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NRI SAVINGS ACCOUNT
 
Features NRE Savings Account NRO Savings Account RFC Savings Account for Returning NRIs
Eligibility NRIs (individuals/entities of Bangladesh/Pakistan nationality/ownership require prior approval of RBI).
  1. Any person resident outside India (other than a person resident in Nepal and Bhutan).
  2. Individuals/entities of Pakistan Nationality/ownership, entities of Bangladesh ownership and erstwhile Overseas Corporate Bodies require prior approval of Reserve Bank of India.
A Resident Foreign Currency Savings Account can be opened by NRIs who have returned for permanent settlement after being resident outside India for a continuous period of not less than one year. These funds can be transferred to an NRE/FCNR account upon change of status to NRI again.
Joint Account facility Account can be held jointly by a NRI (persons of Indian nationality or origin) / with a Resident Indian (Former or Survivor basis). A Resident Indian can operate the account only as a Mandate / POA holder. The Resident Indian must be a close relative as defined in Section 6 of the Companies act, 1956. Account can be held jointly by a NRI (persons of Indian nationality or origin) / with a Resident Indian. Account can be held jointly by eligible Returning NRI with a Resident Indian (Former or Survivor basis). The Resident Indian must be a close relative as defined in Section 6 of the Companies act, 1956.
Currency in which account maintained Indian Rupees (INR) Indian Rupees (INR) US Dollar (USD), Great Britain Pound (GBP)
Repatriation Principal and interest are fully repatriable RBI allows repatriation only for i) current income ii) up to USD one million per financial year (April-March), for any bonafide purpose after payment of applicable taxes. Funds are repatriable for bonafide purposes
Mandate Holder An Indian resident can be authorized to operate the account and provided with an ATM card for the account An Indian resident can be authorized to operate the account and provided with an ATM card for the account N.A.
Interest Rate 4% p.a. 4% p.a. Rate as advised by Bank from time to time as per stipulated guidelines.
Taxation Interest earned is exempted from Tax in India Interest is taxable under Indian Income Tax Act Interest earned is exempted from Tax in India provided Resident but Not Ordinarily Resident (RNOR) status is held as per the Income Tax Act
Cheque Book Free 50 Cheque leaves per annum Free 50 Cheque leaves per annum Free 50 Cheque leaves per annum
Fund Transfer Free fund transfer within bank (Self A/c or Third Party)
Free collection of NEFT/RTGS
Free NEFT/RTGS through Net banking
Free fund transfer within bank (Self A/c or Third Party)
Free collection of NEFT/RTGS
Free NEFT/RTGS through Net banking
Free fund transfer within bank (Self A/c or Third Party)
Free collection of NEFT/RTGS
Free NEFT/RTGS through Net banking
Ancillary Services • Free Internet banking
• Missed Call alert facility for obtaining account balance
• Online Income Tax return filing facility
• Free utility bills payment facility through E-pay
• ATM cum International Debit Card (EMV chip based)
• Free Internet banking
• Missed Call alert facility for obtaining account balance
• Online Income Tax return filing facility
• Free utility bills payment facility through E-pay
• ATM cum International Debit Card (EMV chip based)
• Free Internet banking
• Missed Call alert facility for obtaining account balance
• Online Income Tax return filing facility
• Free utility bills payment facility through E-pay
• ATM cum International Debit Card (EMV chip based)
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NRI SAVINGS ACCOUNT