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NRI Services
Opening of NRI Account | Resident Foreign Currency Accounts (RFC Account) | SWIFT Route Format | NRE Accounts |
NRO Accounts | FCNR(B) Accounts | Western Union Money Transfer Paying Branches
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Your sense of belongingness to the Motherland is un-parallel and time tested. We at SBBJ know and understand this unparalleled bond, the sense of belonging and the affections you share with your mother land that is India.

We at SBBJ, assure you of:

  • Highest returns on your Deposits
  • Repatriation of Funds
  • Interest income exempt from Indian Income Tax Rules (As permitted under extant Income Tax Act.)
  • Loan Facility
  • Internet Banking
  • ATM Card
  • Mobile Banking
All this and more, they accompany with unmatched security of funds and dependability.
 

Who is NRI?
Who is a Non-Resident Indian [NRI]

A Non Resident Indian (NRI) as per FEMA 1999 is an Indian citizen or Foreign National of Indian Origin resident outside India for the purpose of employment, carrying on business or vocation in circumstances as would indicate his intention to stay outside India for an indefinite period. An individual will also be considered NRI if his stay in India is less than 182 days during the preceding financial year.

A Person of Indian Origin(PIO) has been defined differently for maintaining deposits accounts and for property etc. For the purpose of maintaining a deposit accounts: A Person of Indian Origin (PIO) is a citizen of any country other than Pakistan, Bangladesh, if-
a. he at any time held an Indian Passport; or
b. he or either of his parents or grand parents was a citizen of India,
c. the person a spouse of an Indian Citizen or a person referred to above.

Types of Deposit Accounts

We at SBBJ have bouquet of accounts to suit all your requirements and welcome you to open them with any of our branches:
  • NRE Savings Bank Rupee Account.

  • Current Account

  • NRE Term Deposit (Deposits in Indian Rupee)

  • Foreign Currency Non-Resident Deposit Account (FCNR-B Account) (Deposits in 6 Permitted Foreign Currencies)

  • Non Resident (Ordinary) Account (Deposits in Indian Rupee) [For crediting income In India]

  • Resident Foreign Currency Account (RFC Account)


NRE Savings Bank Rupee Accounts / Rupee Current Account

  • Can be opened only by any Non-Resident Indians (NRIs)

  • Can be opened jointly only with another NRI/Joint account with resident close relative may be opened on Former or Survivor basis.

  • ATM-cum-Debit Card can be issued. If you wish, International ATM-cum-Debit Card can also be issued

  • Internet banking facility available. Through our SBBJ Online Banking facility transact at your convenience, saving time and cost

  • You can view and then transact on your account(s) online

  • Can be opened with Low Minimum balance of Rs.500/- (Rs. 1000/- in case of Cheque operated account)

  • Nomination facility is available (nominee can be a resident Indian also)

  • You can also withdraw cash from Maestro endorsed ATMs of other banks (5 transaction in a month -FREE) under bilateral sharing.

  • As and when you desire to transfer your account to any other branch, it can be transferred without any charge

  • Your deposits under the scheme are exempt from Income Tax and Wealth Tax as per extant tax rules

  • You can give 'Power of Attorney' to operate this account as permitted under extant FEMA-1999 rules

Permissible Credits:

  • Remittances from abroad (SWIFT, Telegraphic transfers)
  • Personal cheque drawn on your account(s) abroad.
  • Proceeds of Foreign Currency Notes/ Travellers cheques tendered by you in person during your visits to India. Amounts in excess of $ 5000 (or equivalent) in currency or $ 10,000/- (or equivalent) in Travellers cheques should be accompanied by a Currency Declaration Form.
  • Drafts issued by Bank/Exchange Cos. abroad
  • Transfer from another NRE /FCNR account
  • Interest/dividend/maturity proceeds of investments made in India on repatriable basis.
  • Any other credit as permitted by the RBI
 

Permissible Debits:

