OBC is proud of its association with NRIs and takes special pride in serving them through various tailor-made products designed to suit all requirements of NRIs.
All the service outlets of OBC are fully computerized and all branches are connected through Centralized Banking Solution, Internet Banking and Phone Banking. So the customer of an OBC Branch is a CUSTOMER OF ALL CBS BRANCHES since we are offering Any Branch Banking (ABB) & Multi city Cheque Book facility to CBS Customers. Visa Debit Card holders of the Bank have access to over 176000+ ATM's of other member banks of VISA and NFS in the country for host of services like withdrawal and Balance enquiries and to effect card payment for shopping in India and abroad through over 28 Million Point of Sale (POS) locations. Cardholders of member Banks of VISA/NFS/MITR can also use our ATMs for cash withdrawal and balance enquiry.
We are herein below sharing the bouquet of Foreign Exchange related and Banking facilities available to our esteemed NRIs with OBC; along with extant Investment and other Govt./RBI guidelines.
Facilities being provided to NRIs
1. Remittances to India With a view to facilitating efficient flow of inward remittances, OBC has set up correspondent banking relationships with almost all the major International Banks across the globe. OBC opens foreign currency accounts in which NRIs can send remittances to India in any major currency such as Pound Sterling, US Dollar, Euro, Japanese Yen, Canadian Dollar, Australian Dollars, Singapore Dollar, Swiss Franc, Hong Kong Dollar etc. through SWIFT/ telegraphic transfers/ demand drafts from any corner of the World. OBC has also entered into an arrangement with Western Union for remittances up to USD 2500 or its equivalent and has also made arrangements for transfer of money from middle east countries through three Exchange Houses.
2. Deposit Accounts
NRIs are welcome to open their following type of deposit accounts by downloading the Account Opening Forms, current rates of interest offered on different types of accounts and other information from our website 'www.obcindia.com'.
2.a) Foreign Currency (Non Resident) Account (Bank) Scheme
Under this FCNR (B) scheme, NRIs have a choice to open Term Deposit accounts in Pound Sterling, US Dollars, Canadian Dollars, Australian Dollars, Euro and Japanese Yen with minimum maturity of one year and maximum of five years. Interest income and balances in these accounts are free from all Indian taxes. The funds can be repatriated without permission from Reserve Bank of India.
2.b) Non Resident External (Rupee) Accounts
Under this NRE deposit segment, all types of accounts viz. Current, Savings, Fixed, Cumulative and Recurring Deposits can be opened in Indian Rupees by NRIs by converting their foreign currency funds into Indian rupees. Funds lying in these accounts as well as interest earned thereon are free from all Indian taxes. Funds are fully repatriable without any permission from Reserve Bank of India. Funds lying in these accounts can also be invested on repatriable and non-repatriable basis as outlined in the succeeding paragraph 3 (a) and (b) below.
2.c) Non-Resident Ordinary Rupee Accounts
These NRO accounts can be opened in Indian rupees in the form of Current, Savings, Fixed, Cumulative and Recurring Deposits by converting existing domestic deposit accounts into NRO or even through foreign remittance sent by NRIs. The funds from NRO accounts can be freely used for making all rupee payments, investments, purchase of immovable properties etc. in India.
Procedure for opening Non Resident Accounts
The following documents are required for opening Non Resident Accounts as mentioned in paras 2.a) to 2.c) above:
Identify/Address proof viz. Passport/International driving licence or attestation of Account Opening Form by their banker outside India or by an Official of Indian Embassy or Consulate under their seal and signatures. Two Passport size photographs of the proposed account holder. Specimen signatures.
1. SPECIAL FACILITIES
1.a) Hedging facility
Hedging facility is also available on the funds lying in the Foreign Currency (Non Resident) Account (Bank) Scheme and Non Resident External (Rupee) Accounts as well as interest earned thereon.
1.b) Provision of remittance under NRO account
According to the existing FEMA guidelines, NRIs can remit upto USD 1 million or its currency equivalent, every financial year out of the funds held in NRO accounts. This includes sale proceeds of immovable property. In case of residential properties, sale proceeds of two such properties can be remitted within the above mentioned amount without any reference to Reserve Bank of India
2. Loan Schemes for NRIs
2.a)Loan against Bank Deposits
NRIs can avail loan against their NRO, NRE and FCNR(B) Term Deposits for personal purposes or for carrying out their business activities, for making direct investment in India or acquisition of flat/houses in India for their own residential use. Loans are also available to resident individuals/firms/companies against the Term Deposits held by Non-Residents for any type of fund based and/or non-fund based activities subject to compliance of certain guidelines issued by Reserve Bank of India. Non Resident Indians may also avail loans outside India against their NRE/FCNR(B) deposits held with us for themselves or third parties for bonafide purposes through our correspondent banks abroad.
