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ForeWordVolume 1 Volume 2 Volume 3 Volume 4 Volume 5 Volume 6
CHAPTER 2
Foreign Exchange Operations
RUPEE ACCOUNTS OF NON-RESIDENTS OTHER THAN BANKS
SECTION A
Residential Status:
In terms of Section 2 (v) of FEMA 1999 "a Person resident in India means"
a person residing in India for more than one hundred and eighty two days during the
course of the preceding financial year but does not include-
(A)a person who has gone out of India or who stays outside India, in either case-
a)for taking up employment outside India, or
b)for carrying on a business or vocation outside India, or other purpose, in such
circumstances as would indicate his intention to stay outside India for an uncertain
period;
(B)a person who has come to or stay in India, in either case, otherwise than-
a.for or on taking up employment in India, or
b.for carrying on a business or vocation in India, or
c.for any other purpose, in such circumstances as would indicate his intention to stay
in India for an uncertain period;
i.any person or body corporate registered or incorporated in India
ii.an office, branch or agency in India owned or controlled by a person resident
outside India
iii.an office, branch or agency outside India owned or controlled by a person resident
in India
DEFINITION OF NRI
In terms of Section 2 (w) of FEMA " Person resident outside India" means a person
who is not resident in India. Person includes an individual, a Hindu undivided family, a
company, a firm, an association of persons or a body of individuals whether
incorporated or not.
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1.An Indian Citizen who stays abroad for employment/carrying on business or vocation
outside India or stays abroad under circumstances indicating an intention for an
uncertain duration of stay abroad is a non-resident. Persons going abroad for studies
are treated as Non-Resident Indians (NRIs) and are eligible for all the facilities availableto NRIs. Educational and other loans availed of by them as residents in India will
continue to be available as per FEMA regulations.
1.1.Persons posted in U.N.Organisations and officials deputed abroad by
Central/State Government and Public Sector undertakings on temporary assignments
are also treated as non-residents.
1.2.Non-resident foreign citizens of Indian Origin are treated on par with non-
resident Indian for opening and maintaining accounts and for making investment.
Person of Indian Origin means a citizen of any country other than Bangladesh or
Pakistan, if
a)he at any time held Indian passport;
or
b)he or either of his parents or any of his grand- parents was a citizen of India by
virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955);
or
c)the person is a spouse of an Indian citizen or a person referred to in sub-clause ( a )
or (b);
1.3.Overseas Corporate Bodies (OCBs) have been derecognized as an eligible class
of investor under various routes/schemes available under extant Foreign Exchange
Management Regulations.
1.4.In case of doubts/clarifications regarding the NRI status of individuals
approaching branches to open accounts, branches should take up with D & A Section,
Foreign Exchange Department, Central Office. Further, FAQ on various entitlements of
NRI/PIO published in the website of the Reserve Bank is also made available in thehome page of our TREASURY (FOREIGN) and branches may refer to the same.
ACCOUNTS OF CERTAIN NON-RESIDENTS TREATED AS RESIDENT ACCOUNTS:
2.Although the under noted categories of persons, firms, companies, etc., are treated
as resident outside India under FEMA, their rupee accounts with ADs in India are
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regarded as resident accounts and hence branches may open such accounts and allow
free operation of accounts, provided the requirements under FEMA 1999 are complied
with.
(i)Indians, Nepalese or Bhutanese resident in Nepal or Bhutan.
(ii)Offices and branches situated in Nepal or Bhutan of any business carried on by a
company or a Corporation incorporated or established under any Law in force in India,
Nepal or Bhutan.
(iii)Offices and branches in Nepal or Bhutan of any business carried on as a
partnership firm or otherwise by Indians, Nepalese or Bhutanese.
3.For opening accounts in the names of Pakistani and Bangladesh nationals, branches
should obtain prior approval of Reserve Bank of India and the approval details should
be recorded in the relative account opening forms and Ledger/Register folios/ system
records.
4.All the Indian branches of our Bank can open and maintain the following categories
of Rupee Accounts in the names of Non-Resident Indians (NRIs) and Person of Indian
Origin.
i)Ordinary Non-Resident Rupee Accounts (NRO Accounts)
ii)Non-Resident (External) Rupee Accounts (NRE Accounts)
A comparative chart containing the salient features and conditions governing
credit/debit transactions of the above four types of accounts are furnished as
Annexure-I. Before opening accounts under these schemes, branches should ensure
that the applicants satisfy the criteria laid down for the residential status under FEMA
1999.
5.Branches should be guided by instructions contained in the following while opening
and allowing operations in non-resident rupee accounts:
i)Foreign Exchange Management (Deposit) Regulations, 2000 issued under FEMA
1999 and Notification No. FEMA 5 /2000-RB dated 3rd May 2000 .
ii) Master circulars and AP (DIR) Circulars issued by Reserve Bank of India
iii) Circulars issued by Central Office.
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(Regulations governing maintenance of and operations on non-resident rupee accounts
by authorised Co-operative/Commercial banks have been given separately by Reserve
Bank of India in Memorandum ABM).
6.OPENING OF ACCOUNTS IN THE NAMES OF NRIs:
6.1.Any Non-Resident of Indian Origin or Nationality who desires to open account
with the branch, may send the prescribed application duly completed and signed -
verified by his/her Bank/Indian Embassy/Notary Public/our Banks Account holder along
with remittance to the branch.
6.2.Alternatively, photocopies of passport giving passport number, signature,
photographs and date of issue/expiry date of passport may be sent by the prospective
account holder.
6.3.Branches are permitted to open NRE accounts for Indians before proceeding
abroad with zero balance in the account after verifying Passport, Visa and Air ticket for
the journey and give them the Account Number.
6.4.Branches opening rupee accounts in the names of minors, joint accounts should
ensure observance of the usual precautions for opening of accounts, issue of pass
book/statement of accounts, issue and despatch of cheque books, operation of
accounts, standing instructions, etc. In this connection, attention of branches is invited
to Chapter 1 (on Constituents Accounts - General) of Volume I of Book of Instructions.
6.5.Branches should choose the correct type of non-resident account in the CBS
package, for different categories of non-resident accounts opened/maintained by
them.
6.6.Details such as names of NRIs, their nationality, Indian contact address,
overseas address, passport particulars, name and address of the introducer/identifying
overseas bank/branch, operational/payment instructions like E or S, F or S, A or S,nominations etc., should be recorded in the account master in CBS packages
authenticated properly by the authorised official.
