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Thank you for visiting our www. You can freely access your funds in Rupees while you are in India and you can convert the same funds into foreign currency and repatriate it abroad any time you wish.
Menon Road, Willingdon Island, Cochin - This is due to a regulation by the Saudi Arabian Monetary Authority. As a Non- Resident Indian you may have income in India from rent, pension, dividends and other sources. We give you the option to conveniently deposit and manage local rupee funds through the Standard Chartered Non Resident Ordinary Account in Indian Rupees. These accounts allow you to hold foreign currency even on your return.
Please Click to know more about the Demat and Trading Account. Standard Chartered NRO Term Deposits helps you earn a higher rate of interest on your funds generated in India through rents, dividends etc. Interest for the last quarter is calculated on the basis of actual number of days considering the year as days.
This methodology is applicable for all resident and NRO deposits opened after 24th February, You can now hedge your investments in either local or foreign currency deposits with forward cover. These exclusive fixed deposits for NRIs secure your investments against currency fluctuations. Features Here are some of your exclusive benefits of having an NRE account: Features Here are some of your exclusive benefits of having an NRO account: Interest earned on funds held in an NRO Savings account is fully repatriable after tax.
The dedicated relationship managers of your account would provide full assistance on repatriation of your NRO funds. You can remit funds in any convertible currency; the funds will be converted to the above currencies based on your choice. Free phone banking for 24X7 access to your account. Features NRE Term deposit account is maintained in Indian Rupees Principal and interest are freely repatriable Interest earned on the account is not subject to tax deduction at source The tenure of the Term deposit ranges from 1 to 5 years.
Tenures ranging from 1 to 3 years depending on the currency of deposit. The interest is calculated considering the number of days for the year as days The interest is calculated at intervals of days each and thereafter for the remaining actual number of days. However interest payout to customer takes place at the maturity of the deposit. For term deposit with tenor below 1 quarter 3months: Interest for each quarter is compounded.
Features of this deposit: Premature withdrawal will be allowed after one year. If premature penalty rate falls below the applicable interest rate for reduced tenure then penalty rate will also be reduced to the extent of applicable interest rate.
In the event of premature withdrawal of the Deposit, the Bank shall recover penalty from the Depositor for all amounts equal to the total losses or costs incurred by the Bank including, without limitation, any loss or cost incurred as a result of the Bank terminating, liquidating, obtaining or re-establishing any hedge or related position in connection with this Deposit that are or would be incurred under then prevailing circumstances.
The Bank shall be entitled to set-off such losses and costs incurred by the Bank against the Deposit and interest payable thereon. It is hereby clarified that such recovery and set-off by the Bank may not fully safeguard the principal amount of the Deposit.