NRI Acct. Type Faq
details about which a/c you need to use
Learn more about the Different Types NRI Term Deposit Schemes from TMB.
Indian citizen who stays abroad for an indefinite period on employment, business or on any vocation is a Non-Resident. Diplomats posted abroad, persons posted in UN Organizations and Officials deputed by PSU on temporary assignments are also treated as Non-residents.
Indian Origin
Foreign citizens (except citizens of Pakistan or Bangladesh) is deemed to be a person of Indian Origin if:
- He at any time, held an Indian Passport.
- He or either of his parents or any of his great parents are / were Citizen(s) of India.
- A spouse (not being citizen of Pakistan or Bangladesh) of an Indian Citizen or of a person of Indian Origin is also treated as a person of Indian Origin for the above purposes.
Who can open an Account?
Non resident Indians (NRIs) can open various types of Account with us. Various facilities are available. Accounts can be maintained by NRIs either in Rupee or in specified currencies viz.; US DOLLAR, POUND STERLING, EURO.
The information given below vividly describe the various NRI accounts and the facilities offered by us. You may choose to open any number of NRI accounts suitable to your needs. The opening forms are also referred at the end of respective account types.
Procedures & Benefits:
- Non-Resident accounts can be opened along with your remittances through Banking channel.
- Photograph shall be enclosed with the opening form.
- There is no ceiling on the amounts remitted for your credit in Non-Resident account.
- When the NRI depositor returns to India, the NRE account will be automatically treated as Resident account. However NRE term deposit will continue to earn same rate till maturity even after such conversion.
- NRE accounts earn more interest than domestic deposits.
- Nomination facilities are available for registration in favor of a non resident or resident.
- Loans against deposits are allowed for purposes other than investment up to 90% of the deposit.
- The income from deposit is free from Indian Income Tax.
- It is also free from Gift tax for one time gifting.
Various NRI Account Types
Click the links below to learn more about the different NRI Account Types and Benefits:
- NRI Acct. Type Faq - details about which a/c you need to use.
- NRE Premium A/c - non residential (external) rupee premium savings account.
- NRE Regular A/c - non residential (external) rupee account.
- FCNR-B A/c - foreign currency non residential account.
- NRO A/c - non resident ordinary account.
- RFC A/c - resident foreign currency account.
- Premature FD Closure - premature closure policy for nri fixed deposits.
- NRO Malligai & Mullai Tax Saving A/c - non resident malligai and mullai tax saving account.
Money Transfer Options
Customers not interested in opening an account with us can yet transfer funds from abroad to their relatives here in India. We have tied up with the best agents viz. List of Money Transfer Service Providers to smoothly and instantly transfer funds which can be encashed at any of our branches all over India.