6.7Branch should send the deposit receipt through registered post to the NRI
depositor at the address given in the application/account opening form. The deposit
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receipt should not be handed over to agents/middlemen/third parties. The branch
should ensure that complete postal address of the NRI depositor has been furnished in
the account opening form and should exercise special care, if the address is
incomplete or only post box number has been furnished.
6.8.The Account opening forms, specimen signature cards, should be properly filed,
preserved and produced for verification by our Internal Inspectors/Reserve Bank of
India Inspectors/External Auditors when required.
6.9.In terms of Policy Document on KYC-AML, Nonresident customers are placed
under RIP Three (high risk) category in the Risk Perception Matrix. Hence branches
should apply due diligence with the available information provided by the customer
and the estimation arrived on the additional information gathered through interaction
with the customer. Suitable STTL (Single Transaction Threshold Limit)may be
fixed as applicable to the risk level.
REMITTANCES:
7.1.Branches handling inward remittances received for opening/credit to non-
resident accounts and outward remittances made to the debit of non-resident accounts
should ensure that the remittances received/made are in conformity with the
permitted methods prescribed under FEMA 1999.
7.2.Branches should ensure that each inward remittance is promptly acknowledged
to the NRI and relative credit is made to the account without delay, observing
procedural guidelines for handling inward remittances. Similarly, the requests for
foreign outward remittances should be promptly attended to by branches.
7.3. NAD branches opening/maintaining accounts should note to handle purchase
transactions under prior report to the designated AD branch. For sale of foreign
exchange on account of NRI customers, the NAD branch should take up with the
designated AD branch, which will arrange for release of exchange in the form of draft,
mail transfer, telegraphic transfer, foreign currency TCs/Notes, etc. In this connection,branches are advised to ensure compliance of procedural aspects contained in
relevant chapters of this volume.
7.4. While handling foreign currency notes/coins on account of NRIs, branches
should be guided by the general instructions regarding purchase/encashment of
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foreign currency notes contained in Chapter on Foreign Travels of the volume.
7.5.The purchase/sale transactions (in foreign exchange) in opening/maintaining
non-resident accounts in the names of NRIs by both AD branches and NAD branchesshall be reported to TREASURY (FOREIGN) only by AD branches, in accordance with the
procedure laid down for such reporting. (Refer Chapter 1 of this volume).
7.6. Branches should properly record and promptly execute the various
standing/special instructions of NRIs for local disbursements under advice to account
holders. While executing the instructions of the customers, branches should ensure
that debits/credits made to these accounts are permitted debits/credits under FEMA
1999.
LOANS AND OVERDRAFTS
8.1.1.Branches granting loans/overdrafts to NRIs against the security of NRO/NRE
deposits should ensure compliance of guidelines contained in Notification No. FEMA
5/2000-RB dated 3rd May 2000 read with subsequent amendments and Volume II of
Book of Instructions as well as circulars issued by Central Office, regarding maximum
amount of loan, interest rate, margin, purpose etc.
8.1.2.Advances against FCNR/NRE deposit to the depositor himself or to a third
party should be granted up to a maximum of Rs.100.00 lacs only, only under his
specific request/mandate and after verifying the authenticity of the signature of the
depositor. If the NRI availing the loan is on a visit to India, the loan documentation
could be completed at the branch, where he proposes to avail of the facility. If the NRI
seeks to avail of loan from the branch in India, when he is abroad, the loan document
(60 H) should be sent to the NRI abroad with a request to execute the documents at an
Overseas Branch or at the branch office of the Correspondent of our Bank and arrange
to forward the documents along with the deposit receipt (carrying the undated
discharge of the depositor/s) through the overseas branch/office of the correspondent
bank where the documents were executed. A copy of the passport of NRI should also
be called for along with the application and discharged deposit receipt.
8.1.3.The covering letter of the overseas branch/Correspondent bank forwarding the
documents should confirm that the depositor had called on them and executed the
documents in their presence. On receipt of documents, branch can affix and effectively
cancel the revenue stamp on the reverse of deposit receipt where the undated
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discharge of the depositor/s appears and proceed to grant the loan. The proceeds of
loans so granted could be credited to the NRO account only of the NRI availing the
loan. Under no circumstances, the loan proceeds should be credited to NRE/FCNR
accounts of NRIs or repatriated abroad.
8.2.1.Branches have to propose to their Regional Office for sanction of loan against
NRE deposits to third parties.
8.2.2.Branches should not grant advances to third parties against NRE/FCNR B
deposits on the basis of Power of Attorney.
8.2.3.In case of any loan / overdraft availed by a resident and who subsequently
became a person resident outside India, in terms of Reserve Bank guidelines under
FEMA 1999, it is left to the discretion and commercial judgement of the authorised
dealer / branch to allow continuance of such facilities. In such cases, payment of
interest and repayment of loan may be made by inward remittance or out of legitimate
resources in India of the person concerned. As per Reserve Bank guidelines, authorised
dealers at their discretion / commercial judgement, are permitted to allow overdrawing
in NRE SB account for a period not more than two weeks, up to a limit of Rs.50,000
subject to the condition that such overdrawing together with the interest payable
thereon are cleared/repaid within the said period of two weeks, out of inward
remittance through normal banking channels or by transfer of funds from other
NRE/FCNR accounts. However, branches should be guided by our Banks discretionary
powers for various branches communicated from time to time, before considering such
requests from their NRI customers.
8.3.Branches should note that the loan/overdraft facilities granted to NRIs in India
against the security of NRO/NRE/FCNR B deposits could be adjusted
(a)by foreign inward remittance, or
(b)from the proceeds of deposits held as security, or
(c)to the debit of the NRO/NRE account of the borrower.
When a loan granted to a NRI against the security of his/her NRE/FCNR deposit is
adjusted out of the rupee resources held in NRO account, branches should note to
recover interest as laid down by Central Office in Interest Rate on Advances circulars.
