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Names of International banks which have entered into a correspondent banking relationship with Iranian banks

Types of Deposit Schemes
Particulars	(Foreign Currency Non-Resident Account (FCNR A/c)	Non-Resident External Rupee Account (NRE A/c)	(Non-Resident Ordinary Account (NRO A/c)
Who can open an account	NRIs or OCBs (Individuals/entities of Bangadesh/ Pakistan nationality /ownership require approval of RBI)	NRIs or OCBs (Individuals/entities of Bangadesh/ Pakistan nationality /ownership require approval of RBI)	Any person resident outside India (Individuals/entities of Bangadesh/ Pakistan nationality /ownership require approval of RBI)
Joint account	In the names of two or more non-resident individuals	In the names of two or more non-resident individuals	May be held jointly with residents
Nomination	Permitted	Permitted	Permitted
Currency in which account denominated	Pound Sterling, US Dollar, Jap. Yen, or Euro.	Indian Rupees	Indian Rupees
Repatriability	Repatriable	Repatriable	Not repatriable except for the following in the account:- Current income and interest Upto US$ 1 million per calendar year for any bonafide purposes out of NRO balances/ sales proceeds of assets
Type of Account	Term Deposits only	Savings, Current, Recurring, Fixed Deposit	Savings, Current, Recurring, Fixed Deposit
Period for fixed deposits	For terms not less than 1 year and more than 3 years	No restriction	No restriction
Rate of Interest	Subject to cap: LIBOR - 250 basis points	Subject to cap: LIBOR/SWAP+ 100 basis points	Banks are free to determine interest rates.
LOANS & OVERDRAFTS
IN INDIA
(i) to the Account holder	Permitted	Permitted	Permitted
(ii) to third parties	Permitted	Permitted	Permitted
b) OUTSIDE INDIA
(i) to the Account holder	Permitted	Permitted	Not Permitted
(ii) to third parties	Permitted	Permitted	Not Permitted
b. FOREIGN CURRENCY LOANS IN INDIA
(i) to the Account holder	Permitted	Not Permitted	Not Permitted
(ii) to third parties	Not Permitted	Not Permitted	Not Permitted
PURPOSE OF LOAN
IN INDIA
(i) to the Account holder	i)Personal purposes or for carrying on business activities. * ii) Direct investment in India on non-repatriation basis by way of contribution to the capital of Indian firms/ companies iii) Acquisition of flat/ house in India for his own residential use	i)Personal purposes or for carrying on business activities ii) Direct investment in India on non-repatriation basis by way of contribution to the capital of Indian firms/ companies iii) Acquisition of flat/ house in India for his own residential use	Personal requirement and /or business purpose. *
In India (ii) to third party	Fund based and/or non-fund based facilities for personal purposes or for carrying on business activities . *	Fund based and/or non-fund based facilities for personal purposes or for carrying on business activities . *	Personal requirement and / or business purpose*
b) OUTSIDE INDIA
To the Account holder and to third party	Fund based and/or non-fund based facilities for bonafide purposes.	Fund based and/or non-fund based facilities for bonafide purposes.	Not permitted

* The loans cannot be utilized for the purpose of relending, or carrying on agriculture or plantation activities or for investment in real estate business.

Features of various foreign currency deposit schemes available to Resident Indians

Particulars	Resident Foreign Currency Account (RFC Account)	Resident Foreign Currency (Domestic ) Account (RFC(D) Account)	Exchange Earner’s Foreign Currency Account(EEFC Account)
Who can open an account	Any person resident in India.	Resident Individuals	Any person resident in India
Sources of Funds	Foreign exchange received as pension/ superannuation /other benefits from employer abroad Reaslisation of assets held abroad Foreign exchange acquired as gift or inheritance from person who was NRI	Foreign exchange acquired : while on a visit abroad from any person on visit to India or honorarium or gift or for services or settlement of any lawful obligation by way of honorarium or gift while on a visit abroad representing unspent foreign exchange acquired during travel abroad as gift from a close relative by way of earning through export of goods/services or as royalty honorarium or by any other lawful means. representing the disinvestment proceeds received by the resident a/c holder on conversion of shares held by him to ADRs/GDRs under the sponsored ADR/GDR scheme approved by the FIPB of Govt. of India.	A 100% Export Oriented Unit or a unit in (a) Export processing zone or (b) Sortware technology park or (c)Electronic hardware technology park may credit upto 100% and any other person resident may credit upto 50% of their foreign exchange earnings. (d) Professional like scientists, professors of Indian Universities, economists, lawyers, doctors, artists, architects, engineers, consultants, Cost/ Chartered Accountants, Directors of Boards of overseas companies etc. who render services in their individual capacities outside India, may credit upto 100% of their earnings.
Joint account of two or more residents	Not permitted	Not permitted	Not permitted
Joint account with NRI	Not permitted	Not permitted	Not permitted
Types of account	Savings Current Fixed Deposit	Current Account	Current Account
Period for fixed deposits	Like any resident accounts banks may fix the period	N.A.	N.A.
Rate of interest	The banks are free to determine interest rates.	No interest is payable	No interest is payable.
End Use	No restrictions, including investments overseas	For permissible current and capital account transactions	For bonafide purposes as per Notification No. FEMA 10/2000-RB dt. 3.5.2000
LOANS & OVERDRAFTS In India	Foreign currency loans permitted	Not permitted	Not permitted

