NRI Terms Conditions

NRI Terms Conditions

NRE/FCNR/NRO accounts are opened and maintained at our branches in India and NOT at Bank of India in the UK.

These deposits are NOT covered by any of the Financial Services Compensation Scheme (FSCS).

These deposits are the liabilities of Bank of India in India and are not a liability of any branch outside India.

The depositor has to assess the tax liability, if any, in the U.K. for the amount of interest earned on these deposits in India.

These deposits are governed by regulations issued by the Reserve Bank of India from time to time.

The deposits are payable only at the branch in India where the account is opened. The account will be serviced by the branch in India and the accountholder will approach the branch in India for any type of query or transactional matter.

The Bank may consider at its discretion any request for payment of any deposit before maturity with a penalty as permitted by RBI regulations. Presently a penalty of 1% on the actual interest payable for the actual period it has completed is levied. There will not be any interest payable for deposits that has not completed the minimum prescribed period of the deposit scheme.

The Bank reserves the right to accept or reject any application without assigning any reason.

For Current Interest Rates and detailed view on these deposits, please visit our corporate website www.bankofindia.co.in