FCNR Accounts in State Bank of India

September 30, 2013 04:27
 FCNR Accounts in State Bank of India

Overview of FCNR Accounts:Can be opened only by an NRI or jointly with other NRIs.

Nomination facility available (Nominee can be a resident Indian).

Deposits can be opened in USD, EURO, GBP, CAN$, JPY, AUD, CHF, DKK, NZD and SEK.

Deposit can be made for a minimum of 1 year and a maximum of 5 years.

Minimum deposit USD 1000 or equivalent.

Both principal and interest are payable in foreign currency. Hence, there is no exchange loss on principal and interest.

Premature withdrawal is subject to a penal interest of 1%.

No interest is payable if the deposit is closed within a year.

Rupee loans can be taken in India against the security of the deposit.

By the depositor(s)

By third parties

Foreign currency loans can be availed at select SBI branches abroad against the security of FCNR deposits.Interest earned on FCNR accounts is exempt from Indian income tax.

To open an FCNR account with a branch in India:1. Click here to download the account opening form.

2. Fill up the account opening form and send it to the branch of your choice with the following documents:Two passport size photographs attested by you.

Passport & Residence Visa / ID Card Copies duly attested by Banker / Notary Public / Indian Embassy / A person known to the bank.

Initial remittance.

Signature in the account opening form, verified by any one of the following persons / entities:

Indian Embassy / Consulate / High Commissioner.

Your bank abroad.

A person known to the bank.

Notary Public.

3. Enclosures (any two of the following):

Cheque drawn on bank account abroad.

Latest Overseas Bank statement in original.

Copy of Telephone / Electricity Bill.

Cancelled paid cheque of your overseas bank A/c.

Copy of proof of drawing income / Employee ID / Labour Card

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