Non Resident External Account (NRE a/c) : We accept NRE deposit in the form of Savings, Current or Term Deposit. For NRE Term deposit A/c the period is min 1 year to 3 years & minimum amount of deposit is Rs.1000/-.
Account can be opened jointly with any other Non-Resident Indian . Nomination facility is available.
Account can be opened/credited with remittances from abroad, transfer from existing NRE/FCNR accounts or deposit of foreign exchange brought into India, during visits to India.
Principal amount with interest earned is eligible for repatriation abroad.
Withdrawals for local payments or payments abroad in any convertible currency are allowed. NRE A/c can be operated through Power of Attorney by resident Indian.
Interest earned on the A/c is exempted from Income Tax and the Balance held in the A/c is exempted from Wealth Tax.
Loans up to Rs.20 Lakhs against deposits are available for purposes other than relending / carrying agriculture/ plantation activity.
Applicable Rates for NRE Deposits with effect from 1.08.10 are as follows : |
Tenor | Rate of Interest |
1Yr to less than 2Yrs | 2.79 |
2Yrs to less than 3Yrs | 2.49 |
3 Yrs | 2.82 |
Foreign Currency Non-Resident Account (FCNR a/c Or NRI a/c): We accept FCNR Term deposit in USD, EURO, GBP & Japanese Yen for a period of min 1 year to 5 years & minimum amount of deposit is USD/GBP/EURO – 100 & Japanese Yen - 10000.
Account can be opened jointly with any other Non-Resident Indian. Nomination facility is available.
Accounts can be opened/credited with remittances from abroad, transfer from existing NRE/FCNR accounts or deposit of foreign exchange brought into India during visits to India.
Repayment can be made in foreign currency or in Indian Rupees (INR) as desired by the depositor. Principal amount with interest earned is eligible for repatriation to abroad.
Interest earned on the A/c is exempted from Income Tax and the Balance held in the A/c is exempted from Wealth Tax.
Loans up to Rs. 20 Lakhs against deposits are available for purposes other than relending / carrying on agricultural /plantation activity.
Applicable Rates for FCNR (B) Deposits with effect from 1.08.10 are as follows : |
Tenor | USD | EURO | JPY |
1Yr to less than 2Yrs | 2.04 | 2.39 | 1.67 |
2Yrs to less than 3Yrs | 1.74 | 2.44 | 1.44 |
3Yrs to less than 4Yrs | 2.07 | 2.68 | 1.47 |
4Yrs to less than 5Yrs | 2.43 | 2.92 | 1.53 |
5 Yrs | 2.79 | 3.16 | 1.59 |
How to Open NRI Account with us:
To open any NRI account, please fill up the account opening form and send it to any of our designated branch of your choice along with following documents.
Required documents to Open NRI Account with us -
Photocopy of Passport giving details such as name, address, passport number, date of issue and expiry, visa, date of departure from India.
Photograph and initial money remittance. Attested photo copies of the required documents should be provided. In the account opening form, your signature may be verified by anyone of the following:
Indian embassy/consulate.
Your bank abroad.
A person having account with the Bank.
Notary public.
You can download the A/c opening Form.
Deposit accounts by Resident Indians :
Exchange Earner Foreign Currency A/c (EEFC) : Only Exporters are eligible for opening and maintaining the Account in the form of Current A/c in US Dollor, Sterling Pound, Euro & JapaneseYen.
Exporters/ Professionals, firms, companies receiving foreign inward remittances through normal banking channels for professional services rendered or on account of business transactions are allowed to open EEFC A/c.
Repatriation of balances in the A/c is freely permitted.
Balances in the EEFC A/cs can be credited to NRE/FCNR-B A/cs at the option/request of A/c holder consequent upon change of their residential status from resident to non resident.
Resident Foreign Currency (Domestic) A/C : A person resident in India may open a RFC (Domestic) account in India out of foreign exchange acquired by him in the form of currency notes, travellers cheques etc. This account can be in the form of Current account only.
Resident Foreign Currency Account (RFC) : NRIs permanently returning to India can open Resident Foreign Currency accounts.
We accept RFC deposit in the form of Savings, Current & Term Deposit in USD, EURO,GBP & Japanese Yen. For RFC Term deposit the period is minimum 1 year to 5 years & minimum amount of deposit is USD/GBP/EURO – 100 &
Japanese Yen - 10000.
The balances in NRE/FCNR accounts and other foreign currency funds brought in by the NRI at the time of return and subsequently from the assets maintained abroad can be freely invested in RFC A/cs.
