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Greetings to you
from the most friendly bank from your Motherland.
Bharat Overseas Bank is the only bank from India operating in Thailand
and we have a host of services, schemes and privileges to help you get the most from your hard earned money.
What we can do for you
As one of the authorised
dealers of foreign exchange approved by the Reserve Bank of India, we offer all the
services and deposit schemes permitted by RBI with attractive rates of interest.
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Categories of Deposits we offer |
A. TERM DEPOSITS (SIMPLE INTEREST)
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B. REINVESTMENT DEPOSITS (CUMULATIVE INTEREST)
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C. NON REPATRIABLE TYPES OF ACCOUNTS
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1) Non Resident Ordinary Account(NRO) |
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Can be opened as savings, current or recurring deposit accounts in Indian rupees |
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Can be opened by remittance from abroad or local source of funds |
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Can be used as a regular account or to manage investments you made even before you became an NRI |
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Interest earned out of investments made in this account is subject to Income Tax regulations applicable to resident Indians |
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Joint accounts can be opened with residents |
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Loan facilities available for purposes other than agricultural / plantation activities and investment in real estate business |
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| 2) Non Resident Non Repatriable Account (NRNR) - Rupee Deposit Scheme |
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Persons of Indian nationality / origin residing abroad (NRIs), foreign citizens of non-Indian origin (except Pakistan and Bangladesh nationals) and overseas corporate bodies (OCB's) owned by the above-mentioned are eligible to open an account |
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Accounts can be opened jointly with other Non Resident Indians or close resident relatives |
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Minimum period of deposit is 6 months and maximum period of deposit is 3 years |
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Can be maintained in Indian Rupees only |
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Interest accrued till the 30th September, 1994 and the principal amount of deposit would not qualify for repatriation outside India. Such proceeds shall be paid in Indian Rupees only. Interest accrued thereafter is eligible for repatriation |
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Deposits can be made out of inward remittances or from existing NRE / FCNR accounts |
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Premature closure is allowed, subject to relevant rules and terms |
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Accounts can be transferred from one branch of the bank to another branch and also from one bank to another bank |
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Income from that account will be free from Income Tax |
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This scheme is exempted from Gift Tax for one time gifting in the case of NRIs |
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Deposits can be gifted to an NRI or to a close relative in India, or to any Charitable Trust in India recognized under Income Tax Act, 1961. Loans / Overdrafts in India to deposit holders are available against security of deposits without any limit for purpose other than investment |
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This scheme also carries attractive rates of interest |
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| D. REPATRIABLE TYPE OF ACCOUNTS |
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1) Non-Resident External Savings Account (NRESB)
2) Non-Resident External Term Deposits (NRETD)
3) Non-Resident External Cumulative Deposits Account (NREURDP)
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| E. FOREIGN CURRENCY ACCOUNTS |
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1) Foreign Currency Term Deposits (FCNRTD) |
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| 2) Foreign Currency Cumulative Deposits (FCNRURDP) |
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Foreign Currency Accounts are maintained in Foreign Currencies |
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Can be opened in four foreign currencies viz: US Dollars (USD), Pound Sterling (GBP), Euro (EUR) and Japanese yen (YEN) |
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Remittances can also be sent in any currency but the same will be converted into any one of the above designated currencies as specified by the remitter |
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Minimum period of deposit is 6 months and maximum period of deposit is 3 years |
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Interest will be paid in the currency of deposit. Conversion is permitted at the ruling exchange rate. Interest will be paid half-yearly. Interest payment can also be paid monthly on discounted basis on specific request |
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Amount invested in FCNR Deposits and the interest earned in foreign currency can be freely repatriated in any currency of the investor's choice. The interest earned is exempt from Income Tax and the entire balance exempt from Wealth Tax |
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| 3) Resident Foreign Currency Account (RFC) |
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Can be opened by a citizen of India or a person of Indian origin who having been outside India for a continuous period of not less than 1 year and has become a resident in India on or after the 18th April, 1992 |
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Can be held individually or jointly in the names of eligible persons |
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Can be maintained in the form of savings, current and term deposits (FDR). No cheque books are given for RFC savings bank accounts |
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Can be opened in US Dollars (USD), Pounds Sterling (GBP) and Euro (EUR). Only certain credits viz., remittances in any permitted currency from abroad, pension or any other monetary benefits received from abroad are allowed under RFC |
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Funds in the account can be freely utilized for any bonafide remittance outside India through normal banking channels |
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This account is eligible for interest benefits as prescribed by the bank from time to time |
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| Other services to NRIs |
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| On specific request we also provide the information and services regarding: |
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Loan facilities against NRE / FCNR Deposits |
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Other investment opportunities available in India |
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Baggage rules and customs formalities |
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Import of personal articles / gold etc |
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Investment in residential property |
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Introduction to tax consultants |
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Safe custody of deposit receipts and acceptance of standing instructions (Eg: Payments to Life Insurance Corporation of India / Unit Trust of India etc.) |
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Locker facilities are available, subject to relevant rules and terms |
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Nomination facilities are available for all accounts |
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| What you need to do |
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Select the deposit / investment you wish to make. |
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Download the relevant form ( Click here to view the forms available and download them ). |
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Send it with required annexure and initial remittance to the branch of your choice ( Click here to see the Branch Network of Bharat Overseas Bank in India ). Or send it to the head office of Bharat Overseas Bank in Chennai indicating your choice of branch. |
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You need to introduce yourself to us, (if you're not already banking with us) by putting your signature on the form attested by your bank under their seal and signature or from one of our NRI / Resident account holders. |
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You also need to send photocopies of your passport along with your application. |
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| Click here to get more details about NRI Banking. |
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