NRI banking refers to banking services provided to non-resident Indians. The Royal Bank of Scotland provides various NRI banking services including money transfer/remittance through wire transfers or checks, NRE and NRO savings accounts, RFC and FCNR fixed deposits. These services allow NRIs to save and invest earnings from abroad, provide convenience and tax benefits, and help manage finances from overseas. Key terms, account opening requirements, interest rates, and fund transfer options are outlined for each account type.

2. WHAT IS NRI BANKING?
• To meet the specific needs of non-resident Indians
related to their
remittances, savings, earnings, investments and
repatriation, the Government of India introduced in
1970 Non-Resident (External) Account Rules which are
governed by the Exchange Control Regulations.
• The Foreign Exchange Management Act, 1999
determines the laws regulating foreign exchange and
enlists the various deposit schemes available to NonResident Indians.

3. MEANING
• NRI accounts are maintained by banks which hold authorised
dealers' licences from the Reserve Bank of India.
• All NRIs can open such accounts, with the exception of
individuals residing in Pakistan and Bangladesh, who require
special permission from the RBI. Joint accounts of two or more
non-residents and nomination facility are permitted.
• The total NRE/ FCNR deposits during 2006-2007, as per RBI
statistics, are USD 37,751 million and are expected to grow with
regional rural banks also mopping up funds. Banks are expected
to offer lucrative interest rates to bolster NRI funds.
FIRST LET US SEEE WHAT DO YOU MEAN BY NON RESIDENT
INDIAN(NRI) UNDER I.T ACT AnD FERA ACT

4. MEANING OF NON RESIDENT
INDIAN(NRI):
UNDER I.T ACT
• An Indian Citizen who stays abroad for employment/carrying on
business outside India or stays abroad under circumstances indicating
an intention for an uncertain duration of stay abroad is a nonresident.
• EXAMPLE: Persons posted in U.N. Organizations and Officials deputed
abroad by Central/State Governments and Public Sector undertakings
on temporary assignments are also treated as non-residents.
• An individual (whether Indian citizens or not) who is outside India
and who comes on a visit to India in any previous year will be treated
as "non-resident" in India if he stays in India in that previous year less
than 182 days subject to the condition that during the preceding four
previous years his stay in India does not amount to 365 days or more.

5. ROYAL BANK OF SCOTLAND
INTRODUCTION
• The Royal Bank of Scotland Group (RBS) is one of
the largest financial institutions in the world.
• It is a global business with a range of operations
in Europe, North America and Asia Pacific.
• RBS has centres in thirteen European
countries, sixteen North American states and
eight major Asia Pacific cities.
• RBS is one of the world's leading financial
services companies in world.

6. RANGE OF SERVICES:
HAVE STARTED PROVIDING VARIOUS BANKING SERVICES TO NON
RESIDENT INDIANS (NRIs).THE TYPES OF SERVICES PROVIDED BY
THE BANK ON THE FOLLOWING ASPECTS ARE AS FOLLOWS:

7. 1.MONEY TRANSFER(REMITTANCE)
The Royal Bank of Scotland N.V. understands your need for a safe and quick channel
for money transfer to India. Be it funding your account or sending funds to your
loved ones, THEY offer you secure yet cost-effective and convenient options to
transfer your money quickly.
The mode of remittance that best suits your requirements:
A. WIRE/TELEGRAPHIC TRANSFER
B.CHEQUE/DEMAND DRAFTS

8. A.WIRE/TELEGRAPHIC TRANSFER
• Here are the simple steps to do a wire/telegraphic transfer:
• Select the currency from the list below to download a Wire/Telegraphic
Transfer Remittance Application form.
• Fill out the form carefully after reading the instructions.
• Take the filled form to your bank and request them to remit the funds to
your RBS N.V. account in India.
List of currencies for wire/telegraphic transfer:
• US Dollars (USD)
• GB Pound (GBP)
• EURO (EUR)
• Hong Kong Dollars (HKD)
• Australian Dollar (AUD)
• Swiss Francs (CHF)

9. CHEQUE/DEMAND DRAFTS
Please follow the following simple steps:
•Print out a Request Letter indicating the account to be credited with
The Royal Bank of Scotland N.V. (India), carefully fill out the required
details online and sign on the request letter as required (account holder
must sign this letter).
•Mail the request letter, clearly mentioning the account type and details
to which the funds need to be credited, along with your
cheque/demand draft to:
NRI Service Centre
Centralised Operations (Deposits)
10 th Floor, Tower C, Cybergreen,
DLF Cyber City , Sector 25A
Gurgaon - 122002
Haryana , India.

