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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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Scheme is discontinued with effect from 1.4.2002 |
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The existing NRNR account shall be continued upto the date of maturity at the contracted rate. |
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Maturity proceeds shall be credited to account holders' Non-Resident (External) Rupee Account after giving notice to the account holder. The NRE account may be savings, current or term deposits as per account holders' choice. Even if there is no reply to the notice, the maturity proceeds shall be credited to NRE account. If there is no NRE account, an NRE savings account may be opened, and proceeds be credited to that account and customer be informed accordingly thereby seeking his/her further instructions. |
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The maturity proceeds may be credited to account holders' Non-Resident Ordinary (NRO) account also as per account holder's choice. |
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The NRNR account holder has the option to directly credit the maturity proceeds to NRE account but NOT to Foreign Currency Non-Resident account (Banks) Scheme (FCNR (B) account). |
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Facilities for pre-mature withdrawal / closure shall be available but in the event of pre-mature closure, the option of reinvesting the proceeds will be restricted to NRO account only. |
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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 12 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. |
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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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