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Bank of India 'FEE FREE RUPEE' REMITTANCES to India

Remittance Amount	Rate in INR
From £100 - £999	85.65
From £1000 - £4999	85.95
From £5000 - £15000	86.05

above £15000, please contact branch for an instant Exchange Rates.

* The rates are indicative and are subject to change during the day. Minimum amount of remittance £100.00. Charges may be levied on the beneficiary by the remittance receiving bank.

Application Form for Remittance

NRO Deposit Scheme

SALIENT FEATURES OF NON-RESIDENT (ORDINARY) DEPOSITS

NRO accounts can be opened by any person resident outside India for routing bonafide transactions in Indian Rupees not involving any violations of the provisions of FEMA guidelines.

NRO accounts can be opened in the form of current, savings, recurring and term deposits. The rate of interest on these deposits are at par with domestic deposits in our Bank.

The accounts may be held jointly with Residents and/or Non-Residents.

Power of Attorney may be given in favour of the Residents by the NRI provided such operations are restricted to -

a) All local payments in rupees including payments for eligible investments subject to compliance with relevant RBI Regulations.

b) Remittance outside India of current income in India net of taxes.

c) The Resident Power of Attorney holder is not permitted to repatriate funds outside India other than to Non-Resident individual account holder not to make gifts or transfer funds to another NRO account.

The tax on interest earned from NRO accounts is deducted at source. However, the TDS is applicable as per Double Taxation Avoidance Agreement (DTAA) entered with 71 countries by Govt. of India.

NRIs / PIOs may remit USD 1 million per financial year from NRO accounts subject to compliance with certain conditions.

Non-Resident Indian can make nomination in favour of a Resident as well as Non-Resident individual in respect of NRO accounts.

Loan and overdraft facilities can be availed of by NRIs against NRI deposits -

You may please visit RBI website www.rbi.org. in and refer to Master Circular No. RBI/2010-11/3 dated 01.07.2010.

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