10. 2.NON RESDIDENT EXTERNALS(NRE)
FIXED DEPOSITS:
•A tailor-made product especially designed to help you effectively
manage your income earned outside India. The RBS N.V. NRE Account
is designed to empower you and provide you with complete control of
your finances from wherever you are.
•As part of our privileged RBS NRI Services, your NRE Account will act
as a single window to fulfill all your financial needs and the entire
gamut of NRI banking services.
•Your funds in NRE Savings Account are held in convertible Rupees and
are fully repatriable, including the interest you earn.
•All interest earned is fully exempted from tax in India and you have a
choice of opening the account jointly with another Non Resident
Indian.

11. KEY BENEFEITS:
Power-packed Internet Banking
Unlimited Convenience
Doorstep Banking Services
Online Bill payment
International Debit CARD
Dedicated Relationship Managers
Free e-statements
Cheque Protect facility
Power of Attorney
Free Alerts

12. TERMS TO OPEN AN ACCOUNT:
•
•
•
•
•
•
Eligibility
Interest rate
Minimum amount required
Joint account can be opened or not?
Power of attorney
Nominee

13. HOW TO FUND NRE ACCOUNT?
•
•
•
•
•
Remittance in foreign currency
Deposit cheques
Travelers' cheques
Transferring of funds
Transfer of maturity proceeds

14. 3.NON RESIDENT ORDINARY(NRO)
SAVINGS ACCOUNT
NRO Savings Account suits your requirements perfectly to help you
manage your finances effortlessly and effectively - the ideal way to
route your investments made out of Indian funds and an even greater
freedom for your money.
Your funds in NRO Savings Accounts are maintained in Indian Rupees.
All interest earned on this account is repatriable
(after deduction of applicable taxes).

15. KEY BENEFEITS:
Power-packed Internet Banking
Doorstep Banking Services
Online Bill payment
Dedicated Relationship Managers
Free money transfer

16. TERMS TO OPEN AN ACCOUNT:
•
•
•
•
•
•
Eligibility
Interest rate
Minimum amount required
Joint account can be opened or not?
Power of attorney
Nominee

17. HOW TO FUND NRO ACCOUNT?
• Travelers' cheques
• Transferring of funds

18. 4.RESIDENT FOREIGN CURRENCY(RFC)
FIXED DEPOSITS
The RBS N.V. RFC Deposit has been especially created for
persons of Indian nationality or origin returning to India
permanently for settlement, after having been a resident
outside India for a continuous period of at least one year.
You can choose to maintain your RFC Deposit in any of these
three leading international currencies with us - US
Dollars , Pound Sterling andEuros .

19. KEY BENEFITS:
Interest rates
Deposit tenures
Protection of your funds
Tax deducted at source (TDS) exemption
Automatic renewal
Nomination facility
Repatriation

20. TERMS TO OPEN AN ACCOUNT:
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•
•
•
•
•
•
Eligibility
Currency available
Interest rate
Duration
Minimum amount required
Joint rfc account ?
Utilisation of funds in account

21. HOW TO FUND AN RFC ACCOUNT?
• TRANSFER OF FUNDS
• TRAVELLER’S CHEQUES
REPATRIATION AND TAX BENEFITS:
Fully repatriable
Tax on interest earned
Foreign currency risk
Nominations

22. 5.FOREIGN CURRENCY NON
RESIDENT(FCNR) FIXED DEPOSITS
FCNR Deposits are maintained in foreign currency and they are
completely safe against any exchange rate fluctuations.
You can choose to maintain your FCNR Deposit with us in any of
these five leading international currencies - US Dollars , Pound
Sterling , Euros, Australian Dollars and Canadian Dollars.

23. KEY BENEFITS:
Interest rates
Deposit tenures
Rupee overdraft
Withdraw
Automatic renewal
Joint Account
Nomination facility

24. TERMS TO OPEN AN ACCOUNT?
•
•
•
•
•
•
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Eligibility
Currency available
Interest rate
Duration
Minimum amount required
Joint FCNR or not?
Application for FCNR
account

25. REPATRIATION AND TAX BENEFITS:
• Money repatriable or not?
• Tax on interest inome earned
• Foreign currency risk

26. •
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•
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CONVENIENCE
TIME SAVING
DIVERSIFICATION
INTEREST RATE
CURRENCY HEDGE