Following categories of Indians are eligible to be called Non Resident Indians
A person resident outside India who is a citizen of India i.e.

  • Indian citizens who move abroad for employment or for carrying on any business or vocation or for any other purpose in circumstances indicating indefinite period of stay outside India.
  • Indian citizens working abroad on assignments with Foreign Governments, Government Agencies or International / Multinational Agencies like United Nations Organisation (UNO), International Monetary Fund (IMF), World Bank.
  • Officials of Central and State Governments and Public Sector Undertakings deputed abroad on assignments with Foreign Government Agencies / Organisations or posted to their own offices including Indian Diplomatic Missions abroad.

A person of Indian origin who is a citizen of any other country other than Bangladesh or Pakistan, if

  • He, at any time, held an Indian passport or
  • He or either of his parents or any of his grand parents was a citizen of India by virtue of Constitution of India or Citizenship Act 1955 (57 of 1955)
  • The person is a spouse of an Indian Citizen or a person referred to in sub clause b (i) or (ii) above.

Students going abroad for studies are treated as Non Resident Indians (NRIs) and are eligible for all the facilities available to NRIs under FEMA

Boi Ho Chi Minh City Branch Would Gladly Assist In Fulfilling The Required Formalities And Opening An Account In More Than 5000 Branches In India. We Request You To Please Submit Nre Sb & Fcnr Deposit Account Opening Forms Along With Following Documents:-

  • Two recent passport-size photographs of each of the depositors (duly signed by the depositor(s) on the back of each of the photographs).
  • Passport(s) of each of the depositor(s).
  • Proof of addresses in Vietnam of the depositor(s) viz. Utility bill, Bank statement, which should not be more than 3 months old or apartment lease agreement.
  • Valid Visa documents and/or Temporary residence certificate, Work Permit etc.

NRI HELP DESK

Contact Person:
Telephone No: (0084 8) 38 228 939/38 246 340
Fax: (0084 8) 39 246 341

Non Resident Indians (NRIs) and person of Indian Origin have two schemes for depositing their savings with Bank of India.
These are: - Repatriable accounts

  • Foreign Currency Non Resident (FCNR) accounts and,
  • Non-Resident External (NRE) accounts

The brief comparative features of the two schemes are :

PARTICULARS FCNR NRE
Who can open accounts NRIs NRIs
Joint accounts of two or more NRIs Permitted Permitted
Joint account with Residents Not permitted Not permitted
Nomination facility Available Available
Currency of account USD, GBP, EUR, JPY,AUD,CAD Indian Rupees
Repatriability Principal and interest repatriable Principal and interest repatriable
PARTICULARS FCNR/ NRE
Taxation (Indian taxes) Exempt from income and wealth tax Exempt from income and wealth tax
Liquidity Easy pre-mature encashment facility Easy pre-mature encashment facility
Automatic renewal facility (ARS) Available on signing of ARS agreement Available on signing of ARS agreement
Safe custody facility Available on request; compulsory with ARS Available on request; compulsory with ARS
Renewals Deposit receipt to be submitted duly discharged within 14 days from date of maturity for retrospective renewal – alternatively renewal will be with simple interest from maturity date to renewal date Deposit receipt to be submitted duly discharged within 14 days from date of maturity for retrospective renewal – alternatively renewal will be with simple interest from maturity date to renewal date

Type of account Term deposits Savings, Current and Term deposits
Period 12 months to 5 years 12 months to 7 years
Minimum amount USD 1,500
GBP 1,000
EUR 1,500
JPY 50,000
AUD 1,000
CAD 1,000

NRI HELP DESK

Contact Person:
Telephone No: (0084 8) 38 228 939/38 246 340
Fax: (0084 8) 39 246 341

SALIENT FEATURES OF NON-RESIDENT (ORDINARY) DEPOSITS

  • NRO accounts can be opened by any person resident outside India for routing bonafide transactions in Indian Rupees not involving any violations of the provisions of FEMA guidelines.
  • NRO accounts can be opened in the form of current, savings, recurring and term deposits. The rate of interest on these deposits is at par with domestic deposits in our Bank.
  • The accounts may be held jointly with Residents and/or Non-Residents.

Power of Attorney may be given in favour of the Residents by the NRI provided such operations are restricted to -

  • All local payments in rupees including payments for eligible investments subject to compliance with relevant RBI Regulations.
  • Remittance outside India of current income in India net of taxes.
  • The Resident Power of Attorney holder is not permitted to repatriate funds outside India other than to Non-Resident individual account holder not to make gifts or transfer funds to another NRO account.

The tax on interest earned from NRO accounts is deducted at source. However, the TDS is applicable as per Double Taxation Avoidance Agreement (DTAA) entered with 71 countries by Govt. of India.
NRIs / PIOs may remit USD 1 million per financial year from NRO accounts subject to compliance with certain conditions.
Non-Resident Indian can make nomination in favour of a Resident as well as Non-Resident individual in respect of NRO accounts.
Loan and overdraft facilities can be availed of by NRIs against NRI deposits -

You may please visit RBI website www.rbi.org.in and refer to Master Circular No. RBI/2010-11/3 dated 01.07.2010.

NRI HELP DESK

Contact Person:
Telephone No: (0084 8) 38 228 939/38 246 340
Fax: (0084 8) 39 246 341

  • NRE/FCNR/NRO accounts are opened and maintained at our branches in India and NOT at Bank of India in the Vietnam.
  • These deposits are the liabilities of Bank of India in India and are not a liability of any branch outside India.
  • The depositor has to assess the tax liability, if any, in Vietnam for the amount of interest earned on these deposits in India.
  • These deposits are governed by regulations issued by the Reserve Bank of India from time to time.
  • The deposits are payable only at the branch in India where the account is opened. The account will be serviced by the branch in India and the accountholder will approach the branch in India for any type of query or transactional matter.
  • The Bank may consider at its discretion any request for payment of any deposit before maturity with a penalty as permitted by RBI regulations. Presently a penalty of 1% on the actual interest payable for the actual period it has completed is levied. There will not be any interest payable for deposits that has not completed the minimum prescribed period of the deposit scheme.
  • The Bank reserves the right to accept or reject any application without assigning any reason.
  • For Current Interest Rates and detailed view on these deposits, please visit our corporate website www.bankofindia.co.in

NRI HELP DESK

Contact Person:
Telephone No: (0084 8) 38 228 939/38 246 340
Fax: (0084 8) 39 246 341

NRI HELP DESK

Contact Person:
Telephone No: (0084 8) 38 228 939/38 246 340
Fax: (0084 8) 39 246 341
 
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