8.4At the time of sanctioning credit facility against the NRE/FCNR deposits, branch
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should necessarily obtain instructions from the depositor, well before the due date, for
adjustment/roll over of the facility on the due date. Branch should send deposit
maturity notice along with details of the facility outstanding and the instructions
already in place. If any change in instructions is given by the depositor, branch shouldtake note of the same. As any interest rate movement/exchange rate movement will
result in complaints from customers, branches should take adequate care on this issue
9.BLOCKED ACCOUNTS
9.1.The Reserve Bank of India has powers to block accounts in India of any person,
whether an individual, firm or company resident outside India and to direct that
payment of any sums due to that person shall be made to such blocked account. A
blocked account means an account opened as a blocked account at any branch or
office in India of a bank authorised in this behalf by Reserve Bank of India. No blocked
account may be opened by a branch or an existing free account blocked, except
under directions of Reserve Bank of India. No blocked account should be un blocked by
a branch except under specific direction from Reserve Bank of India.
9.2.The Reserve Bank of India will issue special directions regarding operations on
individual blocked accounts at the time of authorising opening of such blocked
accounts.
9.3.Submission of STAT 2 return to the Reserve Bank for blocked accounts has been
dispensed with.
Annexures:
I Comparative chart showing the salient features of NRO and NRE deposit schemes.
II Account Opening Form for NRE Account.
ANNEXURE I
RUPEE ACCOUNT OF NON-RESIDENTS OTHER THAN BANKS
NON-RESIDENT (ORDINARY) NRONON-RESIDENT (EXTERNAL) NRE
1.WHO CAN OPEN:
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Any person resident outside India
(other than a person resident in Nepal
and Bhutan) (Opening of accounts of
individuals / entities of Pakistan /
Bangladesh nationality / ownership as
well as erstwhile OCBs require prior
approval of Reserve Bank of India).
Non-Resident individuals of Indian
Nationality or origin (Opening of NRE
accounts in the names of Pakistani /
Bangladeshi individuals / entities require
prior approval of Reserve Bank of India).
2. SOURCE OF FUNDS :
Proceeds of remittances received in
any permitted currency from abroad or
any permitted currency tendered by
the account holder during his
temporary visit to India or transfers
from rupee accounts of Non-Resident
Banks.
Legitimate dues in rupees of account
holder in India.
Transfer from NRE/FCNR accounts.
Designating existing account as NRO,
of a person proceeding abroad (other
than Nepal or Bhutan) which would
give him the status of a NRI.
Remittances received from abroad in an
approved manner in freely convertible
currency, Transfer from NRE/FCNR
accounts.
Accounts may be opened in the name of
any eligible NRI during his temporary visit
to India against tender of foreign currency,
TCs issued in his own name or notes and
coins tendered provided the branch is
satisfied that the status of the person
continues to be a non-resident.
Branches should ensure that TCs and
currency notes tendered by the account
holder have in fact been brought by himfrom abroad and not acquired locally.
Transfers from NRO account to NRE account
are permitted subject to the ceiling of
USD 1 millionalready available for
repatriation from NRO accounts
3. TYPE OF DEPOSIT:
SB, CD, Term Deposit SB, CD, Term Deposit
4. GL CODE :
Same as ordinary deposit.
SB NRE 1301
CD NRE 1501
NRE TD (S) 1101
TD NRE (L) 1151
5. PERIOD OF DEPOSIT :
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TD - 15 days to 120 months TD 12 months to less than 60 months
6. INTEREST :
SB & TDAs applicable to domestic
deposits.
SB - 3.5 % p.a.
TD-BASED ON LIBOR
Depending on period of deposit
(For current rates refer circular issued by
Central Office). No additional interest is
payable on deposit accounts of staff
members.
7. JOINT ACCOUNT :
Allowed with resident.
- Joint NRE accounts in the names of two or
more non-resident individuals is permitted
provided all the account holders are
persons of Indian Nationality or Origin. If the
spouse of an NRI is a foreign national, the
status of such a person will be that of a
Person of Indian Origin. However, such
persons are permitted to have only joint
bank accounts along with the spouse.
Residents can also be joint account holders
in NRE accounts on a former or survivor
basis.
8. REPATRIATION :
Not repatriable except for the following
in the account 1) Current income.
2) Up to USD 1 million per financial
year for any bonafide purpose out of
the balances in NRO account/sale
proceeds of assets in India acquired by
way of inheritance/ legacy inclusive of
assets acquired out of settlement
subject to certain conditions.
Freely repatriable.
9. NOMINATION :
Nominee can be a person resident in
India or a person resident outside
India. In the case of Non-resident
nominee, the amount entitled to him
Nominee can be a person resident in India
or a person resident outside India. In the
case of Non-resident nominee, authorised
dealers are allowed to remit funds lying in
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from the account(s)/deposit(s) of a
deceased person will be credited to his
NRO account and the repatriation will
be subject to the overall ceiling of USD
1 million per financial year, subject to
taxes.
the account of the deceased account
holder.
10. TAX :
Tax at the rate of 30 % on the interest
income is to be deducted at source and
remitted to Government. If the Non-
Resident is from any of the countries
with whom Double Taxation Avoidance
Agreement is entered into, the
applicable rate will be deducted.
Income from interest on monies standing
to the credit of NRE accounts is exempt
from Income Tax. Balances held in the
accounts are exempt from Wealth Tax. Gifts
made to close relatives in India from out of
balances in such accounts are also free
from Gift Tax. (These Tax exemptions are
available only in respect of NRE accounts
maintained by NRIs and any fresh directive
issued will prevail)
11. PREMATURE CLOSURE :
If the deposit is up to Rs. 5 lakhs,
applicable interest for the period run
prevailing on the date of deposit is
payable without foreclosure charges.
1% less than the rate applicable for theperiod the deposit has run prevailing
on the date of deposit, additional
interest for bulk deposits of Rs.15 lakhs
and above, is not payable on
foreclosure.
In case of an overdue deposit renewed
with overdue interest, is closed
prematurely before completing the
minimum period for which suchdeposits are accepted from the date of
renewal, no interest is payable on the
renewed deposit and the interest paid
for the overdue period should also be
recovered.
1% less than the applicable interest for the
period the deposit remained with the bank
prevailing on the date of deposit. Additional
interest, if any, payable on bulk deposit ofRs.15 lakhs and above is not payable.
If an overdue deposit renewed with interest
payment for the overdue period, is closed
prematurely before completing the
minimum period for which such deposits are
accepted from the date of renewal, no
interest is payable on the deposit and the
interest already paid for the overdue period
should also be recovered.
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12. RENEWAL OF DEPOSIT :
Can be done as per Rules as applicable
to domestic deposits.
