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Bank Deposits

Non-Resident Accounts

Welcome to today's lesson on non-resident bank accounts. These are accounts held by Indian nationals and Persons of Indian Origin residing abroad, foreign nationals, and foreign companies in India. Our bank branches have the authority to open ordinary non-resident accounts in the names of private individuals. However, there are certain conditions that must be met. The initial deposit must be received from abroad through an approved manner or in foreign currency during a visit to India. Alternatively, the funds can be transferred from the existing non-resident account of the same person. Let's dive deeper into the details.

Renewal of deposit

Deposit rollover is a common practice in the world of finance, where the depositor chooses to extend their deposit for a further period of time after the initial investment ...

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Simple Interest

In the world of finance, one of the fundamental concepts is simple interest. It involves multiplying the interest rate by the principal amount and the number of periods. Unl...

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Co-operative banks

In today's financial landscape, we often hear about banks operating under a co-operative model of ownership. This refers to a structure where a group of individuals come toge...

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Future Value

. Compound interest is a powerful concept in finance. It refers to the interest earned not only on the original amount invested, but also on the accumulated interest over tim...

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