Facilities provided by Punjab & Sind Bank to NRI

Facilities provided by Punjab & Sind Bank to Non Resident Indian (NRI)  

Punjab & Sind bank is one of the public sector banks' having all the branches covered under Core Banking Solution (CBS) platform. With a vast network of CBS branches having pan India presence, the bank facilitates anywhere banking across India. The bank established in year 1908 commenced foreign exchange business four decades back. Customer can approach any branch of the Bank for opening of NRE/FCNR/NRO account etc. Further, for any query, they can seek guidance from Authorized Dealer Branches (Forex Branches). 

It is our endeavor to provide best of the services to our diversified range of customers. One category of customer, which requires additional attention, is NRI (Non Resident of India). Our bank strives hard to fulfill the banking need of this category of customers. We have wide network of branches, network of ATM's along with participation with various ATM consortium groups in India. We also have correspondent bank all around the world. Therefore, we ensure a smooth and safe banking experience to our NRI customers.

The contribution of NRIs in the growth of Indian economy and development of India is vital and hence are always welcomed by Government of India. Further, 9th January is celebrated as Pravasi Bhartiya Divas (Non-resident Indian Day) every year to mark the contribution of the overseas Indian community.

We offer a bouquet of foreign exchange bank facilities to our NRIs and offer very attractive rates on deposits placed with us in Indian Rupees / leading foreign currencies. For the benefit of our NRI customers, we give in this brochure, in brief, facilities available for investing their savings. For any queries, NRI customers can visit our website punjabandsindbank.co.in or contact the nearest Authorised Dealers branch. For any queries please feel free to contact us;

Punjab & Sind Bank
H.O. Foreign Exchange Department
3rd Floor, Rajendra Place,
New Delhi - 110008
E-mail: ho[dot]fex[at]psb[dot]co[dot]in
Phone No. 011-25728460

 
Who is Non-Resident Indian (NRI)?  

A Non-Resident Indian means:

A person resident outside India who is a citizen of India i.e.

  • Indian citizens who proceed abroad for employment or for carrying on any business or vocation or for any other purpose in circumstances indicating indefinite period of stay outside India.
  • Indian citizens working abroad on assignments with Foreign Governments, Government Agencies or International/Multinational Agencies like United Nations Organisation (UNO), International Monetary Fund (IMF), World Bank etc.
  • Officials of Central and State Governments and Public Sector Undertakings deputed abroad on assignments with Foreign Government Agencies / Organisations or posted to their own offices including Indian Diplomatic Missions abroad.

A person of Indian origin (PIO) who is a citizen of any other country other than Bangladesh or Pakistan, if

  • He, at any time, held an Indian passport or
  • He or either of his parents or any of his grandparents was a citizen of India by virtue of Constitution of India or Citizenship Act 1955 (57 of 1955)
  • The person is a spouse of an Indian Citizen or a person referred to in sub clause (i) or (ii) above

Students going abroad for studies are treated as Non Resident Indians (NRIs) and are eligible for all the facilities available to NRIs and FEMA.

The services offered by our bank are divided into the following categories:

Deposits:-Features of various Deposit Schemes available for Non-Resident Indians (NRIs) are follows:

Particulars Foreign Currency (Non-Resident) Account (Banks) Scheme
[FCNR (B) Account]
Non-Resident (External) Rupee Account Scheme
[NRE Account]
Non-Resident Ordinary Rupee Account Scheme
[NRO Account]
(1) (2) (3) (4)
Who can open an account NRIs (individuals/ entities of Bangladesh/ Pakistan nationality / ownership require prior approval of RBI) NRIs (individuals/ entities of Bangladesh/Pakistan nationality / ownership require prior approval of RBI) Any person resident outside India (other than a person resident in Nepal and Bhutan). Individuals / entities of Pakistan nationality / ownership, entities of Bangladesh ownership and erstwhile Overseas Corporate Bodies require prior approval of the Reserve Bank.
Joint account In the names of two or more non-resident individuals provided all the account holders are persons of Indian nationality or origin;
Resident close relative (relative as defined in Section 6 of the Companies Act, 1956) on' former or survivor' basis. The resident close relative shall be eligible to operate the account as a Power of Attorney holder in accordance with extant instructions during the life time of the NRI/ PIO account holder.
In the names of two or more non-resident individuals provided all the account holders are persons of Indian nationality or origin;
Resident close relative (relative as defined in Section 6 of the Companies Act, 1956) on 'former or survivor' basis. The resident close relative shall be eligible to operate the account as a Power of Attorney holder in accordance with extant instructions during the life time of the NRI/ PIO account holder.
May be held jointly with residents
Nomination Permitted Permitted Permitted
Currency in which account is denominated US Dollar (USD), Euro (EUR), Pound Sterling (GBP), Australian Dollar (AUD) and Canadian Dollar (CAD) Indian Rupees Indian Rupees
Repatriablity Repatriable Repatriable Not repatriable except for the following:
(i) current income
(ii) up to USD 1 (one) million per financial year (April-March), for any bonafide purpose, out of the balances in the account, e.g., sale proceeds of assets in India acquired by way of purchase/ inheritance / legacy inclusive of assets acquired out of settlement subject to certain conditions.
Type of Account Term Deposit only Savings, Current, Recurring, Fixed Deposit Savings, Current, Recurring, Fixed Deposit
Period for fixed deposits For terms not less than 1 year and not more than 5 years. As per annexure As per annexure
Rate of Interest For Current Rate of Interest on FCNR(B) For NRE Savings 4.00% p.a. w.e.f 03/05/2011
For NRE Deposits Please refer to table 1.2
4.00% p.a. w.e.f. 03/05/2011
Operations by Power of Attorney in favour of a resident by the non-resident account holder Operations in the account in terms of Power of Attorney is restricted to withdrawals for permissible local payments or remittance to the account holder himself through normal banking channels. Operations in the account in terms of Power of Attorney is restricted to withdrawals for permissible local payments or remittance to the account holder himself through normal banking channels. Operations in the account in terms of Power of Attorney is restricted to withdrawals for permissible local payments in rupees, remittance of current income to the account holder outside India or remittance to the account holder himself through normal banking channels.
Remittance is subject to the ceiling of USD 1 (one) million per financial year.
 
