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Important message for Savings account customers
Please make note of the following changes effective 1st April 2010:
- As per RBI mandate, Savings Bank interest will be calculated on the daily balances maintained in your account, at a rate of interest as specified by RBI from time to time (existing rate is 3.5% p.a.).
- The Savings Bank interest will be paid at half yearly intervals on 30th September & 31st March each year.
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We understand that as a NRI, you have specific banking needs. Which is why we offer a variety of Accounts & Deposits to suit your need. Please select a product to know more about it.
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Rupee Savings
Accounts |
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NRE Savings Account
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Route investments
on repatriable basis |
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Maintain your savings
in rupees |
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Hold jointly with
other NRIs |
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No tax on funds or interest |
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Earn interest @ 3.5% p.a. |
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NRO Savings Account
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Open a Savings, Current
Account or Term Deposit in Indian Rupees |
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Repatriate interest after payment of tax |
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Route investments made out of Indian funds |
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Earn interest @ 3.5%
p.a. |
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Special Resident Indian Savings Account
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Available to Resident Family members of existing as well as new NRI customers. |
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Group your Savings account with the account of the NRI you choose |
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Rupee Current Accounts |
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NRE Current Account
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Route investments made on repatriable basis |
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Move your funds out of India, whenever you wish to |
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No tax on funds or interest |
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NRO Current Account
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Joint Current Account that can be operated from India in Indian Rupees |
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Credit dividends from shares and other legitimate local dues |
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Rupee Fixed
Deposits |
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NRE Fixed Deposits
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Route investments made on repatriable basis |
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No tax on entire deposit, principal and interest |
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Avail overdraft upto
75% of the deposit, or 1 Crore, whichever is lower. |
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Hold jointly held with another NRI |
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NRO Fixed Deposits
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Can be held jointly with a Resident Indian |
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Avail of loans on
up to 75% of the deposit |
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SuperSaver Account
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Combine a Fixed Deposit and a Savings or Current Account |
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Avail overdraft
upto 75% of the deposit, or 1 Crore, whichever is lower without
breaking the Fixed Deposit or losing interest. |
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Sweep-in Account
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Link your Fixed Deposit to your NRI Savings or Current Account |
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Cover the deficit in your Savings or Current Account by your Fixed Deposit, without disturbing the interest on the remainder. |
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Foreign Currency Deposits |
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FCNR Deposits
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Park your funds in US Dollars, Pounds, Euro, Japanese Yen and get protection from exchange risk |
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No income tax on funds and interest |
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Super Saver facility - take an overdraft on your Savings/Current Account against your FCNR Deposit. |
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Can be held jointly with other NRIs |
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Access funds whenever you need them, since both the principal and interest are repatriable |
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Accounts for Returning Indians |
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RFC Savings Account
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Hold your money in US Dollars, Pounds, Yen and the Euro |
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Avail of the spot exchange rate on conversion of your foreign currency to Indian Rupees when you access your funds |
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RFC Fixed Deposits
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Hold your money in US Dollars, Pounds, Yen and the Euro |
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Avail of the spot
exchange rate on conversion of your foreign currency to Indian
Rupees when you access your funds
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