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Deposits offered to NRI

Non-Resident Ordinary Rupee Accounts (NRO)

  • Account Types: Savings Bank / Current Account / Term Deposit / Recurring Deposit.
  • Legitimate dues in India or remittances from abroad can be deposited.
  • Accounts can be opened jointly with a non-resident or a resident.
  • Repatriation of funds up to USD 1 million per financial year out of balances held in NRO account for specified purposes, subject to payment of taxes and production of certificate from a Chartered Accountant and undertaking as per RBI guidelines.

Non-Resident External Rupee Accounts (NRE)

  • Account types: Savings Bank / Current Account / Term Deposit.
  • Credits will be in form of remittances from abroad, transfer from other NRE / FCNR accounts, deposits of foreign exchange brought in India.
  • Accounts can be opened jointly with a non-resident or a resident (on former or survivor basis).
  • Interest earned on NRE accounts is exempt from Indian income tax.

Foreign Currency Non-Resident Account (FCNR)

  • Deposits in form of Term Deposits in foreign currency for a period from 1 year to 5 years.
  • Can be opened either singly by an NRI or jointly with other NRI’s.
  • Interest earned on FCNR is exempt from income tax in India.

Resident Foreign Currency Account (RFC)

  • PIO’s and NRI’s returning to settle permanently in India can open an RFC account in foreign currency.
  • Balances in NRE/FCNR accounts and foreign currency funds brought by the NRI at the time of returning to India can be invested in RFC accounts.
  • Assets maintained abroad can be freely invested in RFC account.
  • Funds can be used to make any bonafide payments abroad.
  • The accounts can be converted to FCNR/NRE accounts in case the person becomes an NRI again.

Loans offered to NRI

Personal Loans

  • We grant rupee loans to NRI customers against security of funds held in NRO Term Deposits, NRE Term Deposits, FCNR (B) Deposits and against the security of shares or other securities held in the name of the NRI.
  • The loan shall be utilized for meeting the borrower’s personal requirements or for his own business purposes. The loan shall not be utilized, for the activities like business of chit fund, nidhi company, agricultural or plantation activities or in real estate business.

Saraswat Bank Vastu Siddhi Home Loan

  • We provide housing loan to a non-resident Indian or a person of Indian origin resident outside India, for acquisition of a residential accommodation in India.
  • The loan shall be fully secured by equitable mortgage of the property proposed to be acquired.
  • The installment of loan, interest and other charges, if any, shall be paid by the borrower by remittance from outside Indian through normal banking channels or out of funds in his NRE/FCNR/NRO account in India or out of rental income derived from renting out property acquired by utilization of the loan.