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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.

Know Your Client guidelines

It is essential for banks and other financial institutions to conduct thorough due diligence on their investors. This involves verifying the identity of the client and ensur...

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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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NRO

A common term in the realm of finance, NRO stands for Non-Resident Ordinary account. This account is specifically designed for Non-resident Indians, allowing them to save or...

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Lender

Lending is the act of providing monetary funds to another individual or organization for a predetermined period of time. This exchange involves the borrower returning the bo...

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