Very small account opening amount You can open a NRE Savings account with J&K Bank with a very small deposit of Rs 1000/-only.
Very low Average Quarterly balance required :You can operate a J&K Bank NRE Savings account by maintaining a minimum Quarterly balance of Rs 2,500 only.
International Debit Card A Global Access Card will be issued to you, which can be used, at MasterCard ATM’s and at POS machines displaying Maestro logo, both within and outside India.
ATM Card for assigned Holders . Your family in India can use this card to access and manage your NRI savings account. Anyone appointed by you as a Power of attorney /mandate holder can operate the account on your behalf through this ATM card. They can use this ATM card to withdraw cash from any of our widespread network of ATMs across India.
Letter of Mandate
You can give a letter of mandate/POA to your local representative in India who can operate the account on your behalf.
Personalized Chequebook A personalized Chequebook will be issued to you.
Nomination Facility.You can avail nomination facility on J&K bank NRE savings account.
Anywhere Banking
You can access your account through anywhere banking from any of our networked branches.
Repatriation You can easily repatriate the balances held in the NRE savings account, along with interest earned, without the prior approval of the Reserve Bank of India.
Free Monthly Statements. Free monthly statements will be provided to Mandate/POA holders. Free monthly statement will be given to you on demand.
Tax Exemptions The principal and interest earned in the NRE account is tax exempted.
Safe Deposit Locker Safe deposit locker at certain branches, available for account holders.
Permissible Credits & Debits
Permisible Credits
Proceeds of remittances received from abroad in freely convertible currency through normal banking channels may be credited freely.
Proceeds of personal cheques drawn by you on your foreign currency account and of travelers cheques, bank drafts payable in any permitted currency including instruments expressed in Indian rupees for which reimbursement will be received in foreign currency, deposited by you in person during your temporary visit to India, provided the bank is satisfied that you are still resident outside India, the travelers' cheques/drafts are standing/endorsed in your name and in the case of travelers' cheques, they were issued outside India. NRIs bringing Foreign Currency Notes & Travelers Cheques will have to submit a Currency Declaration Form (CDF) to the customs authorities on arrival in India if the foreign currency notes exceed USD 5,000/- or combined value of Travelers Cheques and notes exceed USD 10,000/-. He may produce the CDF for endorsement by the bank when he submits the money for opening/credit to an account.
Transfers from other NRE/FCNR accounts.
Interest accruing on the funds held in the account.
nterest on Government securities and dividend on units of mutual funds, provided the securities/units were purchased by debit to your NRE/FCNR account or out of inward remittance through normal banking channels.
Maturity proceeds of Government securities including National Plan/Savings Certificates as well as proceeds of Government securities and units of mutual funds sold on a recognized stock exchange in India and sale proceeds of units received from mutual funds, provided the securities/units were originally purchased by debit to your NRE/FCNR account or out of remittances received from outside India in free foreign exchange.
Refund of share/debenture subscriptions to new issues of Indian companies or portion thereof, if the amount of subscription was paid from your same account or from your other NRE/FCNR account or by remittance from outside India through normal banking channels.
Current income like rent, dividend, pension, interest, etc. of NRIs may be credited to their Non-Resident (External) Rupee Accounts provided the Bank is satisfied that the credit represents your current income and income tax thereon has been deducted/paid/provided for, as the case may be.
Credits to an account, through funds from a local source would be permissible only if the funds are repatriable.
Any other credit if covered under general or special permission granted by Reserve Bank.
Permissible Debits
Local disbursements.
Remittances outside India.
Transfer to NRE/FCNR accounts of the account holder or any other person eligible to maintain such account.
Investment in shares/securities /commercial paper of an Indian company or for purchase of immovable property in India provided such investment/purchase is covered by the regulations made, or the general/special permission granted, by the Reserve Bank.
Any other transaction if covered under general or special permission granted by the Reserve Bank
Eligibility
You can open NRE savings account with J&K Bank if you are an NRIs/PIOs and OCBs. NRIs can open the account either singly or jointly with other NRIs (In case NRI wishes to open the account jointly with his/her spouse, he/she should also be an NRI.).
The account should be opened by the non-resident account holder himself and not by the holder of the power of attorney in India.
Individuals/Entities of Bangladesh, Pakistan nationalities/ownership require prior approval of RBI
Photocopy of the relevant pages of the current passport where name, address, date of birth, date & place of issue, expiry date, photograph, signature & stamp regarding your stay outside India appear.
Photocopy of Valid work permit/ employment visa (in case of expired visas, duly acknowledged petitions made to the Visa Authorities for renewal of visas will be accepted as a valid document.)
At least one of the following address proofs (for First Applicant only if the applicants are closely related as can be inferred from the account opening application form)
Utility Bill
Driving License
Residence Permit (Govt. issued Identity card)
Credit Card Bills
Rent Receipt
Overseas / Indian Bank Statement *(All Originals should be present for verification.)
For a person of Indian Origin (PIO)
Photocopy of the relevant pages of the current passport
Copy of PIO card or Copy of past Indian passport of self / parent / grand-parent along with a self-declaration about Indian origin or
Self-declaration for PIO as given on the account opening Form
At least one of the following address proofs (for First Applicant only if the applicants are closely related as can be inferred from the account opening application form)
Utility Bill
Driving License
Residence Permit (Govt. issued Identity card)
Credit Card Bills
Rent Receipt
Overseas / Indian Bank Statement
*(All Originals should be present for verification.)
