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  • January 18,2020
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NRI Product Services

 
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OBC is proud of its association with NRIs and offers a wide range of banking products and services to corporate and retail customers with the objective of serving the growth aspirations of the Indian corporate abroad and meeting the banking needs of overseas Indians.

The Bank spreads its wing across the country with pan India presence of Branch Network & ATM Network to offer the products and services that suits you the best.

Bank offers a comprehensive array of banking services for Non-Resident Indians and Persons of Indian Origin from Savings accounts to Deposits, Investments in Mutual Funds, and Insurance to requirement of Loans under one roof. All our new-age banking services like online banking, mobile banking & wallets are supported by a secure and proven technology that facilitates seamless banking experience.

Browse through the various NRI banking sections and learn more about the host of services and benefits you can avail.

 
  • Products & Services
    • Saving Accounts
        NRE Saving Account NRO Saving Account RFC Saving Account for returning Indians
      Who can open an account

      A Non-Resident External Savings Account can be opened by an Individual NRI/PIO/OCI (other than Individuals of Bangladesh/Pakistan nationality) and is maintained for your foreign income earned outside India to earn tax-free interest.

      A Non-Resident Ordinary Savings Account can be opened by an Individual NRI/PIO/OCI (other than a person resident in Nepal and Bhutan) and is maintained to manage your income earned in India such as rent, dividends, pension etc.

      A Resident Foreign Currency Savings Account can be opened by NRIs who have returned for permanent settlement after being resident outside India for a continuous period of not less than one year. These funds can be transferred to an NRE/FCNR account upon change of status to NRI again.
      Who can be a Joint Holder Account can be held jointly by a Non-Resident Indian (persons of Indian nationality or origin) / by a Resident Indian (Former or Survivor basis). A Resident Indian can operate the account only as a Mandate / POA holder. Account can be held jointly by a Non-Resident Indian (persons of Indian nationality or origin) / by a Resident Indian. Account can be held jointly by eligible Returning NRI
      Currency Indian Rupees (INR) Indian Rupees (INR) US Dollar (USD), Great Britain Pound (GBP), Euro (EUR)
      Repatriation Principal and interest are fully repatriable RBI allows repatriation only for i) current income ii) up to USD 1 (one) million per financial year (April-March), for any bonafide purpose after payment of applicable taxes. Funds are repatriable for bonafide purposes
      Mandate Holder An Indian resident can be authorised to operate the account and provided with an ATM card for the account An Indian resident can be authorised to operate the account and provided with an ATM card for the account N.A.
      Taxation Interest earned is exempted from Tax in India Interest is taxable under Indian Income Tax Act Interest earned is exempted from Tax in India provided Resident but Not Ordinarily Resident (RNOR) status is held as per the Income Tax Act
       
    • Current Account
        NRE Current Account NRO Current Account
      Who can open an account A Non-Resident External Current Account can be opened by an Individual NRI/PIO/OCI (other than Individuals of Bangladesh/Pakistan nationality/ownership) and is used for purpose where you do not wish to take Interest Benefit on the foreign income earned outside India. A Non-Resident Ordinary Current Account can be opened by an Individual NRI/PIO/OCI (other than a person resident in Nepal and Bhutan) and is used for purpose where you do not wish to take Interest Benefit on the income earned in India.
      Who can be a joint holder Account can be held jointly by a Non-Resident Indian (persons of Indian nationality or origin) Account can be held jointly by a Non-Resident Indian (persons of Indian nationality or origin) / by a Resident Indian.
      Currency Indian Rupees (INR) Indian Rupees (INR)
      Repatriation Principal is fully repatriable RBI allows repatriation only for i) current income ii) up to USD 1 (one) million per financial year (April-March), for any bonafide purpose after payment of applicable taxes.
      Mandate Holder An Indian resident can be authorised to operate the account and provided with an ATM card for the account An Indian resident can be authorised to operate the account and provided with an ATM card for the account
      Interest Rate Not applicable Not applicable
      Taxation  Funds in NRE Account are exempted from income tax in India Funds in NRO Account are taxable under Indian Income Tax Act
    • Fixed Rupee Deposit Account
        NRE Fixed Deposit NRE Recurring Deposit NRO Fixed Deposit NRO Tax Saver Fixed Deposit
      Who can open a deposit A Non-Resident External Fixed Deposit can be opened by an Individual NRI (other than Individuals of Bangladesh/Pakistan nationality/ownership) and is maintained to invest foreign income to earn higher returns. A Non-Resident External Recurring Deposit can be opened by an Individual NRI (other than Individuals of Bangladesh/Pakistan nationality/ownership). This is an excellent option for systematic savings by investing small sums every month from your foreign income. A Non-Resident Ordinary Fixed Deposit can be opened by an Individual NRI (other than a person resident in Nepal and Bhutan) and is maintained to invest your local funds in India to earn higher returns. A Non-Resident Ordinary Tax Saver Fixed Deposit can be opened by an Individual NRI (other than a person resident in Nepal and Bhutan) which provides an opportunity for tax planning in India.
      Who can be a joint holder Deposit can be held jointly by a Non-Resident Indian (persons of Indian nationality or origin) / by a Resident Indian (Former or Survivor basis). Deposit can be held jointly by a Non-Resident Indian (persons of Indian nationality or origin) Deposit can be held jointly by a Non-Resident Indian (persons of Indian nationality or origin) / by a Resident Indian Deposit can be held jointly by a Non-Resident Indian (persons of Indian nationality or origin)/ by a Resident Indian
      Curreny Indian Rupees (INR) Indian Rupees (INR) Indian Rupees (INR) Indian Rupees (INR)
      Repatriation  Principal & Interest are fully repatriable Principal & Interest are fully repatriable RBI allows repatriation only for i) current income ii) up to USD 1 (one) million per financial year (April-March), for any bonafide purpose after payment of applicable taxes. RBI allows repatriation only for i) current income ii) up to USD 1 (one) million per financial year (April-March), for any bonafide purpose after payment of applicable taxes.
      Minimum Deposit Amount  Fresh: INR 25,000
      Add-on: INR 10,000       		 Min.: INR 1000 (and in multiples of Rs 100 thereafter)
      Max.: INR 14,99,900/- p.m.      		 Fresh: INR 25,000
      Add-on: INR 10,000       		 Min.: INR 100 and in multiples of 100
      Interest Rate  (Applicable ROI for 5 Years)
      Tenor Min: One Year
      Max: Ten Years      		 Min: One Year (in multilple of 3 months there after)
      Max: Ten Years      		 Min: 7 Days
      Max: Ten Years      		 Only 5 Years
      Interest Payment Mode
      • Monthly (at discounted rate)
      • Quarterly
      • On Maturity (compounded Quarterly)