The funds in RFC A/cs can be remitted abroad for any bonafide purpose of the account-holder or his dependents without RBI`s approval.The funds can also be withdrawn by converting into rupees for local payments.
If the Returning Indian subsequently goes abroad to become an NRI, the balance in his RFC account can be converted into an NRE/FCNR account.
Other Services (for Business Trips, Tourism, Medical Treatment, Higher Studies etc.) :
Remittances in India or to other countries from India.
Issue and encashment of Travelers cheuques and Foreign Currency cheques and drafts.
Buy and sale of foreign currency.
Remittances :
Entitlement of Foreign Exchange to Resident Indian for travel abroad without prior approval of RBI. Private Visit : Upto USD 10,000/- or equivalent per person per calender year for one or more visits to any country other than Nepal & Bhutan.
Business / Participation in International Conferences/ seminars/ Specialised training : Upto USD.25,000/- per business visit abroador for participation in International Conferences/ seminars/ Specialised training to any country other than Nepal and Bhutan irrespective of period of stay.
Higher Education : USD 1,00,000/- or the estimate given by an Institution abroad or USD.100000/- per academic year whichever is higher .
Employment abroad
Not exceeding USD.100000/-
Emigration
Not exceeding USD.100000/-
Medical Treatment/Hospitalisation abroad
Upto the estimate given by the Doctors in India or abroad for Hospitalization or upto USD.100000/- or its equivalent without insisting on any estimate from hospitals or Doctors.
Maintenance expenses of a patient going abroad for treatment/check-up And for attaining higher education abroad.
USD.25,000/- each for the patient and accompanying attendant.
Business Visit Abroad :
Foreign Exchange not exceeding USD 25,000 or equivalent per person per year.
Note: If the release is out of RFC or EEFC a/c there is no restriction on the amount.
For remittances exceeding USD 25000 but not out of RFC/EEFC a/c prior approval of RBI is required.
The request is to be routed through the Bank giving reas
Foreign exchange upto USD 100,000 can be issued on the basis of self declaration incorporating the details of the transaction and form A2.
The foreign exchange is to be drawn against a cheque on the applicant’s a/c or demand draft.
Note: If the payment to the Bank is through RFC or EEFC a/c of the applicant, release of exchange above USD 100,000 is allowed
Release of foreign exchange permitting medical expenses for treatment abroad is allowed up to USD100,000 on the basis of self declaration without insisting any estimate from doctor/hospital from abroad.
The foreign exchange is to be drawn against a cheque on the applicant’s a/c or demand draft.
Note: If the payment to the Bank is through RFC or EEFC a/c of the applicant, release of exchange above USD 100,000 is allowed.
If the requirement of foreign exchange exceeds USD 100,000 then the request is to referred to RBI through AD for approval.
Foreign exchange upto a maximum of USD 25,000 can be issued.
Note: If the foreign exchange is drawn out of the RFC or EEFC a/c, amount exceeding USD 25,000 can be allowed.
Persons going for studies abroad can draw foreign exchange upto USD 100,000 per academic year or the estimate given by the Educational institution, whichever is higher.
This exchange is to be released on self declaration giving full details.
This exchange can be drawn only against cheque or DD purchased to the debit of the applicant’s a/c.
If the drawer is out of funds from RFC or EEFC a/c, the restriction on the amount does not apply.
Gift remittance is permitted per remitter up USD 5,000 in one calendar year on the occasion of festivals or any other occasion to relatives/ friends staying abroad.
How to release the exchange:
The restriction of amount also applies even if the funds are from RFC/EEFC a/c.
To be released against self declaration given by the remitter regarding the amount of foreign exchange availed by him for this purpose during the year. Note: If the foreign exchange is drawn out of the RFC or EEFC a/c, amount exceeding USD 25,000 can be allowed.
The restriction of amount also applies if the funds are from RFC / EEFC a/c. Note:For further details write mail to
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Forex Services :
* Foreign Exchange Services:
The Cosmos Co-operative Bank Ltd. has received Authorised Dealer Category – I license to deal in Foreign Exchange business. The Bank offers its foreign exchange services through the forex centers spread over five states in India.
The Bank has established correspondent relationship with the foreign banks as well as Indian banks having reputation in the Banking sector.
The address and contact numbers of International Banking Division:
The Cosmos Co-op. Bank Ltd.
International Banking Division,
36/A, Maru Niketan, D. L. Vaidya Road,
Dadar (W), Mumbai – 400 028,
Tel : 022 – 24385206, 24385210, 24327259/6/4
Fax : 022 – 24385241
Email:
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,
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SWIFT Code: COSDINBB
Foreign Exchange Business
