APPLICABLE TO NRI DEPOSITS !
a) Deposits from NRI's shall be either remitted to our Account through normal banking channel or from ordinary non-resident / non-resident external / foreign currency non-resident accounts of the prospective depositors maintained with banks authorized to deal in foreign exchange in India or directly remitted to our Head Office.
b) In casethe Non-Resident Depositors are Companies, firms, societies or Trusts or other Corporate bodies they shall furnish a certificate in duplicate (to be furnished every financial year before April) in the prescribed form duly signed by an Overseas Auditor / Chartered Accountant / Certified public accountant showing that the overseas body is owned either directly or indirectly by non-resident individual of Indian origin / nationality to the Extent of at least 60% of total equity. The ownership upto 60% should continue till the maturity of the deposit.
c) NRI Depositors should furnish an undertaking in the prescribed form to the effect that the maturity value of the deposit and the interest thereon will not be repatriated.
d) The Company has received general permission from Reserve Bank for accepting deposits from Non-Resident Indians. Income-tax will be deducted from interest as applicable to non-resident Indians from time to time under Income Tax Act.