Deposit Account Opening Forms for NRIs Deposit Schemes Loans to NRIs Authorised Foreign Exchange Branches Contact Us Overseas Branches Correspondent of Treasury Branch Remittance to India

1)   Foreign Currency Non resident (FCNR-B) Deposits  :

Your overseas earnings remain fully repatriable in an FCNR (B) Deposit account with us. A popular scheme among our NRI patrons, you too will find good reasons to invest in this deposit account with us. Just some highlights of the scheme for your consideration

• Repatriability

The principal amount and interest earned are fully repatriable.

• Tax Exemption

The Deposit is exempted from Indian Wealth tax. Interest is exempted from Indian Income tax.

• Choice of Currency

Place your deposit in any of the six international currencies USD, GBP, Euro, JPY, AUD & CAD. For more details click here.

For deposit at any of our authorized branches in India, please remit money to our Treasury Branch Mumbai accounts with full details.

• Remit in any Currency

You can remit in any convertible currency. We shall convert it in any of the above six currencies of your choice.

During your visit to India you may also tender foreign currency notes/travelers cheques to our branches.

• Minimum & Maximum Amount

There is no upper ceiling, you can put any amount in these deposits. The minimum amount for each currency is:

USD 2,000 or its equivalent in any of the hard currencies.

• Earn Attractive Interest

We pay attractive interest. Please check our interest rates.

• Large Number of Branches to choose from

Pease check the list of our branches spread across India accepting FCNR (B) Deposits.

• Choose the Term of Deposit

From a minimum period of 12 months to a maximum period of 60 months, you have the choice of keeping the deposit with us. We also allow you the flexibility of closing your Fixed Deposit account before the due date but the interest rate payable will be subject to a penalty of 1%. Your deposit should have run for a minimum period of one year to be eligible for interest.

• Automatic Renewal

Your deposits are automatically renewed on maturity for the same tenure in case no other instructions are received before due date.

• Joint account

You can open a joint account with us with other Non-Resident Indian(s).

• Power of Attorney (P/A)

P/A to Residents permitted for local disbursements only.

• Nomination

You can register nomination for this Account. Nomination Form

• Loans available against FCNR deposits

We offer Rupee as well as Foreign Currency Loans in the currency of Deposit against security of your FCNR (B) Deposits in our authorized branches in India. Our overseas branches also offer foreign currency loans against these deposits, subject to rules, if any, applicable in that country.

2)  Resident Foreign Currency (RFC) Deposits  :

A scheme popular among our returning NRI customers. Returning Indians for permanent settlement, after staying abroad for not less than one year, can

• retain their savings in foreign currency in a RFC account with us
      
• get the proceeds of FCNR (B)/NRE Deposits credited to this account with us.
     
• get the earnings out of dividend/sale proceeds of assets left abroad as well as pension received from overseas credited in this foreign currency account with us.
      
• Repatriability

Permitted for bonafide purposes for self & dependents including exchange required for travel, other personal purposes and investments.

• Conversion into FCNR (B)/NRE

On becoming an NRI again, you can transfer these funds into an FCNR(B) or NRE account with us.

• Choice of Currency

Place your deposit in any of the six international currencies USD, GBP, Euro, JPY, CAD and AUD.

For deposit at any of our authorized branches in India, please remit money to our Treasury Branch Mumbai accounts with full details.

• Remit in any Currency

You can remit in any convertible currency. We shall convert it in any of the above six currencies of your choice.

• Earn Attractive Interest

We pay attractive interest. Please check our interest rates.

• Large Number of Branches to choose from

Please check the list of our branches spread across India accepting RFC Deposits. (Different types of accounts, such as Savings, Current and Term Deposits can be opened.)

3)  Non Resident external (NRE) Deposits   :

NRE deposits can be placed with us in following a/cs

Savings Bank A/c - at present interest rate is 4.00 %.

Fixed Deposit A/c - at following interest rates

For creation of NRE deposits, remittances from abroad should be made to us in convertible rupees or in any hard currencies like USD, GBP, EUR and JPY etc. Above deposits are repatriable in any currency

4)  Non Resident Ordinary (NRO) Deposits

NRO account may be opened in the following manner :

Where an Indian citizen having a resident account leaves India and becomes non-resident, his resident account should be designated as NRO account.

