Indian Public Sector Bank (PSB), Bank of Maharashtra (BoM) provides Non-Resident Indian (NRI) Banking solutions in the form of various deposit accounts, namely Non-Resident External (NRE) , Non-Resident Ordinary (NRO), Foreign Currency Non-Resident (FCNR) and Resident Foreign Currency (RFC), each designed specifically to make NRI banking easier and reliable.
- The bank ensures strict adherence to the International Financial Reporting Standards like: Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) providing secure banking to its NRI customers.
About Non-Resident External (NRE) Account:
i.This account is designed specifically for NRIs who aim to manage their earnings in Indian Rupee (INR).
ii.It offers various deposit formats such as: Savings, Current, Recurring, and Term Deposits.
iii.Interest earned on these accounts is exempted from income tax as well as the balances held in these accounts are free from wealth tax.
iv.More than two NRIs or Persons of Indian Origin (PIOs) or by an NRI/PIO with a resident relative(s) on ‘former or survivor basis’, are allowed to open joint accounts.
- During the lifetime of the NRI/PIO account holder, the relative can operate the account only as a Power of Attorney holder.
About Non-Resident Ordinary (NRO) Account:
i.This account aims to address the needs of NRIs who want to manage their income earned within India, like: rent, dividends, pensions, among others.
ii.It offers deposit formats to the account holder such as: Savings, Current, and Fixed Deposits with an interest rate aligned with domestic rates.
iii.It provides limited repatriation i.e. with a limit of up to USD 1million per financial year.It subject to payment of tax,as applicable.
About Foreign Currency Non-Resident (FCNR) Account:
i.This account provide a convenient option for NRIs who seek to invest in foreign currency.
ii.These accounts can be opened by Non-Resident Indians (NRIs) and Overseas Corporate Bodies (OCB).
iii.FCNR accounts are term deposit accounts, offers competitive interest rates, and flexible maturity time period from 1 year to 3 years.
iv.It provides full repatriation of funds including interest earned on these accounts.
iii.These accounts are usually denominated in desired foreign currencies,with interest earnings also maintained in those foreign currencies.
About Resident Foreign Currency (RFC) Account/ Accounts:
i.These accounts are specifically designed to cater the needs of NRIs who are returning to India for permanent settlement.The RFC account allows them to retain their foreign currency earnings in foreign currency without converting them to Indian Rupees (INR).
ii.These accounts are allowed to maintain their funds in designated foreign currencies such as USD, GBP, EUR, etc.
iii.Customers can open current, savings and term deposit accounts.The funds are fully repatriable, meaning they can be transferred abroad without any restrictions.
BoM Introduced MAHA-DOC Scheme Offers Financial Solutions for Doctors
Bank of Maharashtra (BoM) introduced MAHA-DOC scheme which is designed specifically to provide financial solutions for Doctors.
- This scheme is a testament of bank’s commitment to foster a robust healthcare ecosystem that prioritizes quality and accessibility for all.
Eligibility:
i.This scheme is customized for registered medical practitioners who holds degrees like: BAHMS, BAMS, BPT, MBBS and BDS and has minimum professional experience of 2 years after qualification.
ii.Moreover, these medical practitioners should be registered under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 and holds the Udyam Registration Certificate.
Financial Features of the Scheme:
i.Under the scheme, medical professionals can avail loans up to Rs 25 crores.It offer loans on attractive interest rates linked to Repo Linked Lending Rate (RLLR).
ii.The scheme has provision to provide loans up to Rs 5 crore covered under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
iii.The scheme has specified the repayment periods up to 12 years.
About Bank of Maharashtra (BoM):
BoM’s Mobile banking platform is Mahamobile plus and internet banking platform is Mahaconnect.
Managing Director (MD) and Chief Executive Officer (CEO) – Nidhu Saxena
Headquarters- Pune, Maharashtra
Tagline- Ek Parivar, Ek Bank (One family One Bank)
Established in- 1935