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FOREX FACILITIES FOR NRIS/PIOS

Forex Facilities for NRIs/PIOs

If you are a Non-Resident Indian (NRI) or a Person of Indian Origin (PIO), you can avail of the following facilities without permission from the Reserve Bank :

Deposits

You can open, hold and maintain following types of accounts with an authorised dealer in India i.e. a bank authorised to deal in foreign exchange.

Non-Resident (Ordinary) Rupee Account – NRO Account

Non-Resident (External) Rupee Account – NRE Account

Foreign Currency Non Resident (Bank) Account – FCNR (B) Account

Salient features of the above accounts are as under :

Particulars	FCNR (B) Account	NRE Account	NRO Account
Joint account of two or more NRIs	Permitted	Permitted	Permitted
Joint account with another person resident in India	Not permitted	Not permitted	Permitted
Currency in which account is denominated	Pound Sterling/ US Dollar/Jap.Yen/Euro	Indian Rupees	Indian Rupees
Repatriability – Principal	Freely repatriable	Freely repatriable	Not repatriable (except current income like rent, dividend, pension etc. and remittances indicated under "Repatriation of NRO Funds")
Interest	Freely repatriable	Freely repatriable	Freely repatriable
Foreign currency risk	Account holder is protected against changes in INR value vis-à-vis the currency in which the account is denominated.	Account holder is exposed to the fluctuations in the value of INR.	Account holder is exposed to the fluctuations, in the value of INR to the extent of interest amount.
Type of accounts	Term deposits only.	Current, Savings, Recurring, Fixed Deposits.	Current, Savings, Recurring, Fixed Deposits.
Period of fixed deposits	For terms not less than 1 year and not exceeding 3 years	For the periods as announced by the deposit taking bank.	For the periods as announced by the deposit taking bank.
Rate of interest	Banks are free to determine interest rates within the ceiling, if any, prescribed by the Reserve Bank	Banks are free to determine interest rates.	Banks are free to determine interest rates.
Rupee Loans in India against Security of the funds held in the account to : Account holder Third Party	Permitted Permitted	Permitted Permitted	Permitted Permitted
Foreign currency loans outside India against security of the funds held in the account to : Account holder Third Party	Permitted Permitted	Permitted Permitted	Not permitted Not permitted

Only account holders can avail of foreign currency loans in India against the security held in FCNR(B) Deposit Account.

Repatriation of NRO funds

Authorised Dealers can allow remittance/s upto USD 1 million, of balances in NRO accounts/of sale proceeds of assets on production of an undertaking by the remitter togetherwith a certificate issued by a Chartered Accountant in Annexure A and B as prescribed by the Central Board of Direct axes (CBDT). In the case of repatriation of sale proceeds of immovable property by NRIs/PIOs, ADs can allow repatriation thereof even if the immovable property was held by the NRIs/PIOs for less than 10 years provided the cumulative period of holding of the immovable property in India and retention of the sale proceeds of the property in the NRO Account is not less than 10 years.

Investment in India :

You can invest in :

Government Securities/Units with repatriation rights.

Company shares/Debentures with repatriation rights.

Shares/debentures of Indian companies through stock exchange under port-folio investment scheme with repatriation rights.

Indian companies without any limit on non-repatriation basis, freely.

For details please refer to Reserve Bank’s Notifications No.FEMA.20/RB-2000 and No.FEMA.24/RB-2000 dated May 3, 2000 as amended from time to time.

