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.

• Free from Exchange Risk

No loss on account of Exchange rate fluctuation

• Choice of Currency

Place your deposit in any of the Ten international currencies USD, GBP, EUR, JPY, AUD,SEK, CHF,SGD,HKD & CAD.

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 of the Ten Currency

You can remit in any of the ten convertible currencies. We shall convert it in any of the above Ten 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 latest interest rates

• Large Number of Branches to choose from

Please 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) or with resident close relatives on 'Former or Survivor' basis.

• Power of Attorney (P/A)

P/A to Residents permitted for local disbursements or remittance to the account holder himself/herself through normal banking channel.

• Nomination

You can register nomination for this Account in favour of resident or nonresident.

• Loans available against FCNR deposits

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

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.

Type of account

Individuals can open savings, current and term deposit 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 Ten international currencies USD, GBP, EUR, JPY, AUD,SEK, CHF,SGD,HKD & CAD

For deposit at any of our authorized branches in India, through our accounts with correspondents (using SWIFT)

• Remit in any Currency

You can remit in any of the Ten international currencies USD, GBP, EUR, JPY, AUD,SEK, CHF,SGD,HKD & CAD. We shall convert it in any of the above Ten currencies of your choice.

• Minimum and Maximum amount

There is no upper ceiling; you can put any amount in these deposits. The minimum amount for each currency is:
USD 1,000 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

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.)

1)  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

• Type of Accounts

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

• Authorised Branches

Can be opened in any of our Indian branches

Interest Rate
We offer attractive rate of interest on your deposits.

• Tax Exemption

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

• 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 - Joint accounts with nonresidents or residents ('Former or Survivor')
NRO Accounts - Joint accounts with residents permitted, Nomination facility available.

2)  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 nonresident, 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.

• Type of Accounts

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

• Authorised Branches

Can be opened in any of our Indian branches

Interest Rate
We offer attractive rate of interest on your deposits.

• Transferability to NRE account / repatriablity

Transferable/repatriable to the extent of USD 1 million or equivalent, subject to payment of tax.

• 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 - Joint accounts with nonresidents or residents ('Former or Survivor')
NRO Accounts - Joint accounts with residents permitted, Nomination facility available.

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

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 ten major currencies are placed on the web for your convenience.

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

• To provide funds to be remitted to one of the nostro accounts maintained by our Treasury Branch, Mumbai with various banks in different currencies.
• 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.
• The following details about beneficiary must be provided by the remitter
  • Beneficiary's account number (full 14 digit account number in case of our bank)
  • Beneficiary name,
  • Name of the bank (where beneficiary maintaining account)
  • Branch name, city and state,

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. Please note that we are not accepting U.S. Dollar Cheque / Draft for collection and also Cheques / Drafts drawn in any currency and payable in USA.