NRI Deposit Products

NRIs / PIOs can open the following Non-Resident Deposit Accounts:

Dena FCNR(B) EDGE    
Dena FCNR(B) EDGE is basically the standard Non-Resident Term Deposit and a Forward Contract combined into one.  The product aims to provide hedge against foreign exchange fluctuations along with the normal interest income.

The features of the new product shall be the same as for a regular FCNR(B) deposit.  However, the deposit shall be available only for the period of one year.  In addition to that, a hedge option will be inbuilt in the deposit account.  The deposit amount shall be hedged on the date of opening of the deposit.

Salient features:
• Type of Account – FCNR(B) Deposit
• Tenor – One year only
• Minimum amount – USD 5,000 or equivalent
• Available in currencies – USD, EUR, GBP, CAD, AUD
• Funds for opening of the account – Inward Remittance from Abroad / Conversion from NRE Account / Proceeds of Foreign Currency Notes / Travelers Cheques
• Rate of interest – As applicable to regular FCNR(B) deposit for one year
• Benefits – Assured amount in Indian Rupees at maturity
• Nomination – Allowed
• Repatriation – Allowed
• Joint Account – Permitted
• Power of Attorney – Permitted
• Loans Against Deposits – Maximum up to 85% of the deposit amount
• Premature withdrawal of deposit – Permitted.
* However, no interest shall be payable.  The loss if any, on account of the cancellation of forward contract shall be borne by the account holder.
• Premature cancellation of forward cover – Not Permitted.
• Tax benefits – Interest income exempted from Income Tax & Wealth Tax
• Charges – No charges for booking of forward cover.

Non-Resident (External) Rupee Account Scheme – NR(E)RA

This account is maintained in Indian Rupees.  Amount held and interest is freely repatriable in any convertible currency.

Salient features:

• Account can be maintained in any form as a Saving, Current, Recurring and Term Deposit account.
• Term Deposits in Dena Bank can be maintained for 1 Year to 10 Years.
• The amount held is fully repatriable (Principal as well as Interest).
• No income tax on interest earned.
• Balances held in the account are free from Wealth tax/Gift tax.
• Nomination facility is available.
• Joint account with NRIs and/or Residents is permitted
• Loans against deposits are permitted.
• Resident can operate the account under Letter of Authority or Power of Attorney.
• Conversion of foreign currency is done at market rate for full amount.

Click here to view NRE FAQ

Foreign Currency Non-Resident Accounts (Banks) Scheme – FCNR(B)

This account is maintained in foreign currency and thus provides full cover against fluctuations in foreign exchange rates.

Salient features:

• The amount held is repatriable (Principal as well as Interest).
• It can be opened in Dena Bank in five currencies viz. US Dollars, Pound Sterling, Euro, Australian Dollar, Canadian Dollar.
• The interest earned in this account is not subject to Income Tax and amount held is exempted from Gift tax/ Wealth tax.
• This is maintained as a term deposit for not less than 1 year and not exceeding 5 years.
• Nomination facility is available.
• Joint account with NRIs is permitted.
• A loan against deposit is permitted.
• A loan to depositor in foreign currency is permitted.
• Resident can operate the account under Letter of Authority or Power of Attorney.

Click here to view FCNR(B) FAQ

Non-Resident Ordinary Rupee Account Scheme – NRO

This account is maintained in Indian Rupees and normally operated for crediting rupee earnings / income such as dividend, interest etc. in India.

Salient features:

• This is maintained as Saving, Current, Term Deposits, and Recurring Deposits.
• The interest earned on this account is taxable under Indian Income Tax.
• Repatriation allowed up to USD 1 million, per financial year (Apr-Mar) subject to payment of applicable taxes.
• Joint account with NRIs and Residents is permitted.
• A loan in India is permitted.
• This can be used for local disbursements and local receipts can be credited to this account.
• Resident can operate the account under Letter of Authority or Power of Attorney.

Click here to view NRO FAQ