a. UNIQUE HEALTH INSURANCE SCHEME FOR NRI CUSTOMERS AND FAMILY MEMBERS:
- If you are maintaining Non-Resident (External) Account with our bank, you are eligible for a special package Health Insurance Scheme for you and your family members residing in India or abroad.
- Family member consists of spouse and upto three children of below 25 years of age.
- There is no needfor medical check up.
- This scheme covers for Health, Personal Accident, Travel related, and Fire risk for property in India.
- This is a special offer for our existing customers who are maintaining NRE account and for our new customers who open NRE account with us.
Our bank under a special tie up arrangement with M/s. Cholamandalam MS General Insurance Co Ltd is offering this value added insurance cover.
Our Non-Resident customers may please contact the nearest branch of our bank for more details about premium to be paid and the operational features of this insurance scheme.
b. Operation of the accounts through PA holders
Non Resident Indians can execute Power of Attorney in favour of Resident Indians to operate their accounts in their absence,
Operations in Non Resident accounts can be for local payments. For more details please refer operations in NRE / FCNR / NRO accounts,
Power of Attorney holders are not allowed to open or close the accounts. Power of Attorney holders are not allowed to raise loans against non resident deposits.
c. Standing instructions for utility payments and for family maintenance every month.
Non-Resident account holders can provide mandate or standing instructions to our bank to pay their uitility bills in India on due dates. Account holder can provide standing instruction to transfer a specific amount from his account to the family member every month for the family maintenance in India.
d. Locker facilities
We provide locker facilities to Non-Resident customers at our branches to safe keep their valuables / documents.
e. Facility to book forward contract for NRI customers
- The scheme will provide interest on FCNR-B deposit plus benefit from the forward premium in Foreign exchange market to the depositor. This product will be available only till rate of interest on FCNR-B / NRE deposits is low and the forward premium of USD vs. INR is high.
- The amount in NRE Rupee funds (Minimum amount INR 5.00 lacs) are to be invested for a period of 366 days (1 year and 1 day). The NRE Rupee funds will be converted to FCNR-B deposit in Foreign Currency having high forward premium in the market. A forward contract will be booked for the maturity amount and on the maturity date, the maturity amount will be converted to NRE Rupee Account again.
- In case the amount is tendered in Foreign Currency, FCNR-B deposits can be opened for one year as usual and forward contract can be booked as per the scheme.
- NRI customer has to give a separate application form requesting for transfer of funds from NRE account to the foreign currency account along with the application form for booking forward contract.
- Premature closure will not be allowed in the account normally to avoid consequential charges and probable exchange loss for cancellation of the forward contract booked. Customer should sign a declaration to the effect that he/she will not seek premature closure.
- However, in case of death of the depositor(s), if the claimant desires to get the payment of the proceeds immediately, premature closure may be allowed.
- In such exceptional cases, the charges for cancellation of forward contract will be deducted from the deposit proceeds before making payment.
- Loan in Indian rupee may be allowed against the deposit as the facility is available to existing FCNR-B customers.
- The interest earned by the depositors will be tax free as in the case of NRE and FCNR-B accounts.