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Syndicate Bank - Home
 
Home >> NRI Services >> Others Schemes
 
Others Schemes
 
Bank Accounts for NRIs
 
Indian Rupee Deposits
  NRE / FCNR(B) A/c NRO A/c
Type of Accounts
  1. Savings Bank Deposit
  2. Current Deposit
  3. Fixed Deposit
  4. Reinvestment Deposit
  5. Cumulative Deposit
  1. Savings Bank Deposit
  2. Current Deposit
  3. Fixed Deposit
  4. Reinvestment Deposit
  5. Cumulative Deposit
Period Minimum 1 Year
Maximum 5 years
 
Rate of Interest S.B. 4.00% p.a. (w.e.f. 03.05.2011) S.B. 4.00% p.a.
Joint Holding
Allowed in the name of 2 or more NRIs residing in the same or different countries belonging to external group
Allowed with residents
Nomination Allowed in favour of Residents/NRIs Allowed in favour of residents/NRIs
Repatriability
Freely repatriable (Principal as well as interest)
Balance (Principle) is not repatriable. Current income and interest earning net of taxes is repatriable.
Tax Exemptions
  1. Interest exempt from Income-Tax.
  2. Balances exempt from Wealth-Tax
  3. Gifts to close relatives from such accounts exempt from Gift Tax.
No tax exemptions.
Interest Taxable.
Rate varies depending on country of residence of NRI.
 
Resident Foreign Currency Account (Domestic)
 

In line with RBI’s Policy towards liberalisation and announcement of Resident Foreign Currency (Domestic ) Deposits Scheme for Resident Indians , Syndicate Bank has launched the scheme wherein Residents can open current accounts in Dollars, Pounds and Euro and credit the proceeds of foreign exchange acquired in the form of currency notes, bank notes & travellers cheques from the sources specified as below :

a) was acquired while on a visit to any place outside India by way of payment for services not arising from any business in or anything done in India; or

b) was acquired from any person not resident in India and who is on a visit to India, as honorarium or gift or for services rendered or in settlement of any lawful obligations; or

c) was acquired by way of honorarium or gift while on a visit to any place outside India; or

d) represents the unspent amount of foreign exchange acquired by him from an authorised person for travel abroad.

  • Debits will be permitted for payment towards Current/Capital Account transactions in accordance with the existing foreign exchange regulations.
  • Cheque Book facility will be provided for such accounts.
  • The minimum balances to be maintained in the accounts are US$-500, GBP-250 and EURO 500.
  • There is no ceiling on the maximum balances that can be maintained in the account.
  • The account shall be maintained in the form of Current A/c only and will not carry any interest.
  • RFC (Domestic) deposits can be transferred from one designated branch to another designated branch.
  • All guidelines applicable to Foreign Currency Transactions as per FEMA and RBI guidelines from time to time shall be followed.
  • Click here for Interest Rate on RFC (SB)

This scheme is in addition to the existing Resident Foreign Currency Scheme which Bank is operating for Residents who were earlier NRIs and have returned to India after working abroad.

 
Non Resident Ordinary Rupee Accounts (NRO A/cs)
 
  • Besides all credits permitted in NRE A/cs, all legitimate dues in India can be credited to NRO A/cs.
  • The accounts can be maintained in the form of Savings, Current, Recurring or Fixed deposit A/cs.
  • An undertaking that credits and debits in the A/c will be in accordance with regulations made by RBI in this regard shall be furnished.
  • Normally the funds held in NRO Accounts are non repatriable, unless specifically permitted by RBI and any such remittance would be after deduction of applicable taxes. However, current net income earned net of taxes is repatriable.
  • The accounts can be jointly held with residents.
  • No tax exemption is available
 
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