Rupees.
You can open an NRE account by :
1. Remittance from abroad (through SWIFT Payment Order).
2. Transfer of funds from existing NRE/FCNR accounts with other banks in India or from other branches of our bank.
3. Foreign currency notes/travellers cheques brought in during temporary visit to India.

Unique features of NRE accounts

The entire credit balance inclusive of interest earned can be repatriated outside India without reference to Reserve Bank of India.
NRE account can be operated by Resident Indians on the basis of a Power of Attorney or on the basis of a Letter of Authority issued by the NRI account holder. However PA/LA holder cannot cause repatriation of funds abroad.
Joint accounts can be opened along with other Non-Resident Indians. Joint accounts can also be opened with close relatives ( as defined in Section 6 of the Companies Act, 1956 ) living in India on “former or survivor “basis The resident close relative shall be eligible to operate the account as a Power of Attorney holder in accordance with the instructions during the life time of the NRI account holder.
Local disbursements, purchase of units of UTI, Central and State Government securities and National Savings Certificates can be made from these accounts.
Sale/Maturity Proceeds /repurchase proceeds of units of UTI, Securities or certificates originally purchased out of funds in these accounts can be credited without reference to RBI.
Under term deposits, deposits are accepted for a minimum period of 1 year and a maximum period of 3 years.
Loans to deposit holders /third parties in India are available against security of deposits.
Cheque book facility is available for NRE Savings Bank Account.
Interest earned is not taxable. No wealth tax on balances.
Attractive interest rates as applicable to domestic deposits are offered as per the latest RBI guidelines.

NON-RESIDENT ORDINARY ACCOUNTS (NRO)

The main purpose of NRO account is for putting through bonafide transactions in Rupees by individuals held prior to becoming NRI or acquired by them in India during their status as NRI, not involving the provisions of Foreign Exchange Management Act,1999 and Exchange control regulations.

NRO accounts can be opened in the form of Savings, Current or Term Deposits in Indian Rupees.
Funds held in NRO accounts can be repatriated outside India with an overall limit of USD one million per calendar year for bonafide purposes subject to payment of applicable tax. As per the latest guidelines of RBI an NRI is eligible to transfer funds from NRO account to NRE account within the overall ceiling of USD one million per financial year subject to payment of tax.
Interest earned on deposits is subject to deduction of tax at source at the rates applicable from time to time. Benefits under Double Taxation Avoidance Agreement can be availed subject to certain conditions.
Prevailing Rate of Interest as applicable for domestic deposits are applicable to NRO deposits
Loans in India to deposit holders /third parties in India are available against the security of deposits

FOREIGN CURRENCY NON-RESIDENT ACCOUNTS (FCNR- BANKS)

A unique scheme to guard against currency fluctuation risk.

Features of FCNR (B):

Accounts are maintained in foreign currencies and are held in the form of term deposits only.
FCNR ( B) accounts can be opened in USD,GBP, EUR & JAP YEN in our bank
Remittances can also be sent in any other foreign currency, which will be converted into one of the designated currencies as specified by the remitter
Deposits are accepted for a minimum period of 1 year and a maximum period of 5 years.
Interest shall be paid in the currency of the deposits. Conversion is permitted at the ruling exchange rate.
Interest is exempt from Income Tax. Balances are exempt from Wealth Tax.
Loans to deposit holders/third parties in India are available against the security of deposits.

General

Introduction is required for opening Non_Resident Accounts .If the NRI is already having any other category of NR account with then branch, no further introduction is necessary.
Introduction can be provided in any one of the following manner –
1. Getting signature on the account opening form witnessed by his/her banker abroad under their seal and signature.
2. Persons already having account with the branch including residents.
3. Getting signature attested by an official of the Indian Embassy or Consulate situated in the country of his/her residence.

Photocopy of all the pages of the passport and 2 passport /stamp size photos also to be submitted along with the application.
Term Deposits under NRE accounts are accepted under these categories-
1. Fixed Deposit (Simple Interest-Payable periodically)
2. Re-investment deposit scheme (Compound Interest)
3. Recurring Deposit investment in monthly installment
Nomination facility is available.
Loans against term deposits are available for purposes other than prohibited purposes like relending, carrying agricultural & plantation activity etc
Legitimate dues such as Rent, Dividend, Interest, Pension etc can be credited NRE/NRO account subject payment of applicable Income Tax, if any.

NON-RESIDENT DEPOSITS

NRE / NRO /FCNR

WCAG Compliance

NON-RESIDENT DEPOSITS

NRE / NRO /FCNR