Renewal of deposit can be done as longas
the depositors status is NRI. Renewal must
be made within 14 days from the due date
to get retrospective effect and must be
renewed for the minimum period
prescribed. If the overdue period is less
than one year, the interest rate for one year
prevailing on date of maturity or renewal,
whichever is lower, is to be applied.
13. CHANGE OF STATUS :
NRO accounts should be redesignated
as resident accounts on the return of
account holder to India, provided the
branch is satisfied that the account
holder has returned to India for taking
up employment, business or vocation
or for any other purpose indicating his
intention to stay in India for an
uncertain period. Where the account
holder is on a temporary visit to India,
the account should continue to be
treated as Non-resident even duringsuch visits.
NRE accounts should be redesignated as
resident rupee accounts or as RFC accounts
(if eligible) at the option of account holder
immediately upon the return of account
holder to India provided the branch is
satisfied that he has returned to India for
taking up employment or for carrying on a
business or vocation or for any other
purpose with an intention of residing in
India for an uncertain period.
Where the account holder is only on a short
visit to India, the account may continue tobe treated as NRE account even during his
stay in this country.
In respect of funds held in fixed deposits in
NRE accounts, interest will be payable at
the rate originally fixed, provided the
deposit is held for the full term even after
conversion into resident account.
14. OPERATIONS IN THE
ACCOUNT :Branches may allow transactions in
NRO accounts complying with
instructions contained in FEMA
Notification No. FEMA 5/2000-RB dated
3rd May 2000.
At the time of opening of the accounts,
14. OPERATIONS IN THE ACCOUNT :
Branches may allow transactions in NREaccounts complying with instructions
contained in FEMA Notification No. FEMA
5/2000-RB dated 3rd May 2000.
At the time of opening of the accounts, the
account holders should give an undertaking
that in cases of debits to the accounts for
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the account holders should give an
undertaking that in cases of debits to
the accounts for the purpose of
investment in India and credits
representing sale proceeds of
investments, they would ensure that
such investments/ disinvestments
would be covered by the general or
special permission of Reserve Bank of
India.
Credits: Proceeds of remittances in
any permitted currency from outside
India through normal banking channels
or any permitted currency tendered bythe account holder during his
temporary visit to India or transfers
from rupee accounts of non-resident
banks. Other legitimate dues in India of
the account holder.
Debits: All local payments in rupees
including payments for investments
subject to compliance with the relevant
regulations made by the Reserve Bank
and remittance outside India of current
income in India of the account holder
net of applicable tax.
A resident can be authorised by the
NRI by way of Power of Attorney or
Mandate Letter to operate the NRO
accounts. The withdrawals are
restricted to local payments only by
the mandate holder. Operations on the
account in terms of Power of Attorney
is restricted to withdrawals for
permissible local payments or
remittance to the account holder
himself through normal banking
channels.
the purpose of investment in India and
credits representing sale proceeds of
investments, they would ensure that such
investments/ disinvestments would be
covered by the general or special
permission of Reserve Bank of India.
Credits: Proceeds of remittances in any
permitted currency from outside India
through normal banking channels or any
permitted currency tendered by the
account holder during his temporary visit to
India or transfers from rupee accounts of
non-resident banks. Other legitimate dues
in India of the account holder.Debits: All local payments in rupees
including payments for investments subject
to compliance with the relevant regulations
made by the Reserve Bank and remittance
outside India of current income in India of
the account holder net of applicable tax.
A resident can be authorised by the NRI by
way of Power of Attorney or Mandate Letter
to operate the NRE accounts. The
withdrawals are restricted to local
payments only by the mandate holder.
Operations on the account in terms of
Power of Attorney is restricted to
withdrawals for permissible local payments
or remittance to the account holder himself
through normal banking channels.
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SUBMISSION OF STATEMENTS
Treasury dept. with the assistance of ITD, CO has developed a programme to cull
out the data from the core server and the same is being successfully transmitted to
Reserve Bank of India. In view of the above branches and Regional offices need not
submit NRD CSR data. However, the updation with regard to country codes and
transaction codes will have to be continued
(Ref.Treasury(Foreign) Perm.Cir. 87 dated 19.03.2010)
ANNEXURE II
INDIAN OVERSEAS BANK
ACCOUNT OPENING FORM
(A LATEST ACCOUNT OPENING FORM IS AVAILABLE IN http://www.iob.in)
ANNEXURE III
SECTION B FOREIGN CURRENCY ACCOUNTS IN INDIA
1.Branches should be guided by instructions contained in Notification No. FEMA
5/2000-RB dated 3rd May 2000, master circulars issued by RBI and circulars issued
by Central Office from time to time, with regard to opening and maintaining Foreign
Currency accounts in India.
2.Non Resident individuals of Indian nationality or origin (NRIs) are permitted to
maintain foreign currency accounts/deposits in India under special schemes. Non-
resident Indians returning to India are also permitted to open foreign currency
accounts with designated branches under different schemes. Overseas Corporate
Bodies have been de recognised as a class of investor, under FEMA, w.e.f.16.09.2003. The guidelines relating to the following type of accounts are furnished
in this chapter. (i) Foreign Currency (Non-Resident) Accounts (Banks) Scheme
FCNR(B)
(ii) Resident Foreign Currency (RFC) Accounts.
(iii) Resident Foreign Currency (Domestic) Accounts
The guidelines relating to Exchange Earners Foreign Currency Accounts are
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furnished in Chapter 1 of this volume of Book of Instructions.
3. Branches should extract balances in SB accounts in foreign currency every
month and tally with GL. In respect of term deposits maintained in foreign currency,branches should extract balances every half-year end and tally with GL.
4. Branches should ensure that correspondence from account holders maintaining
foreign currency accounts are properly attended to without giving room for any
complaints. Account Opening forms and all correspondence relating to such
deposits must be properly filed and kept.
FOREIGN CURRENCY NON-RESIDENT (BANKS) ACCOUNTS - FCNR (B)
1.Under FCNR(B) Scheme, the exchange risk is borne by the respective Banks
which maintain the accounts.
2.The accounts are maintained in designated foreign currencies and the account
holder is not exposed to any exchange risk.
3. DESIGNATED BRANCHES
Only branches which are designated by Central Office to maintain FCNR (B)
deposits should handle such deposits. Other branches are not permitted to
maintain FCNR (B) deposits. Such restriction is made to ensure prompt reporting
system and efficient management of funds. The list of authorised branches is
displayed in the TREASURY (FOREIGN) intranet site.
