NRI Terms Conditions

NRI BUSINESS – TERMS AND CONDITIONS

As per UK Banking Regulations, Bank of India, UK Operations branches cannot open, close or operate Non- Resident Indian (NRI) accounts which are offered by our domestic branches in India. These accounts are not covered by FSCS deposit protection Insurance and are also not supervised by UK Banking Regulators as these accounts are domiciled in India and are subjected to Indian laws and Banking Regulations. The deposits are payable only at the branch in India where the account is opened. The NRI account will be serviced by the branch in India and the accountholder will have to approach the branch in India only for any type of query or transactional matter. As NRI accounts holders are customers of Indian branches (not of BOIUK branches),the customer complaints if any have to be raised with appropriate authorities in India as per RBI / Indian Banking regulations / BOI guidelines and they do not fall under the jurisdiction of UK Financial Ombudsman Services (FOS). Also, NRI accounts transactions and personal data are subjected to Indian Data Protection Act and BOIUK has no access to the NRI accounts data of Indian branches. Hence, UK based NRI customers of the bank are advised to contact their Indian branch which maintains their NRI accounts directly for any NRI account related banking services.

For Current Interest Rates and detailed information on these NRI deposits like premature payment of deposit, related penalty, minimum interest eligibility period etc., please visit our corporate website www.bankofindia.co.in

As a service to our parent company, we provide NRI accounts information only as a general guidance, not as a solicitation for business, investment advice or non-tax related advice. It is advised that customers / prospective customers of our parent company, who are residents of UK, should consider seeking professional advice, including advice on UK Tax Laws, before opening or operating NRI accounts.

TYPE OF NRI ACCOUNTS (for branches in India)

Accounts may be maintained in India Rupees as well as in designated foreign currency. The accounts may be Savings Deposit type or Term Deposit type. For details on different types of NRI accounts please visit our parent bank website www.bankofindia.co.in – NRI Services.

Please feel free to call us at the following numbers, in case you need more information