Andhra Bank
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Toll Free Number: 1800 425 1515

Call 040-23122297 for Internet & Mobile Banking/ATM -24x7 Helpdesk or mail to us on adchelpdesk@andhrabank.co.in

 
NRE ACCOUNT - Non Resident ORDINARY
 
  Non Resident
ORDINARY
Non Resident
EXTERNAL
FOREIGN CURRENCY
NON
RESIDENT (B)
RESIDENT FOREIGN CURRENCY
(Returning Indian)
Main purpose for which normally accounts are opened These accounts are useful to the NRIs who are having regular income on assets acquired prior to becoming NRI or acquired by them in India during their status as NRI and to make local payments in Indian Rupees for their genuine needs in India. When customer is interested in Repatriation and also wants to avail tax benefits NRE accounts are suitable as the amounts in the account are tax free. NRIs who wish to be avoid Risk of Foreign Exchange fluctuations, and to avail Repatriation facilities keep their amounts in in FCNR Deposits. These Accounts are
maintained in Foreign currency only.
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 Indian Rupees only. Indian Rupees USD,GBP, EUR,
AUD, CAD.JPY, CHF,DKK,NZD,
SEK.
Foreign Currency At Present in(USD/ GBP/ EURO/ CAD/ AUD only)
Type of Deposits Current, Savings, Recurring and Term Deposits Current, Savings, Recurring and Term Deposits. Term Deposits. Current, Savings and Term Deposits.
Period of Term
Deposits
As applicable to Domestic Deposits. 1 year to 5 years. 1 year to 5 years 1 year to 5 years.
Joint Accounts Permitted with Resident Indians.The account will be opened with NRI as the first applicant. Permitted with other NRIs.
Resident Indian also can be joint account as second name, first name being NRI and on former or survivor basis
Permitted with other NRIs Permitted with other eligible person.
Operation of Accounts 1.‘Account holder’ himself or ‘Mandate’ or’ Power of Attorney holder’
2.Can make payments to all genuine local payments including for eligible investments.
3. He is not permitted to repatriate funds other than to Non-resident Individual account holder. 4.No gift to a resident, No transfer of funds to another NRO account
1. Mandate or Power of Attorney holder can be appointed.
2. Power of Attorney holders powers are restricted to Local payments or eligible investments or remittance to the account holder himself.
Depositor can appoint Mandate or Power of Attorney Holder. 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 As per Domestic Interest rates ( subjected to Tax)
Present Rates:
Savings Deposits:4%
 
Term Deposits: Interest rate deregulated and click here for present interest rates
Interest is paid in the Foreign currency in which the deposit is placed. Presently Up to 3 Years LIBOR of the currency for the corresponding Period +200 bps up to less than 3 years. LIBOR plus 300 bps for more than 3 years up to 5 Years. Present Rates:
Term Deposits: Interest rates as applicable to FCNR(B) deposits
Permitted Credits
and Debits
Credits: Legitimate dues in India of the a/c holder, and remittances received from abroad through banks
Debits: All Local payments, Remittance outside India to the extent of current Income and USD 1 million subjected to tax payment and certain conditions.
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.
Debits: local Disbursments, Remittances outside India, and payment for Eligible Investments, and also any other transaction if permitted by RBI
Remittances from abroad/Transfer from other NRE/FCNR a/cs and also interest and Proceeds of
Investments made from his NRE account or other NRE accounts which are of repatriable nature
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.Sale proceeds of assets, investments of NRI 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 The rules are similar to that of Loans against Domestic Deposits.
Eligible Loan amount: 90% of value of Deposit
Interest: Interest on Deposit+2%
Third party Loans: In the case of third party loans, the rate of interest changes with the type/category of the borrower, margin, and also the size of the limit. If the Loan is for more than 3 years, term premia is to be added.
The Loans against the above deposits cannot be utilized for the purpose of re-lending or for carrying on agriculture or plantation activities or for investment in real estate business.
Allowed.
Eligible Loan : 85%of value of deposit.
The Loans against the above deposits cannot be utilized for the purpose of re-lending or for carrying on agriculture or plantation activities or for investment in real estate business
For details
Allowed. Loans
against the Deposits to self or to third parties are
available in rupee
as well as in Foreign Currency.
The Loans against the above deposits cannot be utilized for the purpose of re-lending or for carrying on agriculture or plantation activities or for investment in real estate business
Loans are not allowed under RFC Deposit Scheme
Premature cancellation Allowed with penal charge of 1% Allowed. Before 1 year No interest is paid. After one year with penal charge of 1% Allowed. Before
1 year No interest is paid. No SWAP cost.After one year penal charge of
1% will be levied.
Allowed. Before 1 year No interest is paid. After one year with penal charge of 1%
Tax benefits Interest is taxable as per rules. Presently 30% plus service tax. Customer can avail benefits of Double Taxation Avoidance Agreement, wherever applicable. CIR 228 dated 21.09.2015. Tax free Tax free Tax free
Nominations Nominee can be Resident or Non-resident or PIO(person of Indian Origin) Allowed. Nominee can be Resident or Non-resident/PIO Allowed with Resident or Non-resident/PIO Allowed. Nominee can be Resident or Non-resident
Repatriation/ Repayment 1.Current Income credited to NRO a/c (Interest, Profits, Rents, Dividends etc.,) net of applicable taxes repatriable
2.Balance held in NRO a/cs are eligible for remittance up to USD 1 Million Dollars in a financial year subject to tax which includes sale proceeds of assets subject to production of an undertaking by the remitter and a certificate from a Chartered Accountant
Repatriable. Inclusive of interest earned can be repatriated outside India without reference to Reserve Bank of India. The depositor has to bear Exchange Risk. Repatriable. Inclusive
of interest earned
can be repatriated outside India without reference to Reserve Bank of India
Repatriable. Inclusive of interest earned can be repatriated outside India without reference to Reserve Bank of India
Documents required Existing SB account has to be converted in to SB NRO account as soon as the branch come to know that the account holder is a Non-resident Indian. 1.Valid Pass Port 2.VISA or PR or Employement proof 3.Address(abroad) proof 4.And other documents as given at the end of the Application form 1.Valid Pass Port 2.VISA or PR or Employement proof 3.Address(abroad) proof 4.And other documents as given at the end of the Application form 1.Valid Pass Port 2.VISA or PR or Employement proof 3.Address(abroad) proof 4.And other documents as given at the end of the
Application form
1.Valid Pass Port 2.VISA or PR or Employement proof 3.Address(abroad) proof 4.And other documents as given at the end of the Application form
 
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