Up to £999
From £ 1000- £ 4999
From £ 5000- £ 15000
Up to $ 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|
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.