4. ELIGIBILITY :
Individuals of Indian nationality or origin (NRIs) as defined under NRE Accounts
Scheme are eligible to open deposit accounts under the captioned scheme.
5.DESIGNATED CURRENCIES :
Deposits can be opened only in the following designated currencies viz., US Dollar,Pound Sterling, EURO, Japanese Yen, Canadian Dollar Swiss Franc,New Zealand
Dollar and Australian Dollar
6.TYPE OF ACCOUNT, PERIOD AND RATE OF INTEREST :
6.1. Accounts are permitted to be opened only in the form of term deposits.
Our Bank permits opening of term deposits as RDP only for the following
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maturities:
(a)One year and above but less than two years
(b)Two years and above but less than three years
(c)Three years and above but less than four years
(d)Four years and above but less than five years
(e)Five years only
GL CODE : FCNR-B (S) 1108
FCNR-B (L) 1158
6.2.Our Foreign Exchange Department, Central Office advises the interest rates
and it must be updated every month on the first working day irrespective of
whether any operation is there or not for all currencies in FCNRB. Interest should be
calculated on the basis of 360 days per year as per International practice.
6.3. No additional interest is payable on deposit accounts of staff members.
7.JOINT ACCOUNT:
The account may be held singly or jointly only in the names of eligible persons.
8.OPENING OF ACCOUNTS:
8.1.FCNR(B) should be opened only after citing the credit in our Nostro account. The
eligible person should submit application in the form prescribed (Annexure - I) for
opening FCNR(B) - RDP account, duly filled in and signed, supported by required
documents.
8.2. The account may be opened in the name of the eligible person by fresh
remittance from abroad through normal banking channel or by transfer from theirNRE/FCNR account.
8.3.The account may be opened by Non-Residents during their visits to India with
foreign currency travellers cheques in his/her own name or foreign currency notes.
While doing so, branches should be satisfied that he/she is still a Non-Resident
Indian. Branches should call for Currency Declaration Form (CDF) - wherever
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applicable - for endorsement and keep a photocopy of the same on record.
8.4. Remittances from abroad for opening/crediting to FCNR (B) accounts would
ordinarily be made only in the designated currency in which the account is desiredto be opened/maintained. If, however, remittance is received in a currency other
than the designated currency (including funds received in rupees by debit to the
account of a non-resident bank) it will be converted into the designated currency at
the prevailing rate by the branch at the risk and cost of the remitter and the
account opened/maintained in the designated currency.
8.5. MINIMUM AMOUNT OF DEPOSITS:
Branches should accept deposits with minimum size stipulations as advised by
Treasury (Foreign), Central Office from time to time.
CURRENCY AMOUNT MINIMUM
GBP 1000
USD 1000
EURO 1000
JPY 100000
CAD 1000
AUD 1000
8.6. As a rule, branches should pass account opening entries only after
receipt of funds in our Nostro Account. Hence opening of FCNR(B) deposit
by purchasing relevant instrument by debit to DBP(F) is prohibited.
9. RENEWAL OF DEPOSITS :
9.1.If the depositor has given automatic renewal instruction, the matured deposit
could be renewed on maturity without reference to the account holder.
9.2. In the absence of automatic renewal instruction, if the deposit is not renewed
on the date of maturity and renewed subsequently, then overdue interest for the
broken period will be paid at the RFC SB rate (simple) prevailing on the date of
maturity.
Back dated renewal of deposit is not permitted
10. PREMATURE CLOSURE:
Reserve Bank has stipulated that while Banks should permit premature withdrawal
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of deposits under the scheme, they are free to levy penalty for such premature
withdrawal at their discretion. Banks may also, at their discretion, levy penalty to
recover the swap cost in the case of premature withdrawal of FCNR (B) deposits.
The components of penalty should be clearly brought to the notice of the depositorsat the time of acceptance of deposits and if it is not done, the exchange loss arising
out of premature withdrawal will have to be borne by the Banks.
Our Banks present guidelines on premature closure of FCNR(B) deposit are as
under
(a)No interest is payable if the deposit is closed before one year.
Interest is paid at the eligible rate for the period the deposit has run minusa
penalty of 1% on premature closure of the deposit for payment.
Interest is paid at the eligible rate for the period the deposit has run without any
penalty, if such closure is for renewal.
(b) Overdue interest, paid if any, at the time of renewal of the deposit which is now
closed before maturity, will be recovered if the deposit has run for a period of less
than 6 months and need not be recovered if such foreclosure takes place after 6
months.
11.PAYMENT OF DEPOSITS:
Maturity proceeds of FCNR (B) accounts or premature withdrawal thereof for the
purpose of meeting local disbursements in India should be converted into rupees at
TT buying rate for the relative currency ruling on the date of withdrawal and should
be routed through the account of the depositor. Branches should exercise
utmost caution and care when they receive instruction for closure (on
maturity or foreclosure) and repatriation by Fax or e-mail. They should
verify its authenticity and seek confirmation from the depositor before
acting upon such messages
12.Any inland movement of funds for the purpose of operating FCNR (B) accounts
as well as for repatriation abroad for balances held in FCNR (B) accounts would be
free of inland exchange or commission, for non-resident depositors.
13. WHEN THE DEPOSITOR BECOMES RESIDENT:
When the NRI returns to India for permanent settlement, the following options are
available to him regarding treatment of FCNR(B) deposit with unexpired maturity:
(a)Retain the FCNR(B) deposit as per the original terms till maturity, i.e., the
original contracted rate of interest on FCNR(B) deposit will be paid till maturity for
the contracted period. On maturity, convert the FCNR(B) deposit as RFC Deposit (if
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eligible) or as a Rupee deposit at TT buying rate prevailing on the date of
conversion.
(b)If the depositor requests for premature closure of FCNR(B) deposit and
conversion to RFC deposit, penal provisions shall not be applicable. However, if thedepositor requests for premature closure and conversion to rupee deposit, penal
provisions shall apply.
14 NOMINATIONS:
14.1. Nomination facility is available to FCNR(B) depositors as in any other deposit
accounts.
14.2. Resident nominees may be allowed funds (From out of their share of
proceeds of Non-Resident Indians deposits) towards liquidation of liabilities of the
deceased NRI depositor at the overseas centre, before settling the claim.
