Allahabad Bank - International Banking








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Deposit Accounts

Non Resident Indians can open accounts under Repatriable and Non-Repatriable deposit schemes.

In respect of Repatriable scheme the NRIs have the choice of following schemes for depositing their savings with Our Bank.

1. Foreign Currency Non Resident account (FCNR)

FCNR deposit accounts can be opened in U.S. Dollars (USD), Great Britton Pounds (GBP), Euro (EUR), Canadian Dollars (CAD), and Australian Dollars (AUD)
Deposits are accepted under Fixed Deposit and Double Deposit schemes where interest gets automatically reinvested at half yearly intervals.
Minimum amount for deposits are USD 2000/-, GBP 1000/-, EUR 2000/-, CAD 5,000/- and AUD 5000/-. Further the deposits are maintained in multiples of 1000 units.

2. Non Resident External (NRE) accounts

Non-Resident accounts are maintained in Indian Rupees by remittance of foreign exchange through normal banking channel and also transfer from existing NRE accounts or repatriable funds.
The deposit and interest accrued is repatriable in any convertible currency at the prevailing exchange rate as per instruction of the depositor.
The funds can also be used for local remittance.
Funds can be maintained in Savings Bank account.
Current account can be maintained and no interest is paid on deposits.

3. NON-REPATRIABLE SCHEME
Non-Resident Ordinary (NRO) Account

NRO account can be maintained in Rupees and account is opened with inward remittance received through normal banking channel and transfer of existing domestic accounts of the depositor or funds from other NRE/FCNR accounts of the depositor.
Depositor can open Savings Bank/Current account, Fixed Deposit, Cash Certificate, Recurring Deposit.
Interest earned is subject to Indian income tax, which is deducted at source.
Current year income including interest credited in the account is fully repatriable.
The balance held in the Non-Resident ordinary rupee account is ordinarily repatriable. Depositor, can also remit up to USD 1 Million per financial year April to March.

Features of NRI Deposits Features of various Deposit Schemes available to Non-Resident Indians (NRIs)
Particulars	Foreign Currency (Non-Resident) Account (Banks) Scheme ( FCNR(B) Account)	Non-Resident (External) Rupee Account Scheme (NRE Account)	Non-Resident Ordinary Rupee Account Scheme (NRO Account)
(1)	(2)	(3)	(4)
Who can open an account	NRIs (individuals / entities of Bangladesh/ Pakistan nationality/ownership require prior approval of RBI)	NRIs (individuals / entities of Bangladesh / Pakistan nationality/ownership require prior approval of RBI)	Any person resident outside India (other than a person resident in Nepal and Bhutan). (individuals / entities of Bangladesh / Pakistan nationality / ownership as well as erstwhile OCBs require prior approval of RBI)
Joint account	In the names of two or more non-resident individuals. Joint accounts may also be opened with their resident close relative (Relative as defined in Section 6 of the Companies Act, 1956) on �former or survivor� basis.	In the names of two or more non-resident individuals. Joint accounts may also be opened with their resident close relative (Relative as defined in Section 6 of the Companies Act, 1956) on �former or survivor� basis.	May be held jointly with residents
Nomination	Permitted	Permitted	Permitted
Currency in which account is denominated	Pound Sterling, US Dollar, Japanese Yen, Euro, Canadian Dollar and Australian Dollar	Indian Rupees	Indian Rupees
Repatriable	Repatriable	Repatriable	Not repatriable except for the following in the account - 1) current income 2) up to USD 1 million per financial year (April- March), for any bonafide purpose out of the balances in the account / sale proceeds of assets in India acquired by way of inheritance / legacy inclusive of assets acquired out of settlement subject to certain conditions.
Type of Account	Term Deposit only	Savings, Current, Recurring, Fixed Deposit	Savings, Current, Recurring, Fixed Deposit
Period for fixed deposits	For terms not less than 1 year and not more than 5 years.	At the discretion of the bank	As applicable to resident accounts.
Rate of Interest	Subject to cap : LIBOR / SWAP rates plus 125 basis points for the respective currency / corresponding maturities.	Banks are free to determine interest rates for term deposits. But rate of interest should not exceed that offered to domestic deposits.	Banks are free to determine interest rates for term deposits.
Operations by Power of Attorney in favour of a resident by the non-resident account holder	Operations on the account in terms of Power of Attorney is restricted to withdrawals for permissible local payments or remittance to the account holder himself through normal banking channels.	Operations on the account in terms of Power of Attorney is restricted to withdrawals for permissible local payments or remittance to the account holder himself through normal banking channels.	Operations on the account in terms of Power of Attorney is restricted to withdrawals for permissible local payments or remittance to the account holder himself through normal banking channels.
Loans a. In India i) to the Account holder ii) to Third Parties	Permitted up to Rs.100 lakhs Permitted up to Rs.100 lakhs	Permitted up to Rs.100 lakhs Permitted up to Rs.100 lakhs	Permitted Permitted
b. Abroad i) to the Account holder ii) to Third Parties	Permitted $ Permitted $	Permitted $ Permitted $	Not Permitted Not Permitted
c. Foreign Currency Loans in India i) to the Account holder ii) to Third Parties	Permitted up to Rs.100 lakhs Not Permitted	Not Permitted Not Permitted	Not Permitted Not Permitted
Purpose of Loan a. In India i) to the Account holder	i) Personal purposes or for carrying on business activities. * ii) Direct investment in India on non-repatriation basis by way of contribution to the capital of Indian firms / companies iii) Acquisition of flat / house in India for his own residential use. (Please refer to para 9 of Sch. 2 to FEMA 5)	i) Personal purposes or for carrying on business activities. * ii) Direct investment in India on non-repatriation basis by way of contribution to the capital of Indian firms / companies iii) Acquisition of flat / house in India for his own residential use. (Please refer to para 6(a) of Sch.1 to FEMA 5)	Personal requirement and / or business purpose *
ii) to Third Party	Fund based and / or non-fund based facilities for personal purposes or for carrying on business activities *. (Please refer to para 9 of Sch. 2 to FEMA 5).	Fund based and / or non-fund based facilities for personal purposes or for carrying on business activities *. (Please refer to para 6(b) of Sch. 1 to FEMA 5)	Personal requirement and / or business purpose *
b. Abroad To the account holder and Third Party	Fund based and / or non-fund based facilities for bonafide purposes.	Fund based and / or non-fund based facilities for bonafide purposes.	Not permitted.

* The loans cannot be utilised for the purpose of re-lending or for carrying on agriculture or plantation activities or for investment in real estate business.

$ Provided no funds are remitted to India and are used abroad only.