August-2015 - Corporation Bank
Transcription
August-2015 - Corporation Bank
A Premier Public Sector Bank Serving since 1906 Sandesh..!! NRI’s monthly newsletter August-2015 For any Suggestions/Queries/Grievances Reach us at: [email protected] Contact Number: 0824-2861384/2861388 Corporation Bank – “Sandesh” NRIs newsletter (For private circulation only) Page 1 Events of interest @ India Corporation Bank ties up with Remit2India for inward remittance services Corporation Bank, a premier public sector bank has signed a service agreement with Remit2India, the flagship brand of global digital payments specialist TimesofMoney, to offer customer-friendly remittance solutions to overseas Indians. Corporation Bank with its widespread NRI network, is partnering with Remit2India, which will be providing the technology platform, end-to-end operations and a compliance platform for money transfer services with the benefits of dedicated customer service, competitive exchange rates and low transaction costs. This will enable NRIs to send money to their family and friends in India, seamlessly and securely. NRIs can invest in National Pension System: PFRDA The pension’s regulator has clarified that non-resident Indians (NRIs) can invest in National Pension System (NPS) to get a social security cover. The Reserve Bank has already communicated to pension sector regulator about NRIs being eligible to make such investments. NPS scheme for NRIs will benefit all individuals especially those living in the Middle-East as they do not have any mandatory social security benefit. NPS could prove to be a long term solution to old age income security of NRIs if they are persuaded to join NPS and save for their retirement income RBI allows NRIs to invest in chit funds The Reserve Bank has allowed non-resident Indians (NRIs) to invest in chit funds on nonrepatriation basis without any ceiling, a move that will encourage flow of capital into the country. The subscription to the chit funds should be brought in through normal banking channel, including through an account maintained with a bank in India. Earlier in May 2000, nonresidents were barred from investing in a company or firms engaged in the business of chit fund. RBI ups limit under Liberalized Remittance Scheme to $250,000/person in a year The Reserve Bank of India (RBI) in its monetary policy review has enhanced the limit under Liberalized Remittance Scheme (L.R.S.) to $250,000 per resident per year. RBI has communicated that on a review of the external sector outlook and as a further exercise in macro prudential management, it has been decided to enhance the limit under the L.R.S. to $250,000 per person per year. UK to let new Indian students work 20 hrs/week during term Indian students visiting to study-first-time undergraduates and postgraduates will be allowed to work for 20 hours a week during term time and fulltime during holidays. From September, students who come from India, both for UG and PG courses will be allowed to work. UK has announced a series of changes to the immigration rules, many of which relate to the Tier 4 type student visa. One can apply for a Tier 4 (General) student visa to study in the UK if they are 16 or over and have been offered a place on a course. From August, new students at publicly funded colleges will be prevented from working. The rules will also allow university students to study a new course at the same level, but only where there is a link to their previous course or the university confirms that this supports the student's career aspirations. The rules also ban college students from being able to extend their Tier 4 visas in the UK unless they are studying at an embedded college. This will require students to leave and apply for a new visa from outside UK if students wish to study another course. Corporation Bank – “Sandesh” NRIs newsletter (For private circulation only) Page 2 Interest Rates on NRI Deposit Schemes Interest rates on NRE Term Deposits are as under w.e.f. 1.8.2015 Maturity Band Less than Rs.1 Crore 12 months only Above 12 months to less than 1 year & 6 Months 1 year & 6 Months to less than 3 years 3 years & above [% p.a] Rs. 1 Crore to < Rs 10 Crore Rs. 10 Cr & Above 8.00% 7.90% 7.90% 8.00% 7.90% 7.90% 8.00% 7.90% 7.90% 8.00% 7.90% 7.90% Interest Rates are subject to change. Kindly contact the branch for prevailing interest rates. No interest will be paid if any NRE Term Deposit is prematurely closed within a period of 12 months. Penalty for premature withdrawal at 0.50% p.a. will be charged on deposits above Rs. 1 crore accepted/renewed on or after 03.01.2012. Interest rate on NRE SB is at 4% p.a. The Interest rate on FCNR (B) deposits w.e.f. 1st August 2015 is as follows: Maturity Band 1 year to less than 2 years 2 years to less than 3 years 3 years to less than 4 years 4 years to less than 5 years 5 years USD GBP EUR 1.69 2.07 2.41 2.66 2.87 1.86 2.26 2.53 2.72 2.84 