14.3. INTEREST PAYABLE ON FCNR(B) DEPOSIT OF A DECEASED
DEPOSITOR/S:
Branches should note the following guidelines while settling claims in the case of a
deposit standing in the name/s of
(i)a deceased individual depositor, or
(ii)two or more joint depositors, where one of the depositors had died. Interest on
such FCNR(B) deposit/s of the deceased depositor, shall be paid as indicated
below :
I. At the contracted rate on maturity of the deposit.
II.In the event of the heir/s, legal representative/s or nominee/s claiming the
payment of the deposit before maturity date, branches will pay interest at the rate
as applicable for the period for which the deposit has run (as prevailing at the time
of opening of the deposit in question) without levying any penal interest.
III.In the event of death of the depositor before the date of maturity of the deposit
and the amount is claimed after the date of maturity, the bank should pay interest
at the contracted rate till the date of maturity. From the date of maturity to the
date of payment, the bank should pay simple interest at the applicable rate
operative on the date of maturity, for the period for which the deposit remained
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with the bank beyond the date of maturity.
IV.If the depositor dies after the date of maturity of the deposit, the bank should
pay interest at a rate operative on the date of maturity in respect of savingsdeposits held under RFC account scheme, from the date of maturity till date of
payment, appropriate to the currency of the deposit, irrespective of the fact
whether the heir/s, legal representative/s or nominee/s seek renewal of the
deposit/s or seek repatriation of the amount, subject to the condition that they are
eligible to receive the claim in foreign currency.
V.If the heirs, legal representatives or nominees seek splitting of the deposit and
issuance of two or more receipts individually in the name of heir/s, legal
representative/s or nominee/s, such splitting shall not be construed as premature
closure and no penalty will be levied provided the period and the aggregate amount
of the deposit do not undergo any change.
VI.If the legal heir/s are residents, then the maturity proceeds may be converted
into Indian rupees on the date of maturity and for the subsequent period the
interest shall be payable at a rate applicable to the deposit of similar maturity
under the domestic deposit scheme.
15. LOANS AND OVERDRAFTS
15.1. TO THE DEPOSITOR
Branch may extend loans and advances to the depositor against his deposit for
purposes other than prohibited investments subject to compliance of prescribed
margin norms and rate of interest as per Central Office circulars in force. The
general guidelines stated in paragraphs 9.1.1. to 9.4 of this chapter under section
A shall apply for loans and advances granted against the security of FCNR B
deposits. Reserve Bank has prohibited Banks from granting fresh loans or
renewing existing loans in excess of Rupees 100 lakhs against FCNR (B)
deposits either to the depositor or third parties. The loan proceeds is to becredited to NRO Account and not to depositors NRE Account.
15.2.The loan can be repaid either by fresh remittance from abroad or out of
maturity proceeds of the deposit. The loan can be repaid out of funds held in
his/her NRO account.
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15.3.TO THIRD PARTIES
Branch may propose to their Regional Office for loans to third parties who are
residents in India against FCNR (B) deposits, subject to following conditions:
(a)There should not be any direct or indirect foreign exchange consideration for thenon-resident depositor agreeing to pledge his/her deposit, to enable the resident
individual/firm/company to obtain the facility.
(b)The period of loan should not exceed the unexpired period of maturity of the
deposit accepted as security. The non-resident depositor should furnish an
irrevocable undertaking to the branch not to withdraw the deposit during the
pendency of loan/overdraft.
(c)The loan should be utilised for personal purposes or for carrying on business
activity other than prohibited purposes.
(d)Branches should satisfy themselves as to the acceptability of purpose,
genuineness of the credit needs of the borrower and end use of funds. They should
not be guided solely by the availability of security.
(e)Branches should comply with prescribed margin norms and rate of interest as
per Central Office circulars in force.
15.4.Branches should be guided by Documentation procedure for loans against
NRE deposits set out in this Chapter while granting loans against FCNR(B) deposits.
16.FORWARD COVER TO NON-RESIDENT INDIANS
Branches are now permitted to book forward cover for their Non-Resident Indian
customers against their FCNR(B) and NRE deposits. Branches should refer to
detailed guidelines furnished in the Chapter No. 7 titled Forward contracts of this
volume of Book of Instructions.
17. REPORTING
17.1.Branches should send system generated reports of opening/ renewal / closure
of FCNR(B) Deposits in the prescribed format promptly.
17.2. NAD branches authorised to handle FCNR deposits should forward suchreports to the respective AD branch.
17.3The quarterly FCNR B reconciliation statement should be thoroughly
scrutinised and submitted after reconciliation along with necessary
opening/renewal/closure reports.
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18.STATEMENT
As per extant guidelines, branches should do the updation with regard to the
country codes and transaction codes.The Foreign Exchange Department, Central
Office, would send the statement NRD-CSR for the bank as a whole to Reserve Bankof India, Mumbai.
19. FCNR SUSPENSE ACCOUNT NAD BRANCHES
19.1.The FCNR (Suspense) Account should not be used by any branch for any
purpose.
20. Branches should be guided by instructions contained Master Circular on FCNR B
and amendments thereto by AP (DIR) circulars issued by Reserve Bank of India.
RESIDENT FOREIGN CURRENCY ACCOUNTS SCHEME (RFC Accounts)
All AD Branches are permitted to open RFC accounts subject to compliance of
instructions laid down in Foreign Exchange Management (Foreign Currency Accounts by
a person resident in India) Regulations, 2000 Notification No. FEMA 10/2000-RB dated3rd May 2000 and subsequent amendments as well as other instructions issued by
Central Office from time to time.
1. Eligibility
1.1.Under this scheme, persons of Indian nationality or origin, who having been resident
outside India for a continuous period of not less than one year and have become
persons resident in India on or after 18th April 1992 are eligible to open and maintain
RFC accounts with branches in a freely convertible foreign currency. (For arriving at the
period of continuous stay abroad of not less than one year, short visits to India on
personal grounds like meeting family members/relatives or on health grounds which do
not indicate the persons intention to stay in India for an indefinite period may be
ignored)
1.2.Persons who return to India after a short assignment of less than one year abroad
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desiring to have RFC accounts should apply through the branch to RBI in form RFC. RFC
accounts opened with the specific approval of RBI will be governed by the conditions
stipulated by RBI while granting such approval.
