Bank of India-UK

Announcements

Coronavirus (Covid-19) Notice 2 : Please read our Coronavirus (Covid-19) Notice 2 for latest updates

Customer attention please: Change in Branch Timings: In view of the UK Govt. instructions on travel restrictions, timings of Bank of India UK Branches will be changed to 10:00 a.m. to 02:00 p.m. w.e. View More...

Customer Notice - Coronavirus (Covid-19): support for our customers

REVISION IN DEPOSIT INTEREST RATE WEF 22/05/2020 View More...

Customer attention please: No Transaction Payments allowed w.e.f. 01/02/2019. Only viewing facility is available for all the Internet Banking Customers View More...

Bank of India is authorised in UK by Prudential Regulation Authority (PRA) and regulated by PRA & Financial Conduct Authority (FCA). Our financial service registration NO. is 204629 | A member of Fin View More...

No postal applications will be accepted for new Retail Deposits with effect from 02-08-2016, till further notice. View More...

Exchange Rates

Up to £999

INR
95.05

From £ 1000- £ 4999

INR
95.20

From £ 5000- £ 15000

INR
95.25

Up to $ 10000*

INR
75.15

NRI Deposit Scheme

Non Resident Indians (NRIs) and person of Indian Origin have two schemes for depositing their savings with Bank of India.

These are:-
Repatriable accounts

Foreign Currency Non Resident (FCNR) accounts
Non-Resident External (NRE) 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