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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.

Receipt

A vital document demonstrating an investor's deposit to a bank, known as a certificate of deposit. It provides essential information such as the deposited amount, interest p...

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Deposit time slabs

A term deposit is an investment option offered by banks for a specified period of time. This period can range from as short as 14 days to as long as 5 years. As a depositor,...

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Annual Yield

The effective annual rate of return considers the impact of compounding interest. Its significance lies in its ability to convert diverse interest rates into a comparable an...

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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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