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 Online Services |
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 NRI Services---FAQ's
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Q. 10 Are the various rules stated above flexible?
A. Various rules stated above are framed on the basis of ruling FEMA Provisions/ Bank of India's policy. Further, these rules are subject to change from time to time without notice. Therefore, it is advisable to refer to a Bank of India branch for the ruling regulations and interest rate structure before remittance.
Q. 11 Can an NRI avail loan against his Term Deposits?
The bank can grant loans/ overdrafts in India to Non-Resident Depositors as well as Indians for their personal needs as well as for business purposes against security of term deposit of NRIs
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Loans
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a. In India
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i) to the Account holder
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ii) to Third Parties
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Permitted up to Rs.20 lakhs
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Permitted upto Rs.20 lakhs
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b. Abroad
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i) to the Account holder
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ii) to Third Parties
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Permitted upto Rs.20 lakhs
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Permitted upto Rs.20 lakhs
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Q.12 Are NRIs permitted to hedge their foreign currency exposures in India?
A. As per extant guidelines, the NRIs are allowed to hedge their exposures (forward cover) in order to cover exchange risk in respect of balances held in their NRE/FCNR accounts. (only for term deposits)
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