Terms & Conditions

• NRI's can open this account by Inward remittances in any convertible currency from abroad through normal banking channels by way of
  
  
  • Demand drafts
  • Telegraphic Transfers
  • Telex
  • Mail Transfers
  • SWIFT
  • Foreign Currency
  • Foreign Travellers cheques (during their personal visit) as well as transfer from any non-resident (External) Rupee Savings & Fixed Deposit account or Foreign Currency Non Resident deposit accounts of any NRI on maturity.
    However local Rupee cheques and Cash Currency in Indian Rupees cannot be deposited in this account.
    
    
• Deposits are subject to rules framed by the Reserve Bank of India governing the NR (EXT.) Foreign Currency (non-resident) Accounts Scheme and any amendments that may be made there to from time to time.
  
  
• The full names, addresses and specimen signatures of the depositors should be lodged with the Bank at the time of making the deposit. Falling this the Bank would require suitable identification at the time of repayment of the deposit.
  
  
• Deposit Receipts are not transferable by endorsement. In the absence of special instructions, the amount of the deposit will be paid to the first named depositor.
  
  
• Deposit Receipts will, when so required, will be issued in the names of two or more persons and be made payable to any one or more of them or to any one or more of the survivors of them or the last survivor. However, all the persons must be Indians resident abroad or persons of Indian origin resident abroad.
  
  
• The Due Date will be recorded on the Deposit Receipts to enable the depositor either to receive payment of the deposit or to arrange for renewal of the deposit. No further intimation will be given to the depositor. In case of non-receipt of instructions from the Account holder for payment/renewal of the deposit, it will be automatically renewed for a similar period from the due date on the terms and conditions prevailing on due date.
  
  
• Deposit will be accepted for a minimum period of 12 months and interest on such deposits will be paid on maturity.
  
  
• At the time of payment/renewal, the depositor will be required to sign and surrender the receipt to the Bank.
  
  
• In case of premature withdrawal of the deposit receipt, the receipt needs to be signed by all the depositors irrespective of the operational instructions "Either or Survivor", or "Anyone or Survivors/Survivor". a) In case of dispute among the joint depositors the proceeds will be paid by crossed cheque in joint names only.
  
  
• No interest will be payable for deposits that have remained with the bank for less than twelve months.
  
  
• For deposits maintained for twelve months and above the rate of interest applicable for premature withdrawal for US Dollar, Pound Sterling, Euro, Japanese Yen, Australian Dollar and Canadian Dollar deposits will be one percent less than the rate applicable for the period for which it has remained with the bank as on the date of deposit or on the date of seeking premature withdrawal, whichever, is lower.
  
  
• Interest is paid/credited (in case of cumulative deposits) half-yearly (March & September).
  
  
• For deposit terms ranging from one to maximum five years, you will receive cumulative interest with half yearly rests under the reinvestment plan. For current interest rates on deposits click here.