Bank of India France
Remittance Up to 4499
BOI INR
85.70
BOI LKR
Remittance 4500-7000
BOI INR
85.80
BOI LKR
Remittance 7000-10000
BOI INR
85.90
BOI LKR
Remittance Above 10000
BOI INR
Contact branch
BOI LKR
Repatriable accounts
The brief comparative features of the two schemes are :
PARTICULARS | FCNR | NRE |
Who can open accounts | NRIs | NRIs |
Joint accounts of two or more NRIs | Permitted | Permitted |
Joint account with Residents | Not permitted | Not permitted |
Nomination facility | Available | Available |
Currency of account | USD, GBP, EUR, JPY,AUD,CAD | Indian Rupees |
Repatriability | Principal and interest repatriable | Principal and interest repatriable |
Type of account | Term deposits | Savings, Current and Term deposits |
Period | 12 months to 5 years | 12 months to 10 years |
Minimum amount | USD 1,500 GBP 1,000 EUR 2,000 JPY 50,000 AUD 1,000 CAD 1,000 | |
Taxation (Indian taxes) | Exempt from income and wealth tax | Exempt from income and wealth tax |
Liquidity | Easy pre-mature encashment facility | Easy pre-mature encashment facility |
Automatic renewal facility (ARS) | Available on signing of ARS agreement | Available on signing of ARS agreement |
Safe custody facility | Available on request; compulsory with ARS |
Available on request; compulsory with ARSnt |
Renewals | Deposit receipt to be submitted duly discharged within 14 days from date of maturity for retrospective renewal – alternatively renewal will be with simple interest from maturity date to renewal date | Deposit receipt to be submitted duly discharged within 14 days from date of maturity for retrospective renewal – alternatively renewal will be with simple interest from maturity date to renewal date |