Deposit product designed to make your Saving larger by easy/small funding through Non Resident (Ordinary) Cumulative Deposit Account to meet your future needs.
- Funds held in these accounts cannot be repatriated. However, funds representing current income like rent, dividend, pension interest etc, are repatriable based on certification by a Chartered Accountant that the amount proposed to be remitted is eligible for repatriation and that applicable taxes have been paid.
- Can be utilized for local payments and for other investments on non-repatriation basis.
- Can be jointly held with Resident Indians.
- Interest earned on the deposit is subject to tax as applicable.
- Nomination facility is available.
- Non-Resident Indians (NRI)
Non-Resident Indians (NRI) is an Indian citizen who stays outside India for:
- Employment / Carrying out Business/Vocation or for any other purpose for an indefinite period.
- Indian Citizen working abroad on Assignment with Government Agencies/ Foreign Government Agencies and Public Sector Undertakings agencies/ Indian Diplomatic Missions/ International & Multinational Agencies like UNO/IMF/World Bank etc.
- Seafarers of Indian nationality / origin employed by overseas shipping companies.
- Indian students pursuing studies in abroad.
- PIOs – Persons of Indian Origin / OCI (Overseas Citizen of India)
Person of Indian Origin (PIO) / Overseas Citizen of India (OCI) is an individual holding Foreign Passport other than Bangladesh or Pakistan:
- A Citizen of India by virtue of the Constitution of India or the Citizenship Act,1955 (57 of 1955) or who belonged to a territory that became part of India after the 15th day of August, 1947.
- Having Parent/Grandparent as Citizen of India by virtue of Constitution of India or the Citizenship Act,1955.
- Spouse of Foreign Origin of Indian Citizen/ spouse of an PIO/OCI.
- Valid Indian Passport/ Overseas Resident Card.
- Employment Visa/ Work permit / Overseas Resident Card/Student Visa/ Overseas Resident Card.
- Communication Address Proof - The address on the document must be the same as the address mentioned in the application form.
- Pan Card / Form 60 to be provided mandatorily.
In case of off-site verification, all photocopies of the above proofs must be attested by any of the following:
- Authorised officials of overseas branches of Scheduled Commercial Banks registered in India.
- Branches of overseas banks with whom Indian banks have relationships.
- Notary Public abroad.
- Court Magistrate.
- Judge, Indian Embassy/Consulate General in the country where the non-resident customer resides.