NRE Deposit Accounts

North Malabar Gramin Bank has been given authorization to deal with NRE/NRO accounts, by Reserve Bank of India. The funds held in these accounts are eligible for certain concessions and benefits. These accounts are coming under the purview of Foreign Exchange Management (Deposits) Regulations 2000.

The following are eligible to open NRE accounts.

(a) NRI's.

(b) Crew members of Indian Nationality or Indian origin employed by foreign Airlines/ Shipping Companies, if they are based at foreign parts and reside abroad in connection with their employment.

(c) Crew members of Indian Airlines/shipping companies who are shore staff of the companies and are posted abroad for duty on short term or long term basis.

Notes.
(a) persons of Indian Nationality / origin resident in Nepal would be eligible to maintain NRE accounts in India only if the remittance for opening and funding the accounts are remitted in any of the permitted currencies and not in Indian , Nepalese/Bhutanese Currencies.

(b) Overseas institutions, organizations, firms/companies are not eligible to open NRE accounts.

(c) Students who have gone abroad for higher studies and continuing to stay abroad on termination of their studies are eligible to open NRE A/C's

(d) Indians employed in the vessels/carriers owned by Indian or foreign shipping / airline companies but are based in India are not eligible to open NRE accounts.

(e) Indians who have gone abroad on business trips, medical treatment, higher studies, training, for an uncertain period are not eligible to open NRE accounts.

Fixed Deposit/NRE

Fixed deposit product offers high Interest rates along with liquidity.

(a) fixed deposit account may be opened with a minimum sum of Rs.1000/- and above. The minimum period for which the deposit is accepted is 1year and the maximum term shall not be more than 120 months.

(b) One or more than one fixed deposit account may be opened by

(i) an individual in his/her own name.
(ii) More than one individual in their joint names payable to all of them jointly or any one or more of them or survivors
(c) rate of interest payable on fixed deposit is subject to the directives of the RBI issued from time to time ( for present rate please see)

Social Security Deposit/ NRE

(a) This is a convenient deposit scheme, where under the term deposits accepted would fetch interest at discounted value every month automatically commencing from date of completion of one month from the date of acceptance of such deposits.

(b) Social security deposit account may be opened with a minimum sum of Rs.1000/- and above

(c) The minimum period for which the deposit is accepted is 12 months. The deposits are accepted only in completed quarters and for a maximum term of 10 years

(d) Deposit can be made in the name of an individual or in joint names or in the names of minor represented by the guardian.

(e) The depositor is free to opt for anyone of the facilities offered here under in regard to interest earned on his/her social security deposit.
(i) Interest at the end of every calendar month will be paid to the depositor by discounting the monthly value of interest.
Or
(ii) Where a depositor opts to receive payment at quarterly rest instead of at monthly rest on the basis of discounted value of interest amount as stated against (i) above, such request are acceded to.

Cumulative Deposit/NRE

(a) Under our cumulative deposit scheme, a fixed sum of money by way of monthly instalments is to be accepted for a stipulated period and on expiry of this period the total amount of instalment deposited by the account holder is to be repaid with interest. This scheme is a convenient plan of making provision for one's old age and for a start in life to children.

(b) For convenience cumulative deposits are accepted for periods from 1 to 10 years in completed quarters.

Savings Bank Deposits / NRE

Easily operative account with an array of features and benefits.

Special Offers

Easily operative account with an array of features and benefits.

Special Offers

Interest Rates for NRE Accounts (w.e.from 22-08-2012)