OPENING OF NRI ACCOUNT HOW TO OPEN AN NRI ACCOUNT WITH A BRANCH IN INDIA 1. To open an NRE account please complete the account opening form and mail it and also send by post to the Branch of your choice along with the following documents:     Passport Copy Visa/Residence Permit 2 Photographs Initial Money remittance Your signature may be verified by any one of the following:  Indian Embassy/Consulate  Any person known to the Bank  Notary Public  Any of our offices abroad. 2. YOU CAN OPEN     3. NRE SAVINGS BANK ACCOUNT     4. NRE Savings Bank A/c Current Account. Fixed Deposit in Indian Rupees. Fixed Deposit in Foreign Currency. NRO accounts (Rupee accounts for crediting income in India). You can authorise a resident to operate your account through a power of Attorney or Letter of Authority. Nomination Facility available (Nominee can be a resident Indian also). Can be opened only by non-resident Indians(NRIs) Can be opened jointly only with another NRI. Can also be opened with resident Close Relative on ‘Former or Survivor’ Basis. ATM cards can be issued . Internet Banking facility available. You can view and then transact in your account(s) online. Permissible Credits       Remittance from abroad (SWIFT etc) Personal Cheques drawn on your account abroad. Proceeds of Foreign Currency notes/travellers cheques tendered by you in person during your visit to India. Amounts in excess of $5000(or equivalent) in currency or $10000(or equivalent) in travellers cheques should be accompanied by a currency declaration form. Draft issued by Banks/Exchange cos. abroad. Transfer from NRE Account. Interest/dividend/maturity proceeds of investment made in India on repatriable basis. 5. FOREIGN CURRENCY NON RESIDENT DEPOSIT ACCOUNTS          6. 7. 8. FCNR accounts can be opened only by NRIs. Can be opened jointly with another NRI. Can be opened jointly with resident close relative on ‘former or survivor’ basis. Nomination facility is available.(Nominee can be a resident Indian also) Deposits can be opened in US$, EURO, Sterling Pounds, Canadian Dollars, Australian Dollars, Japnese Yen. The minimum period of deposit is one year and the maximum period is 5 years. Premature withdrawal is permitted subject to 1% penal interest. No interest is payable if the deposit is closed within one year. Rupee loans can be taken in India against security of the deposit by the depositor(s) and by Third Parties. Foreign Currency Loan can be availed abroad against the security of FCNR deposits. NRE TERM DEPOSITSRUPEE DEPOSITS OF FIXED TERMS:  Minimum period 1 year  Maximum period 5 years, however accounts can be opened upto 10 years.  Interest can be drawn quarterly on Term Deposits (TDRs) or compounded quarterly on Special Term deposits (STDRs)  Premature withdrawal permitted.  Interest payable in case of premature withdrawal will be the applicable rate for period deposit has been with the bank less 0.50%.  No interest is payable for deposits of less than 12 months.  Principal & interest are fully repatriable. Recurring Deposits: A fixed sum can be invested monthly and the total amount can be withdrawn with interest on maturity. Rate of interest applicable in Term Deposit will apply. NON RESIDENT (ORDINARY ACCOUNTS)  Can be opened jointly with non residents/or residents.  Can be Savings Bank , Current Account, Fixed deposits, Recurring Deposits.  Investment in shares/securities/immovable properties on non-repatriation basis with general or specific permission from the RBI.  Balance can be repatriated for any bonafide purpose, subject to payment of taxes, duly certified by a Chartered Accountant up to a maximum of US$ one million per financial year. Income tax at applicable rate will be deducted at source on interest earned in the NRO Account irrespective of the amount of interest.  Loan against NRO Term Deposit is permissible.  Your income in India can be credited to NRO Account. RESIDENT FOREIGN CURRENCY ACCOUNTSNRIs returning to India for permanent settlement can open RFC accounts: Permissible Credits Balance in NRI/FCNR accounts on arrival in India (Fixed Deposits can be closed pre-maturely without penalty or held till maturity and credited to RFC account)  Remittances from abroad being sales proceeds of assets held abroad or income earned abroad.       Proceeds of Foreign Currency rates/travellers cheques brought into India. RFC accounts can be opened by PIOs/NRIs returning to India after staying abroad. Joint holding with another person eligible to open RFC account is permitted. Funds can be used to make bonafide payments abroad. Withdrawals can be made for making payments in India. Withdrawals in India are permitted in Rupee only. The account can be converted to FCNR/NRI accounts in case the person becomes an NRI again.