upto £ 999
From £ 1000- £ 4999
From £ 5000- £ 15000
upto $ 10000
Non Resident Indians (NRIs) and person of Indian Origin have two schemes for depositing their savings with Bank of India.
The brief comparative features of the two schemes are :
|Who can open accounts||NRIs||NRIs|
|Joint accounts of two or more NRIs||Permitted||Permitted|
|Joint account with Residents||Not permitted||Not permitted|
|Currency of account||USD, GBP, EUR, JPY,AUD,CAD||Indian Rupees|
|Repatriability||Principal and interest repatriable||Principal and interest repatriable|
|Type of account||Term deposits||Savings, Current and Term deposits|
|Period||12 months to 5 years||12 month to 10 years|
|Minimum amount||USD 1,500
|Taxation (Indian taxes)||Exempt from income and wealth tax||Exempt from income and wealth tax|
|Liquidity||Easy pre-mature encashment facility||Easy pre-mature encashment facility|
|Automatic renewal facility (ARS)||Available on signing of ARS agreement||Available on signing of ARS agreement|
|Safe custody facility||Available on request; compulsory with ARS||Available on request; compulsory with ARS|
|Renewals||Deposit receipt to be submitted duly discharged within 14 days from date of maturity for retrospective renewal – alternatively renewal will be with simple interest from maturity date to renewal date||Deposit receipt to be submitted duly discharged within 14 days from date of maturity for retrospective renewal – alternatively renewal will be with simple interest from maturity date to renewal date|
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Read our advice below on the steps you can take to stay aware of any possible impact on your finances.