#1
May 13th, 2016, 03:54 PM
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State Bank of Hyderabad NRO Account
Hello, I want to know the details of the NRO account of the State Bank of Hyderabad. Please provide me.
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#2
May 13th, 2016, 03:56 PM
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Re: State Bank of Hyderabad NRO Account
Hello, here I am providing you the details of the NRO account of the State Bank of Hyderabad as under: NRO Savings Bank / Current A/C It can be held jointly with other non-residents or residents. The deposit can be opened in Savings Bank, Current Accounts, Fixed Deposits and Special Term Deposits. Accounts can be withdrawn for making local payments in rupees. Investment in shares / securities / immovable properties on non repatriation basis with general or specific permission from the RBI. Premature withdrawals permitted (conditions apply) Interest earned in NRO a/c is repatriable fully. The principal amount is entirely non-repatriable. Banks are permitted to allow remittance up to $1 million USD per financial year out of the balances held in NRO account Power of attorney: The POA Holder is permitted to operate the Account to make investments on behalf of the account holder, if the account holder or the bank designated by him has been permitted by RBI. However, the POA Holder is not allowed: To repatriate funds held in the account outside India; To make payment by way of gift to a resident on behalf of the account holder; or To transfer funds from the account to another NRE Account. Letter of authority: The letter of Authority Holder is not allowed: To repatriate funds held in the account outside India; To make payment by way of gift to a resident on behalf of the account holder; or To transfer funds from the account to another NRE Account. Inherited Assets Sale proceeds of the assets acquired through inheritance can be remitted, without any lock in period, subject to the satisfaction of authorized dealer. Assets acquired in India out of rupee / foreign currency funds. Immovable Property: NRIs and PIO can remit sale proceeds of immovable property Remittance of assets by person resident outside India other than NRI / PIO out of NRO account. Remittance of assets out of a NRO account are permitted in case of a foreign national who is not a citizen of Pakistan, Bangladesh, Nepal or Bhutan and who has retired as an employee in India Rupee loans can be taken in India against the security of the deposit. By the depositor(s) By third parties |
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