Bank of India UK
Up to £999
INR
99.25
From £ 1000- £ 4999
INR
99.40
From £ 5000- £ 15000
INR
99.45
Up to $ 10000*
INR
72.70
Non Resident Indians (NRIs) and person of Indian Origin have two schemes for depositing their savings with Bank of India.
These are:-
Repatriable accounts
The brief comparative features of the two schemes are :
PARTICULARS | FCNR | NRE |
Who can open accounts | NRIs | NRIs |
Joint accounts of two or more NRIs | Permitted | Permitted |
Joint account with Residents | Not permitted | Not permitted |
Nomination facility | Available | Available |
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 GBP 1,000 EURO 2,000 JPY 50,000 AUD 1,000 CAD 1,000 |
PARTICULARS | FCNR/ | NRE |
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 |
We are closely monitoring the coronavirus (Covid-19) situation in U.K. and taking sensible precautions to make sure our customers are not inconvenienced while dealing with our Bank of India, U.K. branches.
Read our advice below on the steps you can take to stay aware of any possible impact on your finances.