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NRI Services

We offer the following bank accounts to you.

Non-resident (External) Rupee Accounts (NRE A/cs.) - For Interest Rates Click NRE A/c

Non-resident (Ordinary) Rupee Accounts (NRO A/cs.)

Foreign Currency Non-resident Accounts (FCNR(B) A/cs) -- For Interest Rates Click FCNR (B)

Resident Foreign Currency Account (RFC A/cs.) -- For Interest Rates Click RFC (SB)

(i) Non Resident (External) Rupee Accounts (NRE A/Cs)

These accounts are designed to help the individual NRIs for placing their savings meant for meeting uncertain exigencies or as investment in Term Deposits. Accounts can be maintained either as SB or as Term Deposits. The funds are repatriable along with interest.

Accounts can be opened by submitting duly filled in account opening form, (which is available on our website) 2 photographs and a copy of passport along with the foreign remittance.

Credits can be only out of foreign remittances/Travellers Cheques/Foreign currencies or proceeds of NRE Term Deposits, FCNR(B) Deposits or proceeds of certain other investments made out of NRE remittances.

Withdrawals are permitted for local payments, transfer to NRE/FCNR(B) accounts and certain other investments permitted by RBI.

Joint Accounts are permitted provided all account holders are NRIs.

Power of Attorney holders can operate the accounts for local payments and approved investments.

Bank issues special series of cheques to NRI Account holders for easy identification.

Term Deposits can be made in the normal course for a minimum period of 1 year and a maximum of 5 years in line with FCNR(B) Deposits.

Loans against term deposits can be availed for personal/business purposes. However, loan against term deposits cannot be availed for the purposes of relending, agriculture/plantation or for investments in real estate business. The interest on such loans shall be as per Bank's guidelines stipulated from time to time.

Premature closure of NRE Deposits for investment in Resident Foreign Currency (RFC) does not attract penal provisions relating to premature withdrawal.

Maturity period for NRE term Deposits is restricted to a maximum period of 5 years
Click here for Interest Rates on NRE Rupee Term Deposits

(ii) 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.

(iii) Foreign Currency Non Resident Accounts (FCNR (B) A/Cs)

These accounts can be opened out of foreign remittances or proceeds of NRE Accounts.

The Designated currencies are US Dollars(USD), Great Britain Pounds (GBP), EURO, Canadian Dollars(CAD) and Australian Dollars (AUD).

Conversion of Rupee into Designated Foreign Currency and vice versa for FCNR(B) Accounts will be at TT selling and TT buying rates respectively.

Presently FCNR(B) deposits of one year one day only are accepted in Euro, GBP,CAD and AUD and in case of USD 1 year to 5 years. No interest is payable if A/c is closed before completion of 1 year.

Loans permitted against these deposits on terms similar to loans against NRE Deposits.

Joint Accounts can be maintained and repatriation of funds can be done as applicable to NRE deposits detailed above.

On return of the depositor to India, the FCNR(B) A/c can be redesignated as RFC A/c.

Loans against FCNR(B) Deposits will be disbursed in Indian Rupees as well as in foreign currency.

In the absence of any instruction for automatic renewal of NRE/FCNR(B) Deposits, overdue deposits shall not be eligible for interest for the overdue period exceeding 14 days.
Click here for Interest Rates on FCNR(B)

(iv) 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.

Bank Accounts for NRIs

Indian Rupee Deposits

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
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
Allowed in favour of Residents/NRIs

Allowed in favour of residents/NRIs

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.

May I help you to open an account

Please take a print of Account Opening Form

Fill in the application form.

Send along with your cheque/draft to any of our branches (Annexure-A) OR

Remit directly to our account with our Correspondent Bank (Annexure-B)

Mention type of account, period and other relevant particulars.
Enclose two passport size photographs and also attested copies of passport.
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