1.3.Persons who returned to India prior to 18th April 1992 after having been residentoutside India for a continuous period of not less than one year are also eligible to open
RFC accounts if:
a.They are holding valid specific permission/license from RBI as on 17-4-92 to maintain
foreign currency accounts or to hold other foreign currency assets abroad
or
b.They are in receipt of pension or other monetary benefits from their overseas
employers subsequent to their return to India even if they did not maintain foreign
currency accounts or hold other foreign currency assets abroad.For the purpose of this Scheme, a person (not being a citizen of Pakistan or Bangladesh)
shall be deemed to be of Indian origin, if:
i.he at any time held an Indian passport
or
ii.he or either of his parents or any of his grandparents was a citizen of India by virtue
of the Constitution of India or the Citizenship Act 1955
or
iii.that person is the spouse of an Indian citizen or of a person of Indian origin (not
being a citizen of Pakistan or Bangladesh)
2. Nature of Account:
2.1.The RFC account can be maintained in the form of term deposits or Savings Bank
Account (without cheque book facility). The Savings Bank account will be without
cheque book facility and the minimum balance is USD 500 to become eligible for RFC SB
interest.
The period of term deposit in the form of RDP would be as under:
i)Six months and above but less than One year
ii)One year and above but less than Two years
iii)Two years and above but less than Three years
iv)Three years only
Beyond 12 months, the deposits can be accepted in multiples of 3 months only.
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2.2. GL/Profit and Loss account codes for such accounts are:
RFC SB Account 1205
RFC SD/TD Deposit Account 1105
Interest Paid on RFC deposit account 5121
2.3.The eligible person should submit application in the form prescribed (Annexure I A),
duly filled in and signed supported by required documents. Branches can open the
account on being satisfied that the applicant is an eligible person and that funds being
credited to the account represent remittances out of eligible assets.
2.4. Branches should have a separate Account Opening Register and suitable account
numbers for SB and TD may be given as RFC-SB and RFC-TD etc. Branches may issue
standard SB pass books for RFC-SB accounts after making necessary modifications.
Standard Deposit Receipts may be issued for RFC term deposits.
2.5. Branches may at the option of RFC depositor obtain an undertaking for automatic
renewal of deposits on due date.
3. Joint Account:
The account may be held singly or jointly only in the names of eligible persons.
4. Currency of Account:
The account can be denominated in any of the following currencies:
USD, GBP, JPY, EURO, CAD and AUD
FEDAI weekly average rates published by TREASURY (FOREIGN) every quarter will be
used for accounting purposes instead of the notional rates used earlier.
5. Renewal of overdue RFC deposit and interest payment for overdue period.
5.1. Overdue RFC deposits cannot be renewed from back date. Such deposit can be
renewed from prospective date only.
5.2. For the overdue period, branches are permitted to pay interest at the RFC SB rate
(simple) appropriate to the currency of deposit, prevailing at the time of maturity or at
the time of renewal, whichever is lower.
5.3. If such renewed deposits are closed before completion of 6 months, then the
overdue interest paid on such renewed deposits should be recovered. No interest is
payable on the deposit as it would not have run for the minimum period.
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5.4. Recovery of swap charges has been dispensed with for the time being.
5.5. In case of premature closure, whether overdue interest has been paid or not,
branches will pay interest at the rate applicable to the period for which the deposit hasrun, as prevailing on the date of opening/renewal less one percent penalty.
6. Credits to the Account
Under noted credit transactions may be allowed by branches in RFC accounts:
6.1. Remittance in convertible foreign currency from outside India through normal
banking channels representing:
i.Funds in bank accounts outside India forming part of eligible assets held by theeligible person.
ii.Income such as dividend, interest, profit, rent, etc. earned on eligible assets held by
the eligible person.
iii.Sale proceeds of eligible assets.
6.2. Pension or other monetary benefits received from outside India in convertible
foreign currency, through normal banking channels, arising out of employment taken up
outside India by the eligible person prior to his returning to India.
6.3. Interest earned on RFC account.
6.4. Foreign currency notes/travellers cheques brought into India by the eligible person,
provided that where the amount tendered exceeds USD 10000 or its equivalent or
where the value of foreign currency/bank notes exceeds USD 5000 or its equivalent they
have been declared on the Currency Declaration Form.
6.5. Transfers from other RFC accounts of the account holder.
6.6. Balances in any NRE/FCNR Account (other than in NRE rupee accounts of persons
resident in the erstwhile Bilateral Group countries which have been funded in non-
convertible rupees) in the name of the eligible person standing to his credit at the time
of his arrival in India. (No penalty would be payable for premature withdrawal of
NRE/FCNR deposits in such cases).
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6.7. Unutilised entitlements under any valid RIFEE permit or Reconversion facility
granted by RBI.
6.8. Unspent foreign exchange surrendered by RFC account holders can also be
accepted provided the branch is satisfied that the foreign exchange/currency concernedhad in fact been released for travel etc. abroad by debit to the same RFC accounts and
the amount of foreign exchange/currency is surrendered within the stipulated period as
required under the Exchange Control Regulations.
(Eligible Assets Assets acquired or held otherwise than in contravention of the Act by
an eligible person, while he was resident outside India (non-resident), in the form of
deposits in banks outside India, investments in foreign currency shares or securities or
immovable properties situated outside India or investments in business etc. outside
India and include foreign exchange earnings through employment, business or vocationoutside India taken up or commenced by such person while he was resident outside
India).
7. Debits to the Account
7.1. The funds in the account may be allowed to be freely utilised by the account holder
for bonafide remittance outside India through normal banking channels including for
investments abroad provided the cost of such investments and/or subsequent payments
required there for are met out of RFC account.
7.2. Branches may permit withdrawals/payments from such accounts (other than for
remittances) outside India, or for payments in foreign currency authorised to be made in
India by RBI only in equivalent Indian rupees.
8. Rate of Interest
Rates of interest on deposits held under this scheme are advised by TREASURY
(FOREIGN), Chennai on a monthly basis. For RFC-SB accounts, interest will be payable
every quarter on the last working day of the quarter on product-wise calculations. For
RFC- term deposit accounts for the period 12 months and above, interest will be
compounded half yearly as in the case of FCNR B deposits. For term deposits of 6
months and above but less than 12 months, interest will be paid at a simple rate.
9. Loans/overdrafts against the deposits
No loan/overdrafts shall be granted by branches against balances in RFC accounts.
10. Nomination Facility
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10.1. The RFC accounts shall have the nomination facility as in the case of resident
rupee account.
11. Transfer of Balances on becoming Non-resident
Funds held in RFC account may be freely remitted abroad or credited to fresh NRE/FCNRaccounts in the event of the account holder becoming non-resident by virtue of his
going abroad for employment etc.