1.16 1.20 1.30 1.39 1.52 [% p.a] AUD CAD 3.18 3.20 3.30 3.55 3.70 1.95 1.89 2.03 2.19 2.35 Interest Rates are subject to change. Kindly contact the branch for prevailing interest rates. Housing Loan CORP HOME PREMIUM-NRI SCHEME Loan Tenor Floating rate Up to Rs. 2 Cr. Above Above Rs.2 Cr. For all Tenors B.R. [10%] B.R. + 0.25% [10.25%] [max. 30 years] *BR: Base Rate Minimum loan under the scheme is Rs.5 lakh **Fixed rates are also available. Kindly contact your branch for more details Interest Rates are subject to change. Kindly contact the branch for prevailing interest rates. Avoid Tax Duplication- Use DTAA As per amendment to the Indian Income Tax Act as announced in Union Budget 2012, NRIs who wish to avail DTAA benefit have to mandatorily provide “Tax Residency Certificate” (TRC) to the deductor (Bank). This is applicable for all Non Resident customers who wish to avail DTAA benefit w.e.f. 1st April 2013. Corporation Bank – “Sandesh” NRIs newsletter (For private circulation only) Page 3 NRIs can approach the tax/Government authorities of the overseas country where they reside to obtain get the Form-10F certified. It may be noted that no other document in lieu of the TRC shall be considered for availing the benefits under DTAA. You may download the DTAA application form and Form-10F from our website www.corpbank.com. Update Mobile No. / Email- Stay Connected Regular update of Mobile No. /E-mail address at the Banks database enables you to make hassle-free transactions. It also helps you to easy tracking of funds. All you need to do is to submit an application for correction/update of Mobile No./Email address. Please contact your branch nearest to your Indian address for immediate update of Mobile No./E-mail. Know E-Mail id of your branch Suppose your 15 digit account number is 1234XXXXXXXXXXX. Then E-mail of your branch will be [email protected]. Suppose your 15 digit account number is 0123XXXXXXXXXXX. Then E-mail of your branch will be [email protected]. Problem in receiving OTP Kindly drop an E-Mail to our technical team [email protected] with subject as OTP PROBLEM. Our technical team will revert to you at the earliest. FAQs Can a resident individual give rupee gifts to his visiting NRI/PIO close relatives? Yes, a resident individual can give rupee gifts to his visiting NRI/PIO close relatives by way of crossed cheque/electronic transfer within the overall LRS limit of USD 2,50,000 per financial year for the resident individual and the gifted amount should be credited to the beneficiary’s NRO account. Can a resident individual gift shares/securities/convertible debentures etc to NRI close relative? Yes, a resident individual is permitted to gift shares/securities/convertible Debentures etc to NRI close relative up to USD 2,50,000 per financial year subject to certain conditions. Corporation Bank – “Sandesh” NRIs newsletter (For private circulation only) Page 4 What types of services can be provided by a resident individual to his / her non-resident close relatives? A resident may make payment in rupees towards meeting expenses on account of boarding, lodging and services related thereto or travel to and from and within India of a person resident outside India who is on a visit to India. Further, where the medical expenses in respect of NRI close relative are paid by a resident individual, such a payment being in the nature of a resident to resident transaction may also be covered under the term “services”. I get rental income in India and file India tax returns. I can show the bank our tax returns for the rental income and tax paid. In such a case, would the bank agree to transfer rental income to my NRE account and open FD's Bank may credit the current income like rent, dividend, pension, interest etc., of NRIs to their NRE accounts provided they are satisfied that the credit represents current income of the NRI account holder and income tax there on has been deducted / paid or provided for (Based on appropriate certification by Chartered Accountant, certifying that the amount proposed to be remitted/Credited to NRE A/c is eligible for remittance and applicable taxes have been paid / provided for.) I am an NRI buying property in India .I am making the payments for this property through my NRE savings account . Do I need to declare this investment to RBI/bank where I have the NRE savings account. Should I declare this in annual tax returns? NRI / PIO purchasing residential / commercial property in India under general permission and via payment through their NRE account or foreign inward remittance are not required to file any documents/reports with the Reserve Bank. How can I get statements of my account for a selected period? You can now download our E-passbook app from Google Play store, iOS store, Windows app store. Using E-passbook you can retrieve account statement of any desired period. You also have an option to send/forward to e-mail. I have not availed internet banking facility yet, how can I avail the same? You may contact your branch through E-Mail and request for Internet Banking form. You are required to fill the form and send the hard copy of the same to the branch. Upon verification of the credentials, your Internet Banking kit will be sent to you. How can I repatriate my maturing FCNR deposit proceeds? FCNR deposits can be repatriated by obtaining DD or direct credit to the account of the depositor abroad. Corporation Bank – “Sandesh” NRIs newsletter (For private circulation only) Page 5 I sold my immovable property in India, Can I repatriate it freely? 