Open a RFC Savings Account For Returning NRIs

BOI

Ancillary Services

Free Internet banking
Missed Call alert facility for obtaining account balance
Free utility bills payment facility through E-pay
ATM-cum-International Debit Card (EMV Chip based)

Repatriation

Funds are repatriable for bonafide purposes

BOI

Currency

USD,GBP

Fund Transfer

Free fund transfer within bank (Self or Third Party) . Free NEFT/RTGS through Net banking

Interest Rate

Rate as advised by Bank from time to time as per stipulated guidelines and will be displayed on the website

Taxation

Interest earned is exempted from Tax in India provided Resident but Not Ordinarily Resident (RNOR) status is held as per the Income Tax Act

BOI

Who can open?

NRIs who have returned for permanent settlement after being resident outside India for a continuous period of not less than one year. These funds can be transferred to an NRE/FCNR account upon change of status to NRI again

Joint Account Facility:

Account can be held jointly by eligible Returning NRI with a Resident Indian (Former or Survivor basis). The Resident Indian must be a close relative as defined in Section 6 of the Companies act, 1956.