Ask, Answer & Discover

Latest Questions

Q: Are there any charges while remitting the FCNR proceeds abroad?

A: No.commission is levied while remitting FCNR proceeds on maturity.

Q: Can the NRI deposits be prematurely extended to get the benefit of higher interest rate?

A: Yes, the deposit will earn interest without penalty for the period it has run, provided it has run for the minimum maturity period and thereafter at the higher interest

Q: Can FCNR(B) receipt be issued against rupee draft purchased from the exchange houses with whom UBI has rupee drawing arrangements?

A: Yes, However, the value date of the FCNR(B) receipt will be the date of conversion of the Rupee funds into FC. In case of NRE deposit created out of the proceeds of such drafts, value date can be...

Q: Will the bank renew NRE/FCNR(B) deposits automatically?

A: Yes, provided automatic renewal instruction is given at the time of opening the deposit in which case, it will be automatically renewed for an identical period

Q: Can NRI place deposits with companies on repatriation basis?

A: Yes, provided the company accepts the deposits under public deposit scheme for a period not exceeding 3 years and has obtained necessary ratings, etc.

Q: In what way can an NRI finance the flat?

A: The purchase of the flats can be financed from the fresh remittance through the normal banking channels or from payment from the original non-resident account or from Non-resident (External)...

Q: What is the penalty for premature withdrawal of FCNR accounts?

A: Interest in such cases is paid at one percent below the interest rate payable for the period for which the deposit has actually remained with the bank.

Q: Can NRIs maintain current/savings/fixed deposit rupee accounts with authorized banks in India?

A: NRO and NRE accounts can be maintained in current/savings/ fixed deposit rupee accounts with authorized banks in India

Q: Is interest on NRO account repatriable?

A: Yes, interest earned on NRO accounts can be repatriated or credited to NRE/FCNR accounts subject to payment of tax.

Q: Are there any charges while remitting the FCNR proceeds abroad?

A: No commissions are levied while remitting the FCNR proceeds abroad.