NRI BANKING

Oxygen for well being of the economy

Public BanksPrivate Banks

NRI accounts are maintained by authorised dealers from RBI.

Types of deposit schemes made available to NRIs FCNR (B) NRO Account NRE Account

All NRIs can open such accounts, with the exception individuals of Pakistan and Bangladesh

Investment avenues for NRI such as immovable property Bank Deposits

Government Bonds

Investment in Shares

Foreign Direct Investment in India

FEMA covers all matters related to :-

Section 2 Describes Identification of NRI, Foreign Exchange and Foreign Security

Repatriable Accounts

Non-Resident (External) Rupee (NRE) Accounts FCNR (B) Accounts

Resident Foreign Currency (RFC) Account Non Resident Ordinary (NRO) Account Non-Repatriable Accounts

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NRE ACCOUNTS

Years 1-2 yrs 2-3yrs 3-4 yrs 5 yrs

Rates 5.30 5.06 5.00 5.00

NRO ACCOUNTS

YEAR 1-2 yrs

Rate 3.5

FNCR ACCOUNTS

YEAR 5 yrs

Rate 5.00

There are many Private Banks & Public Bank in economy which provides various facilities. Some of the banks are:-

HDFC

ICICI

CITY BANK

SBI

PNB

SYNDICATE BANK

SBI provides following types of Deposits:-

FNCR ACCOUNT

NRE ACCOUNT

RFA ACCOUNT

SBI provides following types of LOANS:-

HOME LOAN

LOAN AGAINST DEPOSITS

OVERDRAFT

HDFC provides following types of Deposits:-

SAVING ACCOUNT NRE SAVING ACCOUNT NRO SAVING ACCOUNT

FIXED ACCOUNT FCNR ACCOUNT SUPER SAVERACCOUNT

CURRENT ACCOUNT

HDFC provides following types of LOANS:-

HOME LOAN

OVERDRAFT

CAR LOAN

NRE Account - Banks Rates for All banks (Public, Private)

Bank1yr-2yrs

2yrs-3yrs 3yrs-5yrs 5yrs

Allahabad Bank 5.30 5.06 5.01 5.00

Bank of Baroda 5.30 5.06 5.01 5.01

Bank of India 5.30 5.06 5.00 -

Canara Bank 5.30 5.06 5.01 -

Central Bank of India 5.72 5.52 5.46 -

HDFC Bank 5.29 5.06 5.00 -

ICICI Bank 5.30 5.06 5.01 -

Punjab National Bank 5.30 5.06 5.01 -

Standard Chartered Bank 4.30 4.06 4.01 4.01

State Bank of India (SBI) 5.30 5.06 5.01 5.01

INTEREST RATE PROVIDED BY PRIVATE BANK ON EACH DEPOSIT ACCOUNT IS MORE THAN . . . PUBLIC BANK. EVEN THE PRIVATE BANKS PROVIDE DIFFERENT . TYPES OF LOANS

FACILITIES PROVIDED BY PRIVATE BANKS WITH

DEPOSIT ACCOUNT ARE MORE ATTRACTIVE

INDIAN BANKS PROVIDE MANY FACILITIES TO NRI LIKE DIFFERENT DEPOSIT ACCOUNT ACCORDING TO THEIR NEEDS, LOANS ETC.

NOW NRI BANKING HAS BECOME SIMPLE BECAUSE OF ONLINE BANKING