Demand Deposits | Time Deposits | Non Resident | Term Deposits

WHO CAN OPEN Demand Deposits?

• Demand Deposits can be opened by :
  
• An individual on his/her own behalf
  
• More than one individual jointly
  
• A guardian on behalf of a minor
  
• An illiterate person
  
• A blind person
• Clubs associations( registered or unregistered), charitable and religious institutions, trusts, local bodies, Housing co-operative societies and such other bodies of identical nature. It may be noted that a savings bank account can not be opened in the name of trading or business concern, whether such concern is proprietary or partnership firm, a company or association.

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WHO MAY OPEN Time Deposits:

Time Deposits may be opened in the name of :

• Individuals ( single accounts )
  
• Two or more individuals( Joint Accounts ),
  
• Sole proprietary concerns,
  
• Partnership firms,
  
• Hindu joint family firms,
  
• Private and public limited companies,
  
• Public corporations, Registered/Unregistered Societies or Associations.

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Reserve Bank of India has authorised us to accept and maintain the following type of Non-Resident Indians (NRI) account.

• NON-RESIDENT (EXTERNAL) RUPEE ACCOUNT (NRE)
  
  

The following of our branches are authorised to accept the accounts of NRIs.

Who can open an NRI account ?

• Indian citizens who stay out of India ( Other than Nepal and Bhutan ) for the purpose of employment, business or vocation or for any other purpose indicating his intention to stay outside India permanently or for an uncertain period.
  
• Indian citizens working abroad on assignment with any foreign Government, Government agencies or with International / Regional agencies like United Nations Organisations including its affiliates.
  
• Official of Central and State Governments and Public Sector undertakings deputed abroad on assignment or posted to their own overseas offices (including Diplomatic Missions).
  
• Indians who have settled abroad permanently.
  
• Indians who have gone abroad on Immigration.
  
• Foreign national of Indian origin (other than citizen of Pakistan and Bangladesh).
  
• Foreign national spouse of a Non-Resident Indian citizen or of a person of Indian origin (other than citizen of Pakistan and Bangladesh).
  
• Overseas Corporate Body (OCB) which is predominently owned directly or indirectly to the extent of at least 60% by NRIs including any overseas trust in which not less than 60% beneficial interest is irrevocably held by NRIs directly or indirectly.

What are the requirements for opening an NRI a/c ?

The prospective account holder has to submit the following to our authorised Branch for opening NRI Account:

• Photocopy of the passport of the proposed account holder providing name, address, citizenship of the proposed account holder, Date of issue and date of expiry of passport, date of departure from India, date of arrival in India if any of the passport holder. (In case of joint account holders the particulars of joint account holders are to be submitted).
  
• Photocopy of Visa of proposed account holder showing purpose of visit to foreign country or resident permit, work permit or shipper's Identity card (In case of crew member of the foreign shipping company)
  
• Photograph of proposed account holder signed at its back.
  
• Non-resident account opening form of our Bank filled, signed by the proposed account holder and introduced by any of our account holders or verified by an official of Indian Embassy office in the country of proposed account holder.
  
• Your Non Resident Account can be funded by way of:
  1. Foreign Currency conversion while your stay in India,
  2. Transfer from any NRE account and
  3. Inward remittances (Foreign Routing details 3 major currencies; USD, GBP and EURO)

Change in status from NRI a/c to Resident a/c.

After your return to India with intention of residing in India for an uncertain period you are hereby requested to kindly intimate us at the earliest

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