1. An NRI is eligible to repatriate the amount equivalent to the amount paid for the acquisition of the residential property in India without any approval, and the same is available for a maximum of 2 properties. 2. A Non-resident Indian (NRI)/ Person of Indian Origin (PIO) may remit an amount, not exceeding US $ 10,00,000 (USD one Million only) per financial year out of the balances held in NRO accounts/ sale proceeds of assets by way of purchase/the assests in India acquired by him by way of inheritance/legacy/out of Rupee funds, after paying taxes, if any, by submission of form 15-CA & 15 CB. How can I retrieve or track information on my fixed Deposits/ Saving Deposit? CorpBank net banking facility gives you snapshot of all your fixed deposits and you can track maturity all of your fixed deposits. How can I get Capital gain account statement of my account for the financial year? You can request for Capital gain account statement from your branch of operation. Shall you feel any inconvenience, please forward a request copy sent to the branch at [email protected]. I am an existing NRI customer of your Bank. Can I open joint account with Indian resident? Yes, you can open joint account with close relative resident in India (as defined in companies Act 2013) on “Former or Survivor basis”. However, the name of NRI will be designated as the first person. The resident close relative shall be eligible to operate the account as a power of Attorney holder / Mandate holder in accordance with extant instructions during the lifetime of the NRI/PIO account holder. I am returning back to India for permanent settlement whether my fixed deposits be taxed? Whether I need to change my account type? 1. All NRE deposit accounts are to be re-designated as resident accounts immediately upon return of the account-holder to India for permanent settlement. In case the account-holder is only on a short visit to India, the account may continue to be treated as a NRE account 2 Declaration from the account-holder to the effect that he/she has come to India for permanent settlement has to be submitted. 3 Where the NRE term deposit is re-designated as resident rupee Deposit, the same will continue to earn interest at the originally fixed rate provided the deposit is held for the originally fixed full term even after re-designation. Interest earned on these accounts from the date of conversion into resident deposit account is liable for tax and TDS will be deducted wherever applicable. Corporation Bank – “Sandesh” NRIs newsletter (For private circulation only) Page 6 Corp-Rewardz Corporation Bank presents Corp Rewardz, a holistic and rewarding loyalty program that gives you another reason to rejoice as a Corporation Bank account holder. Now earn Corp Points every time you swipe your Corporation Bank Debit Card for offline, online purchases and bill payments. You also earn Corp Points whenever you use Internet and Mobile Banking for transactions. Corp Points that you accumulate in your Corp Rewardz account can be redeemed for merchandise, ticket bookings, recharge, corporation bank gift card & cash (at bank's discretion) among plethora of other options. As an account holder of Corporation Bank you are auto-enrolled for the Corp Rewardz loyalty program and will automatically earn Corp Points for all Debit Card, Internet and Mobile Banking transactions. However, to track and redeem available Corp Points you need to activate your Corp Rewardz account by registering on this website. Earn Corp Points on every swipe made by using your Corporation Bank Debit Card for offline and online purchases. Also earn Corp Points whenever you use Internet and Mobile Banking for transactions. 