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Bharat Bank offers a number of attractive features for NRI Banking facilities. As a member of SWIFT Network; Bharat Bank delivers quick, accurate and absolutely safe fund transfers. Our global network of correspondent banks and wide range of remittance options empowers you to remit money to India from anywhere. As part of NRI Banking facilities, customers can avail Housing Loans.
NRI’s can open the following types of accounts with us.
- Account Types: Savings Bank/Current Account/Term Deposit/Recurring Deposits.
- Accounts maintained in Indian Rupees.
- Accounts can be opened jointly with non-residents Indians.
- Also can be opened jointly with resident close relative on former or survivor basis (close relative as defined in sec 6 of Companies Act 1956)
- Accounts can be opened/credited with remittances from abroad through normal banking channel/ personal cheques drawn on foreign bank accounts / transfer from existing NRE/FCNR accounts/foreign exchange brought during visit to India.
- Bank deposits are free from wealth tax in India.
- Interest earned is exempt from Indian Income Tax.
- Principal and interest are freely repatriable.
- Loans can be extended to the Account holder or Third party for purposes other than relending/carrying on agricultural/plantation activities/real estate business
- Account Types: Savings Bank/Current Account/Term Deposit/Recurring Deposits.
- Accounts maintained in Indian Rupees.
- Accounts can be opened jointly with non-residents / residents.
- Accounts can be opened/credited with legitimate local funds of the non-resident and also with remittances from abroad/transfer from existing NRE/FCNR accounts / foreign exchange brought in India during visit to India.
- Balances held in NRO accounts can be repatriated outside India with an overall limit of USD one million per financial year subject to payment of taxes and production of a 15 CA and 15 CB
- Interest is subject to deduction of tax at source at the rate of 30% OR as per DTAA agreement.
- Loans against NRO deposits can be availed for purposes other than relending/carrying on agricultural /plantation activities / real estate business.
- Type of deposit: Only term deposits
- Deposits can be maintained in USD and EUR. We also consider FCNR deposits in other freely convertible currencies on demand.
- FCNR (B) deposits are accepted for minimum period of one year and a maximum of five years.
- Can be opened jointly with another NRI.
- Also can be opened jointly with resident close relative on former or survivor basis (close relative as defined in sec 6 of Companies Act 1956)
- Accounts can be opened/credited with remittances from abroad through normal banking channel/ personal cheques drawn on foreign bank accounts / transfer from existing NRE/FCNR accounts/foreign exchange brought during visit to India.
- Both principal and interest are payable in foreign currency. Hence there is no exchange loss on principal and interest.
- Bank deposits are free from wealth tax in India.
- Interest earned on FCNR (B) accounts is exempt from Indian Income Tax.
- Principal and interest are freely repatriable.
- Loans against FCNR (B) deposits can be availed for purposes other than relending/carrying on agricultural/plantation activities/real estate business
- Any Resident individual, firm, Corporate can open a Non interest bearing Current Account
- Currency: USD, EURO, GBP, SGD, JPY, AED
- Foreign Inward remittances upto 100 % is allowed to retain in the said account, subject to condition taht the sum total of accruals in the account during a calender month should be converted into Rupeees on or before the last day of the succeeding calender month after adjusting for utilisation of the balances for the approved purpose or forward committment.
- There is no restriction on withdrawal, but the amount withdrawn in rupees shall not be eligible for re-credit to the EEFC A/c
- NO credit facilities will be extended against the balance available in the account
- Forward contract can be booked for the available balance in the account
- PIO’s and NRI’s returning to settle permanently in India can open an RFC account.
- Currency: USD, EURO, GBP, SGD, JPY, AED
- Can be opened jointly with any other person eligible to open an RFC account.
- Balances in NRE/FCNR accounts and foreign currency funds brought by the NRI at the time of returning to India.
- Assets maintained abroad can be freely invested in RFC account.
- Funds can be used to make any bonafide payments abroad.
- Withdrawals can be made for making payments in India. Withdrawals in India are permitted in Rupees only.
- The accounts can be converted to FCNR/NRE accounts in case the person becomes an NRI
- A person resident in India can open, hold and maintain such non-interest bearing current account out of foreign exchange acquired in the form of currency notes. Bank notes and travelers cheques from any of the sources like:
- Payment of services rendered abroad, as honorarium, gifts, services rendered or in stettlement of any lawful obligation from any person not resident in India
- Proceeds of exports of goods and services, royalty, honorarium etc. And/or gifts recevied from close relatives through normal banking channels
- Unsepnt amount of foreign exchange acquired for travel abroad
- Currency: USD, EURO, GBP, SGD, JPY, AED
| RATE OF INTEREST ON FCNR (B)* DEPOSITS W.E.F. 01st March 2025. | ||
| Currency | Period of Deposits | Rate of interest % p.a. (Compounded half yearly) |
| USD | 1 year and above but less than 2 years | 5.58 |
| USD | 2 years and above but less than 3 years | 5.08 |
| USD | 3 years and above but less than 4 years | 4.58 |
| USD | 4 years and above but less than 5 years | 4.33 |
| USD | 5 years only | 4.23 |
| GBP | 1 Year 1 Day | 4.35 |
| EURO | 1 Year 1 Day | 2.57 |
| JPY | 1 Year 1 Day | 0.38 |
Please note FCNR (B) Deposits in GBP, Euro & JPY shall be accepted for only one maturity i.e one year and one day. However FCNR (B) deposits denominated in US Dollar (USD) shall be accepted for a maximum period not exceeding 5 years.
Also note that FCNR (B) Deposits Account is opened only in B Category branches i.e. at Goregaon (East) Branch & Fort Branch. All the other Branches are advised to forward FCNR application forms to Foreign Exchange Department of ‘B’ Category branches for the opening, maintaining and operation of the said account till further instructions.
* Foreign Currency Non-Resident (Bank) Deposits