  • Remittances outside India
  • Local Disbursements
  • Transfer to the NRE / FCNR accounts of the account holder or any other person eligible to maintain such account
  • Investment in shares/ securities / commercial paper of an Indian company or for purchase of immovable property in India subject to such purchase / investment is permitted under relevant FEMA-99 provisions
  • Any other debit as permitted by the RBI
Click here to download Account Opening Form
 

NRE Term Deposits:
Rupee deposits of fixed tenure:

  • Minimum period 1 year
  • Maximum period 10 years
  • Interest can be drawn quarterly on Term Deposit Receipts (TDRs) Or compounded quarterly on Special Term Deposits (STDRs)
  • In exigencies you can get premature withdrawal of the deposited amount. Interest payable will be, applicable rate for period deposit has been with the bank less 1%. No interest is payable for deposits of less than 12 months
  • You can repatriate Balance laying in the account without any RBI approval
  • You can nominate resident / Non-resident Indian as a nominee in the account
  • Recurring Deposits: Under NRE term deposits, recurring Deposits account can be opened. Under the scheme you can deposit a fixed sum on monthly basis, on maturity a corpus will be available to you to meet your requirements.
  • Your deposits under the scheme are exempt from Income Tax and Wealth Tax as per extant tax rules.
  • You can give 'Power of Attorney' to operate this account as permitted under extant FEMA-1999 rules.
  • Rupee loans can be taken in India against the security of the deposit by the depositor(s) and to third parties
Click Here for Interest Rates
 

Foreign Currency Non-Resident Deposit Accounts (FCNR-B Account):
For our NRI Customers, who desire to put their deposits in foreign currency, we have FCNR-B deposit scheme. Under the scheme, you can maintain deposit in following currencies for a fixed time period ranging from minimum 1 year to 5 years, as per your convenience. Apart from earning attractive interest on your deposit, your deposits are insulated from exchange rate fluctuations.

a)US Dollar
b)British Pound Sterling
c)Euro Canadian Dollar
c)Australian Dollar
d)Japanese Yen

  • FCNR accounts can be opened only by an NRI.
  • Account can be opened jointly with another NRI / Joint account with resident close relative may be opened on Former or Survivor basis.
  • You can nominate resident / Non-resident Indian as a nominee in the account.
  • In exigencies you can get premature withdrawal of the deposited amount. Interest payable will be, applicable rate for period deposit has been with the bank less 1%. No interest is payable for deposits of less than 12 months.
  • You can repatriate Balance laying in the account without any RBI approval.
  • You have the liberty to convert your deposits into Indian Rupee.
  • Rupee loans can be taken in India against the security of the deposit by the depositor(s) himself and third parties.
  • Foreign currency loans can be availed by the NRI depositor(s) (Self) against the security of FCNR deposits.
  • Your deposits under the scheme are exempt from Income Tax and Wealth Tax as per extant tax rules.
  • You can give 'Power of Attorney' to operate this account as permitted under extant FEMA-1999 rules.
  • On your return to India for permanent settlement, deposits can be converted as 'Resident Foreign Currency Account' (RFC account).
Credits / Debits in the account: same as permitted in NRE accounts.
Click Here for Interest Rates
 

Non Resident (Ordinary Accounts):

  • You can open joint account with other non residents or residents.
  • You can have Savings Bank, Current, Fixed Deposits, and Recurring Deposits Accounts.
  • You can place your deposits for any maturity from 15 days to 10 years.
  • Balance laying in the account can be withdrawn for making local payments in Rupees.
  • Investment in shares/securities/ immovable properties on non repatriation basis with general or specific permission from the RBI.
  • You can repatriate balance in the account for any bonafide purpose up to a maximum of US$ one million per financial year, subject to payment of taxes, duly certified by a Chartered Accountant.
  • Rupee loans can be taken in India against the security of the deposit by the depositor(s) himself and third parties
  • Your current income in India can be credited to NRO accounts.
  • We accept 'Nomination' in the account.
 
 
 

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