1 Corp Point is awarded for every Rs. 100 spent by swiping your Debit Card for all offline and online purchases, payments & bookings. (Each Corp Point is valued at Rs. 0.25) 1 Corp Point is awarded for every Rs.1000 transacted through Internet (Excluding tax payments and intra banking transfers) and Mobile Banking. (Each Corp Point is valued at Rs. 0.25) To check your Corp Rewardz account point balance: Sign into your Corp Rewardz account and the “My Account” page will display your available Corp Points Corporation Bank – “Sandesh” NRIs newsletter (For private circulation only) Page 7 Redemption options Redeem your Corp Points for a host of exciting products and services: Air tickets Movie tickets Bus tickets Mobile/DTH Recharge Hotel bookings Merchandise (electronics, home and decor, jewellery, sports and fitness and lots more!) Corporation Bank Gift Card Cash (at bank's discretion) This platform of products and services will remain dynamic. New products and services will be added continually to keep the redemption options refreshing. Corp Points need to be redeemed within three years (36 months excluding the month of accrual) of earning them. Unredeemed Points will expire at the end of three years. E-Passbook- Get account statement anytime Corporation Bank – “Sandesh” NRIs newsletter (For private circulation only) Page 8 Details of our Nostro Accounts for Remittance of Money via SWIFT Currency USD GBP EUR JPY SGD HKD SEK CHF CAD AUD AED Sl. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Bank Name Wells Fargo JP Morgan Chase Bank N.A. Deutsche Bank Trust Co The Bank Of New York HSBC USA Citi Bank NA Standard Chartered Bank Standard Chartered Bank HSBC Bank PLC Deutsche Bank, Commerz Bank AG SocieteGenerale Standard Chartered Bank Wells Fargo DBS Singapore Ltd, HSBC Ltd SkandinaviskaEnskildaBanken AS UBS AG Toronto Dominion Bank, Australia & New Zealand Banking Abu Dhabi Commercial Bank SWIFT Code PNBPUS3NNYC CHAS US33 BKTR US33 IRVT US3N MRMDUS33 CITI US33 SCBLUS33 SCBL GB2L MIDL GB22 DEUT DEFF COBA DEFF SOGE FRPP SCBLDEFX PNBP JPJX DBSS SGSG HSBC HKHH ESSE SESS UBSWCHZH80A TDOM CATT ANZB AU3M ADCBAEAA Our A/c No 2000191000506 0011400603 04179335 8900385987 000032905 36006674 3582053746001 01708176601 00 263000 95344540000 400875085300 002 016 204000 018146210 99412069 037000366-2 111-143343-001 52018529986 94276050000 0360012253335 228387-00001 100240419001 List of Exchange houses Exchange houses with whom we have tie-ups 1 UAE Exchange Centre, Abu Dhabi 10 Al Ghurair Exchange 2 UAE Exchange Centre, Kuwait 11 Emirates India Intl. Exchange 3 Bahrain Exchange Co. 12 Purushottam Kanji Exchange 4 Wall Street Exchange 13 Al Fardan Exchange 5 Al Zaman Exchange 14 Oman UAE Exchange 6 Al Rostamani Intl. Exchange 15 7 Al Ansari Exchange 16 8 Dubai Exchange Centre 17 Al Ahalia Exchange Wall Street Exchange Agent-Wall Street Finance Ltd(MTSS) U.A.E. Exchange Agent- Money Gram (MTSS) 9 U.A.E. Exchange Centre Agent-UAEFSL(MTSS) 18 Redha Al Ansari Exchange Corporation Bank – “Sandesh” NRIs newsletter (For private circulation only) Page 9 Helping hands !! Corporation Bank, NRI Cell, Head Office, Mangladevi Temple Road Mangalore – 575 001, Karnataka, India Tel: +91-824-2426404 (D) Tel: +91- 824 – 2426416-420 Extn: 388 Mail: [email protected] Chief Representative Office Corporation Bank, # 203, 2nd Floor, Toronto Building, P O Box No. 241646, Bur Dubai, UAE Ph: +971 4 3540377 Fax: 3540378 Mob: +971 50 1139357( Shri Parthiv M Banker) Mob: +971 50 9789682 : ( Shri Nagaraja Padiyar ) Email: [email protected] Shri Kishore Pratap Siyag Relationship Manager, Corporation Bank UAE Exchange – Sharjah Main Branch, Post Box No – 3851, Sharjah UAE, Tel +971 6 5625125 / Fax +971 6 5614028/ Mob: + 971 50 7203484 Email: [email protected] Shri Kovvuri U Ramalinga Reddy Relationship Manager, Corporation Bank UAE Exchange – Mussafah II (Sector 12) Branch Opposite Zia pharmacy, Shabiya Sector 12 Mussafah, Abu Dhabi, UAE Fax +971 25526572 Mob: +971 50 1364246/+971 2 5525727 Email: [email protected] Corporation Bank, Treasury & Investment Department Head Office, Mangaladevi Temple Road Mangalore – 575 001, Karnataka, India Tel: +91-824 – 2441001, 2441674, 2442094 Fax: +91-824 – 2441721 e-mail: [email protected] Corporation Bank, NRI Help Desk, 1st Floor, Earnest Building Nariman Point, Mumbai – 400 021, India Tel: +91-22 – 2202 1081 Mail: [email protected] Corporation Bank Representative Office 1304, Tower 2, Lippo Centre 89 Queensway, Admiralty, Hong Kong Ph: 00852 28017106; 00852 28017107, Fax: 00852 2801 7105. Mob: 00852 5181 1765:Mr.Vetri Selvan E.mail: [email protected] Alzaman Exchange W.L.L. P.O.Box : 23497 Souq Najada, Behind Karwa Bus Stand, Doha Qatar Tel : 00 974 44441448 Shri A. Rajagopal, Relationship Manager, Corporation Bank, UAE Exchange P.O. Box 1825, Manama, Kingdom of Bahrain, Mobile +973 35567369, Tel: +973-17227484, Ext119 , Fax: +973-17214140 Email: [email protected] Corporation Bank, Treasury Branch, 15, Mittal Chambers, Nariman Point, Mumbai - 400 021 India Tel:+91-22 - 22023304, Fax: 022 -22851715 E-mail: [email protected] Disclaimer clause: The contents of this newsletter are based on information received from various sources and while compiling every effort has been made to ensure that the information is accurate and authentic. Corporation Bank does not accept any responsibility for interpretations of various rules or any errors/ omissions in the newsletter. Corporation Bank – “Sandesh” NRIs newsletter (For private circulation only) Page 10