If you are an NRI & send form from abroad
Photocopy of the relevant pages of your current passport where the name, address, date of birth, date & place of issue, expiry date, photograph, signature & stamp regarding your stay outside India appear.
Photocopy of Valid work permit / employment visa. (In case of expired visas, duly acknowledged petitions made to the Visa Authorities for renewal of Visas will be accepted as a valid document).
All Photocopies must be attested by any one of the following - Banker / Indian Embassy / Notary (or equivalent of notary as per applicable law) /Self-Attestation*.
All Photocopies have to be signed by the applicant in full as “True Copies”.
In case of self attestation, any one of the following documents may be attached:
Copy of the latest statement of bank account or relevant sheets of passbook of your account in India / Abroad (for the last 6 months)
Copy of any letter received from your existing banker in India / Abroad (dated within last 3 months)
A Cheque drawn on your existing banker in India or on your bank account abroad
An original Cheque issued by you and paid by your banker outside India.
A copy of at least one of the following Address proofs outside India (for First Applicant only if the applicants are closely related as can be inferred from the account opening application form)·
If you are a Person of Indian Origin (PIO) & send form from abroad
Copy of the relevant pages of the current passport.
Copy of PIO card
or
Copy of past Indian passport of self / parent / grand-parent along with a self declaration about Indian Origin
or
Self declaration for PIO as given on the account opening Form
All Photocopies must be attested by any one of the following - Banker / Indian Embassy / Notary (or equivalent of notary as per applicable law) /Self-Attestation.
All Photocopies have to be signed by the applicant in full as “True Copies”.
In case of self attestation, any one of the following documents may be attached along with the self-attestation letter:
Copy of the latest statement of bank account or relevant sheets of passbook of the account in India / Abroad (for the last 6 months)
Copy of any letter received from the existing banker in India / Abroad (dated within last 3 months)
A Cheque drawn on an existing banker in India
An original Cheque issued by NRI and paid by the banker outside India
A copy of at least one of the following Address proofs outside India (only for the first Applicant if the applicants are closely related as can be inferred from the account opening application form):
*(All Originals should be present for verification.)
NRO Savings Account
Features
Very small account opening amount You can open a NRO Savings account with J&K Bank with a very small deposit of Rs 1000/-only.
Very low Average Quarterly balance required :You can operate a J&K Bank NRO Savings account by maintaining a minimum Quarterly balance of Rs 2,500 only.
International Debit Card A Global Access Card will be issued to you, which can be used, at MasterCard ATM’s and at POS machines displaying Maestro logo, both within and outside India.
ATM Card for assigned Holders . Your family in India can use this card to access and manage your NRO savings account. Anyone appointed by you as a Power of attorney /mandate holder can operate the account on your behalf through this ATM card. They can use this ATM card to withdraw cash from any of our widespread network of ATMs across India.
Letter of Mandate
You can give a letter of mandate/POA to your local representative in India who can operate the account on your behalf.
Personalized Chequebook A personalized Chequebook will be issued to you.
Nomination Facility.You can avail nomination facility on J&K bank NRO savings account.
Anywhere Banking You can access your account through anywhere banking from any of our networked branches.
Repatriation
Interest amount on this account is repatriable after payment of applicable taxes. NRIs can remit upto US $ 1 million or equivalent per calendar year out of the legitimate balances held in NRO accounts, sale proceeds of assets, on production of an undertaking & CA certificate.
Free Monthly Statements.
Free monthly statements will be provided to Mandate/POA holders. Free monthly statement will be given to you on demand.
Tax Payments
Interest earned on the NRO account is liable to 30% tax, which is deducted at source.
Safe Deposit Locker Safe deposit locker at certain branches, available for account holders.
Permissible Credits & Debits
Permisible Credits
Proceeds of remittances received from abroad in freely convertible currency through normal banking channels may be credited freely.
Legitimate dues in rupees of the account holder in India can be credited to the account. Legitimate dues in India include current income like rent, dividend, pension, interest, etc as also proceeds of assets including immovable property acquired out of rupee/ foreign currency funds or by way of legacy/ inheritance.
Travelers Cheques can also be credited to the account. NRIs bringing Foreign Currency Notes & Travelers Cheques will have to submit a Currency Declaration Form (CDF) to the customs authorities on arrival in India if the foreign currency notes exceed USD 5,000/- or combined value of Travelers Cheques and notes exceed USD 10,000/-. He may produce the CDF for endorsement by the bank when he submits the money for opening/credit to an account.
Any other credit if covered under general or special permission granted by Reserve Bank.
Permissible Debits
All local payments in rupees including payments for investments in India subject to compliance with the relevant regulations made by the Reserve Bank.
Remittance outside India of current income like rent, dividend, pension, interest etc. in India of the account holder.
Remittance of an amount of balances in NRO account of NRI/PIO up to USD One million, per calendar year, for all bonafide purposes to the satisfaction of the Bank.
Eligibility
NRIs /PIO are eligible to open this account, either singly or jointly with an Indian Resident or with a NRI. Opening of account by individuals / entities of Bangladesh / Pakistan nationality / ownership require prior approval of Reserve Bank.
