WHAT IS NRI – Banking?
With a view to attract the savings and other remittance into India through banking channels from the person of Indian Nationality / Origin who are residing abroad and bolster the balance of payment position, the Government of India introduced in 1970 Non-Resident(External) Account Rules which are governed by the Exchange Control Regulations.
The funds held in Non-Resident (External) Accounts (NRE Accounts) qualify for certain benefits like exemptions from taxes in India, free reatriation facitities etc.
DEPOSIT TYPES
NRI-Banking facilitates the NRI customer to open the following account types .
NRE (Non Resident External Accounts)
In can be in the form of Savings,Current or fixed deposits in Indian rupees.The funds in this account are fully repatriable.
NRO (Non Resident Ordinary Accounts)
It can be in the form of Savings, Current or Fixed Deposits in Indian Rupees.The funds in this account are not repatriable (only interest accrued is repatriable).
FCNR ( Foreign Currency Non Resident Accounts)
It can be in the form of fixed Deposits only,in the five major currencies ,namely US Dollars,GBP,DM,Euro,Japanese Yen.The funds in this account are fully Repatriable.
KEY BENEFITS
NRI-Banking follows a modular structure.The various modules render our NRI Banking solution offerings (which are stated below) in a seamlessly integrated fashion .
The Masters module permits maximum parameterization to be done,enabling the end user to make all changes with regard to Interest Rates or with regard to any changes as per directives from Head Office / RBI.
Maintains Bank,Branch and holiday details
Facilitates maintenance of Instrument,Interest rate and Overdue interest rate details Masters.
Inventry,Currency,Country,Exchange rate and return reason details are also maintained
Favors opening,authorization and freezing of Accounts
Transaction entry and passing is made easy
Provisions availed for issuing,passing and stop payment of cheques.
Supports Account closure,Preclosure,Renewal & overdue renewal of Deposits.
Aids Day Begin, Day End & Month End Processing
Processes Quarterly, transfer to Inoperative & Half Yearly – SB Interest Calculation.
Hastens Deposit Receipt Printing, Changing to RFC, Interest Payment & Overdue Process.
Supports Acceptance and Execution of standing instruction.
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