Central Bank of India : Facilities for Non Resident Indian

Organisation : Central Bank of India
Facility : Facilities for Non Resident Indian

Home Page https://www.centralbankofindia.co.in/english/home.aspx
Facilities for NRI : https://www.centralbankofindia.co.in/en/Facilities_Returning_Indians

Facilities for Non Resident Indian :

Returning Indians-NRIs/PIOs, who have resided outside India for a continuous period of not less than twelve months, returning to India for permanent settlement and become persons resident in India, are eligible to open and maintain foreign currency account called ‘Resident Foreign Currency (RFC) account either savings, current or term deposit with bank in India to keep their –

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** foreign currency assets acquired, owned and held outside India and brought to India at the time of returning for permanent stay
** foreign exchange received as pension or any other superannuation or other monetary benefits from his employer outside India
** foreign exchange received or acquired when he was resident outside India as gift or inheritance from a person resident outside India
** Joint account is permitted. RFC Term Deposit is accepted in our bank for 6 months to 12 months. Renewals are allowed.
** When an NRI becomes a Resident Indian, his NRE and FCNR (B) deposits will continue to run till their first maturity and if desired can be converted to RFC deposit.
** Interest earned on RFC deposit will be subjected to Tax provisions similar to domestic deposits.

Non Resident Indian :
Foreign Exchange Management Act (FEMA) defines a Non-Resident as a person who is not resident in India, a person resident outside India who is a citizen of India or is a person of Indian origin. The following persons can be classified as persons resident outside India.

Note :
** Students who go abroad for uncertain period are treated as Non Resident Indians.
** Indian citizens working abroad on assignments with Foreign Governments, Government Agencies or International/Multinational Agencies like UNO/IMF/World Bank etc. are treated as Non Resident indians.
** Officials of Central Government and Public Sector Undertaking deputed abroad on assignments with foreign governments/agencies/organizations or posted to their own offices including diplomatic missions abroad are also treated as Non Resident Indians.
** Crewmembers of Indian nationality or Indian origin employed by foreign airlines/shipping companies, if they are based at foreign ports and reside abroad in connection with their employment are also treated as Non Resident Indians. The crewmembers of foreign airlines/shipping companies who are shore staff of these companies and are posted abroad for duty on short term or long-term basis are also treated as Non Resident Indians.
** Visit our above ’NRI Banking link for further details on facilities for NRI/PIO.

About Us :
Established in 1911, Central Bank of India was the first Indian commercial bank which was wholly owned and managed by Indians. The establishment of the Bank was the ultimate realisation of the dream of Sir Sorabji Pochkhanawala, founder of the Bank.

Sir Pherozesha Mehta was the first Chairman of a truly ‘Swadeshi Bank’. In fact, such was the extent of pride felt by Sir Sorabji Pochkhanawala that he proclaimed Central Bank of India as the ‘property of the nation and the country’s asset’.