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May 4th, 2016, 10:33 AM
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Join Date: Mar 2012
Re: Abhyudaya Co-Operative Bank NRI

Hello, here I am providing you the details of the NRI deposit account details of the Abhyudaya Co-Operative Bank as under:

Non-Resident Deposits
Deposit Schemes for Non – Resident Indians

NON-RESDIENT (EXTERNAL) RUPEE ACCOUNT (NRE)

Types of accounts you can open are Savings, Current or Term Deposit in
Indian Rupees.

You can open an NRE account by :

Remittance from abroad (through SWIFT Payment Order).

Transfer of funds from existing NRE/FCNR accounts with other banks in India
or from other branches of our bank.

Foreign currency notes/travellers cheques brought in during temporary visit
to India.

Features:
The entire credit balance inclusive of interest earned can be repatriated
outside India without reference to Reserve Bank of India.

NRE account can be operated by Resident Indians on the basis of a Power of
Attorney or on the basis of a Letter of Authority issued by the NRI account
holder.

Local disbursements, purchase of units of UTI, Central and State Government
securities and National Savings Certificates can be made from these
accounts.

Sale/Maturity Proceeds /repurchase proceeds of units of UTI, Securities or
certificates originally purchased out of funds in these accounts can be
credited without reference to RBI.

Under term deposits, deposits are accepted for a minimum period of 1 year
and a maximum period of 3 years.

Loans to deposit holders /third parties in India are available against security
of deposits.

Cheque book facility is available for NRE Savings Bank Account.

Interest earned is not taxable. No wealth tax on balances.

Attractive interest rates as applicable to domestic deposits are offered as per the latest RBI guidelines.

Interest Rates on NRE Term Deposits w. e. f. 01.01.2016 including Bulk Deposits
Period of Deposit Interest Rate(%)
12 months and above upto and inclusive of 15 months 8.25
Above 15 months and upto & inclusive of 36 months 8.50
Above 36 months and upto & inclusive of 120 months 8.25


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