Andhra Bank
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Toll Free Number : 1800 425 1515

 
Nri Products And Services
RESIDENT FOREIGN CURRENCY ACCOUNT(Returning Indians)
 
  Main purpose for which normally accounts are opened

Returning Indians who wish to keep their amounts in Foreign currency only even they intend to stay permanently in India and to avail repatriation facilities. The amounts can be converted/transferred in to NRE/FCNR account consequent to change in the status to NRI  again.
 
  Currency in which account is maintained

Foreign Currency At Present in(USD/ GBP/ EURO/ CAD/ AUD only)
 
  Type of Deposits

Term Deposits.
 
  Period of Deposit

1 year to 5 years
 
  Joint Accounts

Permitted with other eligible person
 
  Operation of Accounts

Mandate or Power of Attorney holder can be appointed P A’S powers are restricted to Local payments or eligible investments or remittance to the account holder himself.
 
  Interest rates


Term Deposits: Interest rates as applicable to FCNR(B) deposits.  For the Latest interest rates   click here.

 
  Source of Funds

Credits:
Remittances from abroad/Transfer from other NRE/FCNR a/cs, Interest and Proceeds of Investments made from NRE account or other NRE accounts which are of repatriable nature, pension or any other superannuation or other monetary benefit from his employer  outside India.
Debits:
 The funds are free from all restrictions regarding utilization of foreign currency balances including any restrictions on investment in any form.
 
  Loans against Term Deposits

Loans are not allowed against these deposits
 
  Premature cancellation

  Allowed. Before 1 year No interest is paid. After  one year with penal charge of  1%
 
  Tax benefits

Tax free
 
  Nominations

Allowed. Nominee can be  Resident or Non-resident
 
  Repatriation/Repayment

Repatriable. Inclusive of interest earned can be repatriated outside India without reference to Reserve Bank of India
 
  Documents required/introduction
 
  1. Opening the Account In person:

    1. Customer may submit the application in person along with the enclosures as given below in point 4 if he is opening the account when he visited India.

    2. Customer may also submit the application at any of our Representative Offices in Dubai and USA.



  2. Opening the Account from Abroad:

    1. Customer may submit the application after down loading the same from web site along with all Enclosures mentioned in Serial no 4
    2. Customer may also the scan the application along with the documents called for after duly 

    3. attesting the one additional document called for.


  3. In case the customer scans the application and send the same the procedure is as follows:

    1. The soft copy of the scanned application along with enclosures is to be send  to the Branch E-mail address and request to open the account.
    2. The scanned application and enclosures will be downloaded by the Branch and open the account if the documents are in order.
    3. Branch will inform the Account number to the customer by e-mail address given in the Application
    4. Customer after receipt of the mail is requested to send initial payment through proper Banking channels i.e., a) By a cheque issued on his foreign Bank account or by b) AB SPEEDWAY (incase of US Customer) c)Speed Remittance/NEFT (incase  customers from Middle East Countrest) d)SWIFT remittance (in case of Applicants other than US & Middle East Countries) and other modes of remittance through proper Banking channels.
    5. Branch will send the Kit containing Cheque Book, Non-Personalised Debit Card and InternetBankingPass words(if Internet Banking is opted for in the Application) to the mailing address given in the Application after receipt of initial remittance.
    6. Customer is advised to Visit the Branch on his next visit to India.
    7. The Application is to be filled up without leaving any gaps


  4. Enclose the documents as given below:

    1. Copies of pass port with valid Resident Visa and Indian address page,
    2. Mailing Address Proof  (Whether Indian or Foreign)
    3. The list of documents that will be accepted as mailing address proof are

      (Any one of the following)

      If Mailing Address is an Overseas address:

      1. Photocopy of valid passport mentioning the overseas address
      2. Photocopy of utility bill not more than 3 months old
      3. Photocopy of overseas bank statement not more than 3 months old
      4. Photocopy of valid driving license
      5. Photocopy of Government issued ID Card
      6. Photocopy of credit card bill not more than 3 months old
      7. Photocopy of lease agreement / rent receipt (not more than 3 months old)
      8. Photocopy of appointment letter
      9. Photocopy of company ID card with address
      10. Original letter issued by the company for the purpose of account opening on its letterhead
      11. Photocopy of bank statement or passbook of a NRI account with another bank
      12. Proof of address of the sponsor along with proof of relationship of the primary applicant with the sponsor
      13. Photocopy of Overseas Citizen of India (OCI) card mentioning the overseas address.
      If  Mailing Address is an Indian address:

      1. Photocopy of Valid Passport
      2. Photocopy of Valid Permanent Driving license
      3. Photocopy of telephone bill of private & public operators (e.g. MTNL, BSNL, Reliance, Airtel & Tata Indicom) – not exceeding 2 months prior to date of account opening
      4. Photocopy of electricity bill – not exceeding 2 months prior to date of account opening
      5. Photocopy of Bank Pass Book or Bank account statement – not exceeding 3 months prior to date of account opening
      6. Photocopy of Ration card
      7. Photocopy of Election card / Voters ID (if it has address)

    4. Photo copy of employment contract and latest pay slip (in case of employees).
    5. Letter from Institution in which student is pursuing studies or Photo copy of the Identity card  (incase of NRI Students)
    6. A declaration from the customer that the all the copies are true copies of Originals.
    7. Enclose any one additional document out of the following -Attested by Self:

      1. A cheque drawn on a bank account abroad
      2. Any cancelled paid cheque in original drawn on a bank abroad showing the signature, bank name, account number etc.
      3. Photo copy of overseas/Indian bank Statement not more than 3 months old
      4. Photocopy of utility bill not more than 3 months old
      5. Photocopy of ID card, like driving  license, employee ID, Labour Card
      6. Photo copy of Local government ID Card
      7. Original Letter from employer issued for the purpose of opening of this account
      8. Copy of Credit card statement not more than 3 months old
      9. Copy of lease/rental agreement/rent receipt (not more than 3 months old)
 
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