|Eligible Applicants & Requisites||1. Non Resident Indians (NRI) are permitted to open and maintain the account.|
2. Deposits can be opened only in the form of term deposits with a minimum maturity period of 1 year and for a maximum period of five years.
3. Deposits are accepted in US dollars, Great Britain Pound, Euro, Canadian dollars, and Australian dollars.
4. Deposits can be made by remittance from abroad, or by funds held in existing NRE accounts.
5. Accounts can be opened jointly with other Non-Resident Indians.
6. Interest is compounded every half year.
|Facilities||1.Loan facility is available upto a maximum of 20 lacs.|
2. Repatriation of principal and interest is freely permitted.
3. Nomination facility is available.
4. Interest earned on the account is free from income tax.
5. Application form for opening FCNR(B) deposits is available in our bank’s website www.indianbank.in, which may be used for opening account with specific indication for the type of account required.
6. Acceptance of power of attorney is not allowed.