12. Accounting Procedure:
Branches may refer to Permanent FX Circular No.32/92-93 dated 24.9.92 issued by
Foreign Exchange Department, Central Office. Enclose a copy of the circular
ANNEXURES
I. A. Application for opening RFC Account.
II. A. Daily Report of EEFC/RFC/FCA Transactions. (available in Chapter I EEFC
Accounts)
For any change in Accounting Procedure that may take place hereafter branches are to
be guided by the Circulars that may be issued by the Foreign Exchange Department,
Central Office.
RESIDENT FOREIGN CURRENCY (DOMESTIC) ACCOUNT
Reserve Bank vide FEMA notification No. FEMA 74/2002-RB dated November 1, 2002 has
allowed a person resident in India to open, hold and maintain with an authorized dealer
in India a foreign currency account to be known as Resident Foreign Currency
(Domestic) Account.
Accordingly all AD branches are permitted to open a foreign currency deposit account
for a person (INDIVIDUAL ONLY) resident in India subject to the norms/procedures given
below. Any RFC (D) deposit on account of NAD branch customers should be opened at
the nearest AD branch only.
1. Eligibility
Under the scheme, a person resident (individual) in India is eligible to open a RFC (D)
account.
2. Nature of Account
The RFC (D) account can be maintained in the form of Current Account only (without
cheque book facility).
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3. Permitted Currency
The account can be denominated in anyone of the currencies permitted for FCNR (B) viz.
USD, GBP, EUR, JPY, AUD, CAD
4. Interest
No interest is payable on RFC (D) account.
5. Minimum and Maximum Balance
The minimum amount will be USD 500 or its equivalent in other currencies and there is
no maximum prescribed.
6. Permitted Credits
The following Credits are allowed in RFC (D) account
1.Out of foreign exchange acquired in the form of Currency Notes, Bank Notes and
Travellers Cheques while on a visit to any place outside India by way of payment for
services not arising from any business in or anything done in India
2.Amount received as a honorarium or gift or for services rendered or in settlement of
any lawful obligation from any person not resident in India and who is on a visit to India
3.Amount received by way of honorarium or gift while on a visit to any place outside
India
4.Represents the unspent amount of foreign exchange acquired by him from an
authorized person for travel abroad
5.Foreign exchange earned through export of goods and/or services, royalty,
honorarium etc., and/or gifts received from close relatives (as defined in Companies Act)
and repatriated to India through normal banking channels by resident individuals
7. Permitted Debits
Payments towards a current account transaction in accordance with the provisions of
Foreign Exchange Management (Current Account Transactions) Rules, 2000 and towards
a capital account transaction permissible under the Foreign Exchange Management
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(Permissible Capital Account Transactions) Regulations, 2000 are allowed.
8. Accounting Procedure:
The accounting procedure, notional rate, reporting format/system will be same as in the
case ofRFC deposits.The GL head for RFC is used for RFC (D) deposits also. But forthe purpose of distinction, a separate ledger may be maintained for RFC (D)
deposits. For statistics/MIS purpose, branches should maintain Progressive balance and
balance should be tallied as per the existing norms/procedures.
ANNEXURE I A
APPLICATION FOR OPENING AN RFC ACCOUNT
To
The Manager
.........................................................
.........................................................
.........................................................
Please open an RFC Account in my name. The relevant particulars are as under :
1. Name and address of the applicant :
2. Nationality :
3.Origin (state whether you are of :
Indian origin)
4. Passport particulars :
No. :
Issuing Authority :
Expiry Date :
5. Date of arrival in India to :
become a resident in India
6.Particulars of residence outside India
COUNTRY
P E R I O DNATURE OF
OCCUPATION
FROM TO
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(An attested copy of the relevant pages of the passport must be enclosed).
7. Do you continue to have any :
employment or business or vocationoutside India? If so please give
full particulars
8.Foreign currency/ies in which RFC :
Account/s is/are to be opened
9. Type of Account desired (State :
whether fixed deposit, current or
savings Account)
I hereby declare that I have gone through the provisions of the RFC Accounts Scheme. I
declare that the particulars stated herein above are correct and I am eligible to open
and maintain RFC Account under the Scheme as applied. I agree that the RFC Account
shall be governed by the RFC Accounts Scheme and the directions issued by the
Reserve Bank under the Foreign Exchange Regulation Act, 1973, from time to time.
Date : (Signature)
Place :
INSTRUCTIONS TO THE APPLICANT
1.Applicant is advised to read carefully the RFC Accounts Scheme before making the
application.
2.Account will not be opened unless full particulars are furnished in the application form.
3.Application form duly filled in and signed must be accompanied by copies of the
relevant pages of the passport duly certified by the applicant as true copies. Thepassport should be submitted along with the application for verification.
4.Furnishing any false information in the application amounts to a contravention of
FEMA 1999.
5.Applicant should furnish such other particulars or documents, as may be required by
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the authorised dealer for the latter to satisfy himself that the applicant is an eligible
person and the funds proposed to be credited to the RFC Account are eligible for the
purpose.
6.Nomination facility is available to the RFC Accounts as in the case of resident rupee
accounts.
Annexure I B:
Undertaking from Depositor of FCNR B / RFC regarding penal provisions:
I /We understand that bank will be charging/levying penal interest /swap charges for
premature closure of the deposits (together with swap charges, if any), for any purpose
as per rules given hereunder and I agree for the same.
FCNR DEPOSITS:
1.If the FCNR (B) deposit has not run for 6 months, overdue interest paid, if any at the
time of renewal of the deposit will be recovered. No interest is payable on such deposits
as the deposit would not have run for the minimum period of 12 months as per RBI
stipulation.
2. If the deposit has run for 12 months and above, penal interest @ 1% (0.5%, if
premature closure is for the purpose of renewal) will be recovered.
RFC DEPOSITS:
1.If the deposit has not run for 6 month, but overdue interest paid, if any at the time of
renewal of the deposit will be recovered. No interest is payable on such deposits as the
deposit would not have run for the minimum period of 6 month as per RBI stipulation.
2.If the deposit has run for 6 month and above Penal interest @ 1% (0.5%, if pre mature
closure is for the purpose of renewal) will be recovered.
SIGNATURE OF THE CUSTOMER
7/27/2019 Rupee Accounts of Non-residents Other Than Banks
32/32