International Banking Division of Central Bank of India offers special benefits to Non-Resident Indians.

To become a valued account holder of Central Bank of India, all you need to do is open a Non-Resident (External) Account in Indian Rupees or a Foreign Currency Non-Resident (FCNR-B) Deposit account in Pound Sterling, US Dollar, Euro, Canadian Dollar and Australian Dollar.

We have 3563 branches across 27 Indian States to choose from to open your Non-Resident (External) Rupee (NRE) savings, current and time deposit accounts and also to place your deposit in foreign currency term deposit under FCNR(B) Deposit Scheme of 1 year to 5 years in one of the designated foreign currencies as mentioned above. Accounts under NRE, FCNR(B) can be opened only if you are a Non-Resident Indian (NRI) who is Indian National or person of Indian Origin residing abroad.

NRE / FCNR (B) accounts may also be opened in joint names of two or more NRIs. A member of the family in India who has been granted power of attorney or a letter of authority, is entitled to operate the NRE/FCNR(B) accounts for making all local payments. As per recent Reserve Bank of India directions, power of attorney holder is also authorised to effect remittance outside India from NRE accounts provided the remittance is effected favouring NRI account holder.

The advantages of these Accounts are:

		No tax will be charged by Indian Income Tax Department on interest earned on NRE / FCNR(B) deposits.
		No wealth tax is applicable on these deposits.
		Hassle free repatriation of balance in NRE account and maturity proceeds of NRE and FCNR(B) time deposit. You can get back your money ant time you want it. Repatriation is allowed in the currency of your residence or other foreign currency in which you want, subject to applicable exchange rate on the date of such conversion. Approval of Reserve Bank of India is not required.
		Withdrawals for all local payments allowed from your account. However, once withdrawn, it can not be re-credited to your NRE/FCNR(B) account again.
		You can also invest funds out of your NRE/FCNR(B) accounts on repatriation basis or non-repatriation basis in shares, debentures, National Savings Certificates and other government securities. Investment in residential and commercial properties, other than agriculture land, plantations, can be made out of funds held in NRE/FCNR(B) accounts.