psbindia.com Apply For NRI Account : Punjab & Sind Bank

Organization : Punjab & Sind Bank
Facility : Apply For NRI Account

Details : https://punjabandsindbank.co.in/
Home Page : https://punjabandsindbank.co.in/

Apply For NRI Account :

** Punjab & Sind bank is one of the public sector banks’ having all the branches covered under Core Banking Solution (CBS) platform.

Related : PSB India Check Account Balance Via SMS/ Mobile : www.statusin.in/8353.html

** With a vast network of CBS branches having pan India presence, the bank facilitates anywhere banking across India.
** The bank established in year 1908 commenced foreign exchange business four decades back.
** Customer can approach any branch of the Bank for opening of NRE/FCNR/NRO account etc.
** Further, for any query, they can seek guidance from Authorized Dealer Branches (Forex Branches).
** The list of Authorized Dealer branches is provided in Annexure-II.
** It is our endeavor to provide best of the services to our diversified range of customers.
** One category of customer, which requires additional attention, is NRI (Non Resident of India).
** Our bank strives hard to fulfill the banking need of this category of customers.
** We have wide network of branches, network of ATM’s along with participation with various ATM consortium groups in India.
** We also have correspondent bank all around the world.
** Therefore, we ensure a smooth and safe banking experience to our NRI customers.
** The contribution of NRIs in the growth of Indian economy and development of India is vital and hence are always welcomed by Government of India.
** Further, 9th January is celebrated as Pravasi Bhartiya Divas (Non-resident Indian Day) every year to mark the contribution of the overseas Indian community.
** We offer a bouquet of foreign exchange bank facilities to our NRIs and offer very attractive rates on deposits placed with us in Indian Rupees / leading foreign currencies.
** For the benefit of our NRI customers, we give in this brochure, in brief, facilities available for investing their savings.
** For any queries, NRI customers can visit our website psbindia.com or contact the nearest Authorised Dealers branch from the list provided in Annexure-II.

For any queries please feel free to contact us;
Punjab & Sind Bank
H.O. Foreign Exchange Department
3rd Floor, Rajendra Place,
New Delhi – 110008
E-mail: ho.fex[at]psb.co.in
Phone No. 011-25728460

Who is Non-Resident Indian (NRI)?
A Non-Resident Indian means:
A person resident outside India who is a citizen of India i.e.
** Indian citizens who proceed abroad for employment or for carrying on any business or vocation or for any other purpose in circumstances indicating indefinite period of stay outside India.
** Indian citizens working abroad on assignments with Foreign Governments, Government Agencies or International/Multinational Agencies like United Nations Organisation (UNO), International Monetary Fund (IMF), World Bank etc.
** Officials of Central and State Governments and Public Sector Undertakings deputed abroad on assignments with Foreign Government Agencies / Organisations or posted to their own offices including Indian Diplomatic Missions abroad.

A person of Indian origin (PIO) who is a citizen of any other country other than Bangladesh or Pakistan, if
** He, at any time, held an Indian passport or
** He or either of his parents or any of his grandparents was a citizen of India by virtue of Constitution of India or Citizenship Act 1955 (57 of 1955)
** The person is a spouse of an Indian Citizen or a person referred to in sub clause (i) or (ii) above

Students going abroad for studies are treated as Non Resident Indians (NRIs) and are eligible for all the facilities available to NRIs and FEMA.

CURRENT RATE OF INTEREST :
Please visit the link psbindia.com/interestforex.php for prevailing rate of interest at the time of opening a deposit account.

Remittance:
** Any amount of remittance in foreign exchange from overseas can be remitted to any Indian individual/firms/ company or to open the following type of accounts as per Government/RBI guidelines.
** All Indian rupee conversions to Non-Resident Accounts (for 100% value) would be done at the prevailing market rates.
** The procedure for opening one or more of the above mentioned account and procedure for Remittance is mentioned in Annexure- I

Investment facilities for NRIs:
Following ways can be accepted by NRI for investment in India.
Investment on Repatriation basis:
NRI may, without limit, purchase the following on repatriation basis.
** Government dated securities / Treasury bills.
** Units of domestic mutual funds
** Bonds issued by a Public Sector Undertaking (PSU) in India.
** Non-convertible debentures of a company incorporated in India.
** Perpetual debt instruments and debt capital instruments issued by banks in India.
** Shares in Public Sector Enterprises being dis-invested by the Government of India, provided the purchase is in accordance with the terms and conditions stipulated in the notice inviting bids.
** Shares and convertible debentures of Indian companies under the FDI scheme (including automatic route & FIPB), subject to the terms and conditions specified in Schedule 1 to the FEMA Notification No. 20/2000- RB dated May 3, 2000, as amended from time to time.
** Shares and convertible debentures of Indian companies through stock exchange under Portfolio Investment Scheme, subject to the terms and conditions specified in Schedule 3 to the FEMA Notification No. 20/2000- RB dated May 3, 2000, as amended from time to time.

Investments on Non-repatriation basis:
NRI may, without limit, purchase the following on non-repatriation basis:
** Government dated securities / Treasury bills.
** Units of domestic mutual funds
** Units of Money Market Mutual funds.
** National Plan/Savings Certificate.
** Non-convertible debentures of a company incorporated in India.

** Shares and convertible debentures of Indian companies through stock exchange under Portfolio Investment Scheme, subject to the terms and conditions specified in Schedule 3 to the FEMA Notification No. 20/2000- RB dated May 3, 2000, as amended from time to time.

** Exchange traded derivative contracts approved by the SEBI, from time to time, out of INR funds held in India on non-repatriable basis, subject to the limits prescribed by the SEBI.

Investment in Immovable Property:
NRI/PIO/Foreign National who is a person resident in India (citizen of Pakistan, Bangladesh, Sri Lanka, China, Iran, Nepal and Bhutan would require prior approval of the Reserve Bank) may acquire immovable property in India other than agricultural/plantation property or a farm house out of repatriable and non repatriable funds.

The payment of the purchase price, if any, should be made out of:
** Funds received in India through normal banking channels by way of inward remittance from any place outside India or
** Funds held in any non-resident account maintained in accordance with the provisions of the Act and the regulations made by the Reserve Bank.

Note:
No payment of purchase price of acquisition of immovable property shall be made either by traveller’s cheque, foreign currency notes or by another mode other than those specifically permitted as above.