State Bank of Mysore provides with all types of banking services to suit all needs and offers several specially designed schemes for non-residents.

Non-Resident (External) Account - NRE a/c

• Non-resident (External) Rupee Account is opened in the form of Savings Bank / Current Account / Term Deposit / Re-investment Deposit Account. Term Deposit / Reinvestment Deposits are permissible for periods from 1 year to 3 years.

• The NRE Account is opened by payment from abroad or by transfer of funds from existing Non-resident (External) and or from Foreign Currency (Non-resident) accounts upon maturity. It is also opened by NRIs depositing their foreign currency notes / travelers cheques during stay to India.

• It can be opened jointly or severally if all enjoy non-resident status.

• Non-resident Indians can allow their resident representative to operate the Bank account, for local payments only, through a power of attorney / letter of authority.

• Principal and interest of Non-resident (External) rupee account proceeds are freely repatriable in exchangeable currencies.

• Purchase of Units from Unit Trust of India, Central, State government securities and national savings certificate made from Non-resident (External) Rupee accounts. The maturity proceeds of the above securities purchased out of Non-resident (External) Rupee account is credited to Non-resident (External) account with Repatriation Facility.

• Loans against Re-investment deposits and Term Deposits are offered up to 90% of the deposit amounts inclusive of interest accrued thereon.

Foreign Currency (non-resident) Account - FCNR a/c

• FCNR Term Deposit /Re-investment accounts are opened in designated currencies viz., US Dollar, Pound Sterling and also Euro.

• These deposits are issued out of depositor’s payment from abroad or from transfer from the existing Non-resident (External) rupee account or out of foreign exchange brought to India during non-residents’ visit to India.

• Loans in rupee accounts against foreign currency Non-resident deposits are available up to 85% of the deposit amount including interest accrued thereon.

• Interest is paid in the currency of the deposit. Conversion to Indian Rupees would be at the prevailing exchange rate.

• Minimum deposit amount $1000, £1000 , €1000.