| Purpose |
To provide Rupee Loans to NRIs./ Third Parties for General purposes |
| Eligibility |
Account holders of FCNR Deposits & to third parties. |
| Loan Amount |
90% (of Deposit + Accrued interest). Maximum Rs.20.00 lacs. |
| Security |
FCNR / NRE Term deposit receipt to be tendered to the Bank duly discharged (undated). |
| Repayment |
Out of maturity proceeds of deposit or by fresh inward remittance / NRE a/c’s / NRO/ Local funds for third party loans. |
| Rate of Interest |
To Depositors themselves
- Against FCNR (B) deposits - (12% - floating)
- Against NRE Term Deposits – 1.50% above the interest rate offered on the NRE - TDRs
To 3rd parties
- Against FCNR (B) deposits - (12.50% - floating)
- Against NRE Term Deposits – (as applicable to respective segmental advances)
|
| Discharge |
Discharge on the FCNR (B) deposit receipt should be done by the deposit holder only. |