Loans In India
To the Account holder Permitted without any ceiling subject to usual margin requirements. Permitted without any ceiling subject to usual margin requirements Permitted subject to the extant rules
To Third Parties Permitted without any ceiling subject to usual margin requirements. Permitted without any ceiling subject to usual margin requirements. Permitted, subject to conditions
Foreign Currency Loans in India      
To the Account holder Permitted subject to usual margin requirements. Permitted subject to usual margin requirements. Not Permitted
To Third Parties Permitted subject to usual margin requirements TC applies Permitted subject to usual margin requirements TC applies. Not Permitted
Purpose of Loan      
To the Account holder (i) Personal purposes or for carrying on business activities*
(ii) Direct investment in India on non-repatriation basis by way of contribution to the capital of Indian firms / companies
(iii) Acquisition of flat / house in India for his own residential use. (Please refer to para 9 of Schedule 2 to FEMA 5).
(i) Personal purposes or for carrying on business activities.*
(ii) Direct investment in India on non-repatriation basis by way of contribution to the capital of Indian firms / companies.
(iii) Acquisition of flat / house in India for his own residential use. (Please refer to para 6(a) of Schedule1 to FEMA 5).
Personal requirement and / or business purpose.*
To Third Parties Fund based and / or non-fund based facilities for personal purposes or for carrying on business activities *. (Please refer to para 9 of Schedule 2 to FEMA 5). Fund based and / or non-fund based facilities for personal purposes or for carrying on business activities *. (Please refer to para 6(b) of Sch. 1 to FEMA 5) Personal requirement and / or business purpose *
* The loans cannot be utilised for the purpose of on-lending or for carrying on agriculture or plantation activities or for investment in real estate business.
 
Current Rate Of Interest  

Current Rate of Interest: Please visit the link https://punjabandsindbank.co.in/interestforex for prevailing rate of interest at the time of opening a deposit account.

Remittance:Any amount of remittance in foreign exchange from overseas can be remitted to any Indian individual/firms/ company or to open the following type of accounts as per Government/RBI guidelines. All Indian rupee conversions to Non-Resident Accounts (for 100% value) would be done at the prevailing market rates.

The procedure for opening one or more of the above mentioned account and procedure for Remittance is mentioned in Annexure- I

Investment facilities for NRIs:Following ways can be accepted by NRI for investment in India.

Investment on Repatriation basis: NRI may, without limit, purchase the following on repatriation basis.

  • Government dated securities / Treasury bills.
  • Units of domestic mutual funds
  • Bonds issued by a Public Sector Undertaking (PSU) in India.
  • Non-convertible debentures of a company incorporated in India.
  • Perpetual debt instruments and debt capital instruments issued by banks in India.
  • Shares in Public Sector Enterprises being dis-invested by the Government of India, provided the purchase is in accordance with the terms and conditions stipulated in the notice inviting bids.
  • Shares and convertible debentures of Indian companies under the FDI scheme (including automatic route FIPB), subject to the terms and conditions specified in Schedule 1 to the FEMA Notification No. 20/2000- RB dated May 3, 2000, as amended from time to time.
  • Shares and convertible debentures of Indian companies through stock exchange under Portfolio Investment Scheme, subject to the terms and conditions specified in Schedule 3 to the FEMA Notification No. 20/2000- RB dated May 3, 2000, as amended from time to time.

Investments on Non-repatriation basis: NRI may, without limit, purchase the following on non-repatriation basis:

  • Government dated securities / Treasury bills.
  • Units of domestic mutual funds
  • Units of Money Market Mutual funds.
  • National Plan/Savings Certificate.
  • Non-convertible debentures of a company incorporated in India.
  • Shares and convertible debentures of Indian companies through stock exchange under Portfolio Investment Scheme, subject to the terms and conditions specified in Schedule 3 to the FEMA Notification No. 20/2000- RB dated May 3, 2000, as amended from time to time.
  • Exchange traded derivative contracts approved by the SEBI, from time to time, out of INR funds held in India on non-repatriable basis, subject to the limits prescribed by the SEBI.