      Reinvestment
      • Monthly (at discounted rate)
      • Quarterly
      • On Maturity (compounded Quarterly)
      • Monthly (at discounted rate)
      • Quarterly
      • On Maturity (compounded Quarterly)
      Taxation Interest earned is exempted from Tax in India Interest earned is exempted from Tax in India Interest is taxable under Indian Income Tax Act Interest is taxable under Indian Income Tax Act
    • Fixed Foreign Currency Deposit Account
        FCNR Deposit RFC Fixed Deposit Oriental NRI Premium Deposit Account
      Who can open a deposit A Foreign Currency Non-Resident Fixed Deposit can be opened by an individual NRI (other than Individuals of Bangladesh/Pakistan nationality) to invest their foreign exchange earnings to earn higher returns. This deposit provides protection against foreign currency exchange risk with guaranteed returns. A Resident Foreign Currency Fixed Deposit can be opened by NRIs who have returned for permanent settlement after being resident outside India for a continuous period of not less than one year; to enjoy the flexibility of converting foreign currency deposits into Indian rupees whenever required. Depending on market conditions, booking an FCNR deposit with Forward Cover may be better than NRE Deposit. Contact your relationship manager to know more details.
      Who can be a joint holder Deposit can be held jointly by a Non-Resident Indian (persons of Indian nationality or origin) / by a Resident Indian (Former or Survivor basis) Account can be held jointly by eligible Returning NRI Can be held singly or jointly as per FCNR Deposit booking pattern
      Currency US Dollar (USD), Great Britain Pound (GBP), Euro (EUR), Japanese Yen (JPY), Australian Dollar (AUD), Canadian Dollar (CAD) US Dollar (USD), Great Britain Pound (GBP), Euro (EUR) & Japanese Yen (JPY) US Dollar (USD), Great Britain Pound (GBP), Euro, Australian Dollar (AUD), Canadian Dollar (CAD)
      Repatriation Principal and interest are fully repatriable Funds are repatriable for bonafide purposes Principal & Interest are fully repatriable
      Interest Rates The Rate of Interest as applicable to FCNR deposit of tenor 1 year would be applicable.The premium available in the market which would accrue on account of booking of the forward contract would be an additional benefit
      Overdraft facility
      Tenor Min: 1 Year
      Max: 5 Years.      		 Min: 7 Days
      Max: 3 Years.      		 Min: 1 Year
      Max: 5 Years.
      Interest Payment Mode Half Yearly
      On Maturity (compounded half yearly)      		 Half Yearly
      On Maturity (compounded half yearly)      		 On Maturity
      Taxation Interest earned is exempted from Tax in India Interest earned is exempted from Tax in India provided Resident but Not Ordinarily Resident (RNOR) status is held as per the Income Tax Act Consult your Tax Advisor
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