Note : Loans to Non Residents/ Third Party, against security of Non Resident (External) Rupee Accounts (NR(E)RA)/ Foreign Currency Non Resident FCNR(B) deposits
Reserve Bank of India Reserve Bank of India vide its circular A.P (DIR Series) Circular No. 44 dated October 12, 2012 has amended the guidelines relating to Loans to Residents/ Non Residents(self/ third parties) against security of Non Resident (External) Rupee Accounts/ Foreign Currency Non Resident (Bank) Accounts Deposit Rupee loans to be allowed to depositor/third party without any ceiling subject to usual margin requirements.
2.b) Loan against immovable properties
NRIs may avail housing loan for purchase of any number of residential/ commercial properties. NRIs / persons of Indian origin having citizenship of Bangladesh, Pakistan, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan require prior permission from Reserve Bank of India for acquiring immovable property/ies in India. The loan amount can be used for NRIs' personal/business requirements in India only. Repayment of the loan is to be made either out of fresh remittances from abroad or by debit to NRO/NRE/FCNR(B) account/NRI or out of the sale proceeds of the immovable property/ies.
2.c) Loan against securities of shares/convertible debentures
NRIs may avail any type of fund based/non fund based facility against the security of shares/convertible debentures for their personal requirement or for business purposes.4.d) Housing Loan in Rupees
NRIs can also avail rupee loan in India for purchasing a residential property in India from a bank or a house financing institution. 4.e) Rupee loan to NRIs/PIO employees.
NRI/PIO employees of a body corporate registered/incorporated in India may also avail rupee loan for their personal purposes including the purchase of residential property in India provided such loans are repaid by fresh remittance from outside India or by debiting NRO/NRE/FCNR(B) account of the borrower.
3. Extant Investment Guidelines in India
NRIs can make investments in India under the following Schemes:-
3.a) On 100% repatriable basis
Investment in Government securities, Treasury bills, units of mutual funds, bonds and shares issued by Public Sector Undertakings Portfolio investment in shares purchased and sold through stock exchanges. Sale proceeds are freely repatriable abroad without permission from Reserve Bank of India after payment of applicable taxes in India provided the investments are made by remittances in foreign currencies or by debiting NRE/FCNR(B) account of the NRI.
3.b) On non-repatriable basis
Investment in capital of a firm or proprietary concerns without any ceiling. Investment in Government securities, treasury bills, units of mutual funds, National Plan/Saving Certificates. Investment in shares and convertible debentures through private placement provided the Indian company is not engaged in agricultural/ plantation activities or real estate business or construction of farm houses or dealing in Transfer of Development Rights or dealing in Print Media. Portfolio Investment in shares and convertible debentures through brokers on stock exchanges subject to fulfillment of certain conditions. Sale proceeds of above mentioned securities are allowed to be repatriated outside India after payment of applicable taxes in India and after obtaining permission from Reserve Bank of India.
3.c) Investment in Immovable property
No permission required to purchase a residential/commercial property. There is no restriction on the number of residential/commercial properties that a NRI can purchase. No return/form is required to be submitted to Reserve Bank of India after purchase of property. Purchase of agricultural/plantation property/farm houses is not allowed. Residential/commercial property can also be acquired by way of inheritance or gift from a resident in India. The purchase consideration for acquiring properties should be by way of fresh remittances in foreign exchange or by debit to NRE/FCNR (B) account of the Non-Resident. The properties, so acquired, can be sold to a person resident in India only. Such properties can be sold to another Non-Resident Indian or a person of Indian origin after obtaining RBI permission. There is no restriction on the number of sale of commercial properties. In case of residential property, sale proceeds can be remitted outside India in respect of two properties only within the overall limit of USD 1 million or its equivalent after payment of applicable Indian taxes. There is no lock-in-period either for sale of immovable property or for remittance of proceeds thereof abroad. The sale amount, so repatriable, should not exceed the foreign exchange brought into India for purchase of properties or the amount debited to NRE/FCNR(B) account.
4. PIO Card Scheme
4.a) Persons of Indian origin other than citizen of Bangladesh or Pakistan may avail of the facility of acquiring a PIO Card if :-
At any time, he/she held an Indian passport; or He/she or either of his/her parents or grand parents or great grand parents was borne in India and permanently resident in India as defined in the Government of India Act, 1935 and other territories that became part of India thereafter provided neither was at any time a citizen of any country as may be specified by Central Government from time to time; or Who is a spouse of a citizen of India or a Person of Indian Origin as mentioned above.
The scheme is broad-based, covers upto four generations and also the foreign spouse of a citizen of India or A PIO.
4.b) A PIO card holder is at par with NRIs in respect of all facilities in economic, financial fields and for getting admission to educational institutions in India including medical colleges, engineering colleges, Institute of Technology, Institute of Management etc.
It shall be our proud privilege and pleasure to be of service to you and your friends in India and abroad. You may click on our website www.obcindia.co.in for other details pertaining to Oriental Bank of Commerce and scan through a wide range of products and host of services offered by us to our esteemed customers. For any queries you may use the e-mail ids : firstname.lastname@example.org or email@example.com