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Organised by Ameeraga Tamil Sangam, the event had participants from across the UAE
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Equitas Small Finance Bank introduces banking convenience for NRIs and PIOs
Chennai — Equitas Small Finance Bank Limited (ESFB), the largest SFB in India in terms of number of banking outlets and the second largest SFB in India in terms of assets under management and total deposits in fiscal 2019, has new lucrative offers designed to cater to the need of non-resident Indians and persons of Indian origin.
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Key features
NRIs and PIOs can convert and save their overseas earnings into Indian rupees for higher interest rates. The bank offers two different products NRE (non-resident rxternal) and NRO (non-resident ordinary) Rupee Savings Accounts, which offer up to 7.5 per cent per annum interest on savings.
Low monthly balance requirements starting from ?2,500/- depending on the segment category of the account viz rural/semi-urban/urban.
The interest earned in Non-Resident External (NRE) Rupee Savings account is not taxable in India and the funds are freely repatriable.Â
The Non-Resident Ordinary (NRO) Rupee Savings Account can be used for depositing the income in Indian Rupees earned in India.Â
Up to $1 million in a financial year can be remitted abroad or transferred to the NRE account subject to the payment of requisite taxes and documentation from an NRO SB Account.
Apart from the Savings Account offering, ESFB also offers tax-free fixed deposit options on income earned abroad with no pre-closure penalty and with deposit locker facility in branches across India. Both the NRE and NRO FDs offers interest upto 7.3 per cent per annum on FDs for 888 days.
Recurring deposit account of NRE and NRO has unique features like investment through monthly installment starting from ?1,000, flexi Tenures from 12 to 120 months and can be opened jointly with another NRI or PIO.
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