Banks would treat the deposits held in FCNR accounts as resident deposits but would continue to pay interest at the contracted rate till maturity of the deposit. Home | News & Views | NRIOL Exclusives | Community | Visitor Medical Insurance| Indian Insurance | Shop | Resources | Shop | Help | Feedback |

Banks have been advised to redesignate such accounts as resident accounts on return of the account holder to India. No. Banks have been advised to continue to pay interest at the contracted rate till the maturity of the deposit if the deposit is held for the full term even after conversion into resident rupee account.

NRE account is a Rupee denominated account which is fully repatriable. Funds into this account will have to be received from outside India. You can open either a SB account (liquid account provided with a check book) or a Fixed deposit. The minimum period for an NRE fixed deposit is 12 months. FCNR accounts can be opened in five different currencies viz., US dollar, Pound Sterling, Euro, Jap Yen, Canadian Dollar & Australian Dollar.

Yes. They can be held in RFC (Resident Foreign Currency ) Accounts. For details visit www.sbi.co.in and click on types of accounts under NRI services on the home page.

For example, if you are an existing Silver status investment account holder and you place a buy order of S$10,000, you will be given the 0.25% discount. (Please refer to table 1) For example, if you are an existing Silver status investment account holder and you place a buy order of S$300,000, you will be given the 0.5% discount. (Please refer to table 1) There will be a symbol indicating your Silver/ Gold status next to your FSM account number.

We can only set up a Direct Debit instruction if the individual is the account holder. If not, then we are happy to send you a Direct Debit instruction for the Payer to complete. Please contact us on 020 7239 1983 to request this form or alternatively download it.

No. FCNR Accounts can be maintained only in the form of "term deposit" i.e. a deposit kept for a fixed period or which is subject to withdrawal or repayment after notice.

NO. FCNR accounts can be maintained only in the form of term deposits,l i.e. a deepest kept for fixed period ranging from 6 months to 3 years.

To add a joint account holder, log in to OnCommand, select the message box at the top right corner of the page, and send a request that includes the joint account holder's full name, phydivsl address (no PO Boxes) and telephone number; date of birth, Social Security number, mother's maiden name, and last four digits of the account on which the joint account holder is to be added. Or, make your request by phone to Customer Service at 888.763.7600.

First Command Bank does not remove account holders from a joint account. Call Customer Service at 888.763.7600 to close your joint account and open a new account in your name only.

Debits are allowed freely, however debits for investments in shares/securities/commercial paper of Indian companies or for purchase or immovable property in India should be covered by general/specific permission of RBI. Credits to an account, through funds from a local source would be permissible only if the funds are of repatriable nature.

Tax Exemption on interest earned on deposits held in foreign currency is available to non-residents and persons who are not ordinarily resident in India as defined under Income-tax Act, 1961.

Ans. Debits for local payments in rupees are allowed freely. As regards debits for investments in India, please see Chapters III and IV.

Ans. Yes. Authorised dealers maintaining these accounts would allow repatriation abroad of these funds.

Yes, you can open NRE & FCNR jointly provided the other person is also an NRI. These accounts cannot be jointly held with an Indian resident. NRO accounts can be jointly held with an Indian resident.