Where non-resident Indian receives income in India, he can open a NRO a/c with such funds.

NRO a/c may also be opened by foreign exchange remitted through normal banking channels.

All types of a/c like SB, CD and all term deposits as applicable to domestic deposits can be opened Interest rates are as per domestic deposits. Interest is taxable.

 

Rupee Deposits - HIGHLIGHTS

• Type of Accounts

You can open Savings Bank, Current, Recurring and Fixed Deposit accounts with us.

• Authorised Branches

For our Indian branches accepting Indian Rupee NRE Deposits, please get in touch with NRI Relationship Centre at our Head Office or the respective Regional Offices of your choice.

• Interest Rate

We offer attractive rate of interest on your deposits.

• Remit in any Currency

For NRE accounts you can remit in any convertible currency. We shall convert it in Indian Rupees.

• Joint Accounts, Power of Attorney, Nomination

NRE Accounts – Same as in case of FCNR (B).

NRO Accounts – Joint accounts with residents permitted, Nomination facility available.

Download Application Form

  REMITTANCE TO INDIA

Remit through us either to your own account with us or any other bank OR to your near and dear ones.

We offer an efficient, easy, quick and convenient channel to transfer money back home in any corner in India.

Through our Overseas Branches

Just walk in to any of our branches in Singapore and Hong Kong or call them for assistance.

If you are remitting from Singapore or Hong Kong, avail the facility of remittance provided by our overseas branches

Through our Accounts with Correspondents (Using Swift) Click here for more details

The most convenient way of remitting the money from any part of the world is a direct credit into UCOBANK Treasury Branch Mumbai Account with correspondent banks.

We have correspondent arrangements worldwide. The details of our Treasury Branch Mumbai accounts in six major currencies are placed on the web for your convenience.

Non-resident has to advise his/her overseas bank the following: -

1. To provide funds to be remitted to one of the nostro accounts maintained by our Treasury Branch, Mumbai with various banks in different currencies.
2. To arrange for sending MT 103 payment order through our nostro account maintaining bank, to whom remitting bank has provided the funds to be remitted.
3. The following details about beneficiary must be provided by the remitter



1. Beneficiary’s account number (full 14 digit account number in  case of our bank)
2. Beneficiary name,
3. Name of the bank (where beneficiary maintaining account)
4. Branch name, city and state,

Through Drafts/Cheques

Send your Bank Drafts or Cheques to any of our branches in India with full particulars of remittance / beneficiary, where you maintain your / your relative’s / friend’s account.

LOANS TO NRIs

Against Deposits

Bank gives loans against NR deposits to NRI deposit account holder and third parties in Indian Rupees.

Bank gives loans against FCNR (B) deposits to NRI deposit account holder in foreign currency in India. This facility is available at our overseas branches, subject to local directives, if any in that country.

For loans against your deposit please contact the Branch where you are maintaining the deposits.

NRI Home Loans

Bank has attractive schemes to accommodate the housing needs of NRIs.

1. Loans for Residential Property NRIs can avail of loans for

1. Construction of a new residential house
      
2. Purchase of a residential flat or residential house
      
3. Extension of a residential flat or residential house
      
4. Renovation of a residential flat or residential house
      

2. Loan for Plot of Land for residential use

NRIs can avail of loans for purchase of a residential plot of land for residential use.

3. Loans against existing residential property

NRIs can avail of loans by mortgaging an existing residential property for any of the following purposes. The loan shall be utilised for meeting the borrower's personal requirements or for his own business purposes.

Education

Business

Medical treatment

Other personal requirements (Details required regarding amount, period, rate of interest. Etc in brief)

Prohibition:

The proceeds of rupee loan should not be utilised for any of the following activities:

1. The business of chit fund, or
       
2. Nidhi Company, or
       
3. Agricultural or plantation activities or in real estate business, or construction of farm houses, or
       
4. Trading in Transferable Development Rights (TDRs), or
       
5. Investment in capital market including margin trading and derivatives.

Download Application Form

Please contact any of our Branch Managers for details.

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