Investment in Immovable Property: NRI/PIO/Foreign National who is a person resident in India (citizen of Pakistan, Bangladesh, Sri Lanka, China, Iran, Nepal and Bhutan would require prior approval of the Reserve Bank) may acquire immovable property in India other than agricultural/plantation property or a farm house out of repatriable and non repatriable funds. The payment of the purchase price, if any, should be made out of:

  • Funds received in India through normal banking channels by way of inward remittance from any place outside India or
  • Funds held in any non-resident account maintained in accordance with the provisions of the Act and the regulations made by the Reserve Bank.

Note: No payment of purchase price of acquisition of immovable property shall be made either by traveller's cheque, foreign currency notes or by another mode other than those specifically permitted as above.

Facilities for returning NRIs/PIOs: Returning NRIs/PIOs may continue to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India, if such currency, security or property was acquired, held or owned when resident outside India. The income and sale proceeds of assets held abroad need not be repatriated.

  • Returning NRIs/PIOs may open, hold and maintain with an authorized dealer in India a Resident Foreign Currency (RFC) account in any permitted currency.
  • The RFC account can be in the form of savings, current and term deposits, to transfer balances held in NRE/FCNR. Proceeds of assets held outside India at the time of return, can be credited to RFC account.
  • The funds in RFC account are free from all restriction regarding utilization of foreign currency balances including any restriction on investment in any form outside India.

Transfer of Funds through Western Union Money Transfer: Our Bank has arrangement with Western Union, money-transferor, for transfer of funds from any part of the world to any branch of our bank. Only personal remittances up to USD 2500 or its equivalent are allowed.

 
Annexure - I  

Account Opening And Remittance Procedure

How to Open an NRO/NRE/FCNR (B) Account?

  • Opening an account is very simple. Please follow the below given guidelines.
  • Download account opening form from our website punjabandsindbank.co.in. Complete it in all respects. Ensure that all columns including your personal details, contact numbers, special instructions etc. are complete.
  • Fill up the nomination form.
  • Attach relevant page of passport containing your personal information including visa page self certified.
  • Paste current passport size color photograph of all proposed account holders on account opening form duly signed across.
  • In the introduction column, please get the same signed from an existing account holder of our bank, who is well known to you, giving his/her account number and name of the branch. You may also get the account introduced from your existing bank. However such introduction is subject to further verification by the branch.

Verification of signatures can also be made by an official of Indian Embassy / High Commission / Consulate / Notary Public.

  • Attach initial payment instrument or remittance can follow after opening of the account.
  • Any other document like employment letter etc.
  • Send all above papers to the concerned branch.

How to Remit Money?
For opening account , initial remittance from foreign has to be sent by:

  • Demand Draft / Mail transfer in foreign currency
  • Cashier's Cheque / Personal Cheque
  • SWIFT / WIRE transfer
  • Foreign Currency / Travellers Cheques

The remittance format for transferring money from anywhere in the globe to your Punjab Sind Bank Account is given below with the details of major Correspondent banks along with their swift code and our Nostro Account Number.

Swift Field 54 A Receiver correspondent Correspondent Bank Name (Name of Bank as given in the list of Nostro Accounts) & its SWIFT Code (SWIFT code of Correspondent Bank as given in the list of Nostro Accounts)
Swift Field 57 a Beneficiary Bank Punjab& Sind Bank SWIFT Code (PSIBINBB005) Account No.(Our Nostro Account Number as given in the list of Nostro Accounts)
Swift Field 59 Ultimate Beneficiary Customer’s 14 Digit Account Number Account holder’s name & PSB branch where he/she maintains account
Swift Field 72 Purpose of Remittance (Eg. Family maintenance / FCNR Deposits)
 

Punjab Sind Bank
Ho Foreign Exchange Department

Swift Code: PSIBINBB005

S. NO.

CUR

NOSTRO NAME

NOSTRO SWIFT CODE

NOSTRO A/C NO

ADD DETAIL

1

USD

CITI BANK, NEW YORK

CITIUS33

36054174

ABA Routing Number: 021000089

2

USD

STANDARD CHARTERED BANK,NEW YORK

SCBLUS33

3582021648001

ABA Routing Number:

026002561

3

EURO

CITI BANK, FRANKFURT

CITIDEFF

411/6099/018

IBAN: DE06502109004116099018

4

GBP

BARCLAYS BANK, LONDON

BARCGB22

IBAN- 203253-60415324

IBAN- 203253

5

JPY

MIZUHO BANK, TOKYO

MHCBJPJT

6408010

6

CHF

ZUERCHER KANTONAL BANK, ZURICH

ZKBKCHZZ80A

0-0700-01296205

7

CAD

CANADIAN IMPERIAL BANK OF COMMERCE, TORONTO

CIBCCATT

1776819

Transit Number: 09602

8

AUD

STATE BANK OF INDIA, SYDENY

SBINAU2S

30113034620001

BSB : 949000

9

HKD

INDIAN OVERSEAS BANK, HONG KONG

IOBAHKHH

P905ND

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