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  ABHYUDAYA CO-OPERATIVE BANK LTD.
  MULTI STATE SCHEDULED BANK
   

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Tuesday, 22-Aug-2017  08:53:15 AM
 
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Non-Resident Deposits
 
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 :
    • Remittance from abroad (through SWIFT Payment Order).
    • Transfer of funds from existing NRE/FCNR accounts with other banks in India or from other branches of our bank.
    • 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.
 
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