Immovable property

You can acquire –

immovable property in India other than agricultural/plantation property or a farm house, if you are an NRI.

immovable property other than agricultural land/farm house/plantation property in India out of repatriable funds, if you are a PIO.

You can repatriate –

sale proceeds of immovable property acquired in India out of your repatriable funds, without any lock-in period.

refund of application/earnest money/purchase consideration made by house-building agencies/seller on account of non-allotment of flats/plots/cancellation of booking/deals for purchase of residential/commercial properties, togetherwith interest, net of taxes, provided original payment is made out of NRE/FCNR(B) account/inward remittances.

N.B. - All persons, whether resident in India or outside India, who are citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, or Bhutan, require prior permission of Reserve Bank for acquiring or transferring any immovable property in India.

On return to India

If you decide to return to India :

You may continue to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India, if such currency, security or property was acquired, held or owned when you were resident outside India.

You may open, hold and maintain with an authorised dealer in India a Resident Foreign Currency (RFC) Account to keep your foreign currency assets. Assets held outside India at the time of return can be credited to RFC account. The funds in RFC accounts are free from all restrictions regarding utilisation of foreign currency balances including any restriction on investment outside India.

N.B. All the above facilities are available under general permission, i.e., foreign exchange can be availed of from authorised dealers and does not require Reserve Bank’s approval.

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1. State Bank of India (SBI) 2. State Bank of Bikaner & Jaipur (SBJ) 3. State Bank of Hyderabad (SBH) 4. State Bank of Indore (SBN) 5. State Bank of Mysore (SBM) 6. State Bank of Patiala (SBP) 7. State Bank of Saurashtra (SBS) 8. State Bank of Travancore (SBT) 9. Allahabad Bank (ALB) 10. Andhra Bank (ANB) 11. Anz Grindlays Bank 12. Bank of America (BOA) 13. Bank of Baroda (BOB) 14. Bank of India (BOI) 15. Bank of Madura Ltd.(MDR) 16. Bank of Maharashtra (BOM) 17. Bank of Rajasthan Ltd.(BOR) 18. Banque Nationale De Paris (BNP) 19. Bassein Catholic Coop. Bank Ltd (BCH) 20. Canara Bank (CAB) 21. Central Bank Of India (CBI) 22. Citi Bank (CIT) 23. Citizen Co-op. Bank Ltd. (CCB) 24. Corporation Bank (COB) 25. Cosmos Co-op. Bank Ltd. (CSM) 26. Credit Agricol Indosuez (CAI) 27. Dena Bank (DEB) 28. Deutsche Bank (DTB) 29. Development Credit Bank Ltd.(DCB) 30. Federal Bank Ltd.(FBL) 31. Global Trust Bank Ltd. 32. Greater Bombay Co-op. Bank Ltd. (GBC) 33. ICICI Banking Corporation Limited 34. Indian Bank (INB) 35. Indian Overseas Bank (IOB) 36. Janata Sahakari Bank Ltd. Pune (JSB) 37. Karnataka Bank Ltd.(KBL) 38. Karur Vysya Bank Ltd.(KVB) 39. Lakshmi Vilas Bank Ltd.(LVB) 40. Lord Krishna Bank Ltd. (LKR) 41. N.K.G.S.B.Co-op. Bank Ltd.(NKC) 42. Oriental Bank of Commerce (OBC) 43. Punjab & Sind Bank (PSB) 44. Punjab National Bank (PNB) 45. Ratnakar Bank Ltd.(RTN) 46. Saraswat Co-op. Bank Ltd.(SRC) 47. South Indian Bank Ltd.(SIB) 48. Standard Chartered Bank (CHB) 49. Syndicate Bank (SYB) 50. UCO Bank (UCO) 51. Union Bank Of India (UBI) 52. United Bank Of India (UNI) 53. United Western Bank Ltd.(UWB) 54. UTI Bank Ltd.(UTI) 55. Vijaya Bank (VJB) 56. Vysya Bank Ltd.(VBL) 57. Hongkong & Shanghai Banking Corporation (HON) 58. Punjab & Maharashtra Co-operative Bank Limited (PMB) 59. IndusInd Bank Limited (IDS) 60. Sangli Bank Limited (SAN) 61. The Shamrao Vithal Co-operative Bank Limited (SVC) 62. The Kalupur Commercial Co-operative Bank Limited (KCC) 63. Oman International Bank S.A.O.G. (OIB) 64. The Maharashtra State Co-operative Bank Limited (MSC)

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