Sandesh. November May this festival of lights glow your life with joy, happiness and prosperity. Serving you, since 1906

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1 Serving you, since 1906 Sandesh NRI s Monthly Newsletter November-2015 May this festival of lights glow your life with joy, happiness and prosperity Corporation Bank Sandesh NRIs newsletter (For private circulation only) Page 1

2 News from India Corp Bank opens forex hub Our Bank has opened its forex hub in Bengaluru which would act as a central processing unit for branches of Corporation Bank for forex transactions across southern India. FOREX HUB will ensure smooth processing of forex transactions resulting in enhanced customer service with the help of ever evolving technology and execute the transactions on real time basis. Initially, Bengaluru FOREX HUB will handle the forex transactions across South India (Karnataka, Tamil Nadu, Andhra Pradesh, Telengana and Kerala India jumps 4 spots on World Bank's ease of doing business list The NDA government's efforts towards making India a better place for business might have started showing results, with India jumping 4 spots in the World Bank's rankings in terms of ease of doing business. For 2016, India has been ranked 130th on a list of 189 countries, compared with a ranking of 134th this year, the steepest rise seen by the country in recent years. The original ranking for 2015 had been pegged at 142, which would give India a jump of 12 ranks, but the WB's mid-year revision had bumped up India's rank to 134. The rise in the 2016 ranking was primarily on account of improvement in two areas - ease of starting a business and securing an electricity connection RBI opens National Pension Scheme as investment option for NRIs The Reserve Bank of India in consultation with the government of India has taken a decision to allow NRIs to subscribe to the pension scheme, which is governed and administered by the Pension Fund Regulatory and Development Authority. A lot of interest has been generated around the new scheme with the Union Budget 2015 giving additional tax benefits for investments up to Rs 50,000. The investment has to be routed through normal banking channels. The subscription amounts should be paid by NRIs either by inward remittance through normal banking channels or out of funds held in their NRE/FCNR/NRO account. Minimum annual subscription under NPS is Rs 6,000 while allocation to equities is capped at 50% of investment. NPS investments mature when the investor turns 60. If the corpus is less than Rs 2 lakh, the entire sum can be withdrawn. If it is more, the subscriber must put at least 40% of the corpus into an annuity to get a monthly pension. Honorable PM launches three gold schemes Honorable Prime Minister Narendra Modi has launched three gold related schemes for residents - Gold Monetization Scheme, Sovereign Gold Bond Scheme and India Gold Coins - that could further strengthen and transform the Indian economy. Besides reducing the physical demand for gold, the schemes could pave the way to better utilize the nearly 20,000 tonnes of gold lying idle with households and conserve forex resources through reduced reliance on gold imports. Corporation Bank on energy-saving drive Our Bank will soon bank on the sun to become a smart energy consumer by generating around 2MW of solar power in its different units across India and intends to implement energy-saving and solar generation projects for its offices, branches and ATM premises in the country. The energy-saving initiatives will be implemented at all the 5,000 plus locations where the bank has offices, branches and ATMs. Corporation Bank Sandesh NRIs newsletter (For private circulation only) Page 2

3 Interest Rates on NRI Deposit Schemes Interest rates on NRE Term Deposits are as under w.e.f Maturity Band Less than Rs.1 Crore [% per annum] Rs. 1 Crore to and Above 12 months only 7.25% 7.25% Above 12 months to less than 2 years 7.25% 7.25% 2 years & above 7.25% 7.25% Interest Rates are subject to change. Kindly contact the branch for prevailing interest rates. No interest will be paid if any NRE Term Deposit is prematurely closed within a period of 12 months. Penalty for premature withdrawal at 0.50% p.a. will be charged on deposits above Rs. 1 crore accepted/renewed on or after Interest rate on NRE SB is at 4% p.a. The Interest rate on FCNR (B) deposits w.e.f. 1 st November 2015 is as follows: [% per annum] Maturity Band USD GBP EUR AUD CAD 1 year to less than 2 years years to less than 3 years years to less than 4 years years to less than 5 years years Interest Rates are subject to change. Kindly contact the branch for prevailing interest rates. Housing Loan Loan Tenor For all Tenors [max. 30 years] CORP HOME PREMIUM-NRI SCHEME Floating rate Up to Rs. 2 Crore. Above Rs.2 Crore. B.R. [9.65%] B.R %= [9.90%] *BR: Base Rate Minimum loan under the scheme is Rs.5 lakh ** Fixed rates are also available. Kindly contact your branch for more details. Interest Rates are subject to change. Kindly contact the branch for prevailing interest rates. Corporation Bank Sandesh NRIs newsletter (For private circulation only) Page 3

4 Implementation of FATCA/CRS Guidelines in INDIA As you are aware that the USA has enacted a law known as FATCA (Foreign Account Tax Compliance Act) with the objective of tackling tax evasion through obtaining information in respect of offshore financial accounts maintained by USA residents and citizens. In this regard, India and USA have signed an Inter-Governmental Agreement (IGA) on 9th July, 2015 which provides that the Indian Financial Institutions (FIs) will provide the necessary information to the Indian Tax Authorities, which will transmit the same to USA automatically. Such information has to be reported for eligible accounts as on 30th June, 2014 and accounts opened subsequently. Apart from that, in order to combat the problem of offshore tax evasion and avoidance and stashing of unaccounted money abroad requiring the co-operation among tax authorities, the G20 and OECD countries have developed a Common Reporting Standard (CRS) on Automatic Exchange of Information (AEOI). India is early adopter of the CRS Standard and has joined the Multilateral Competent Authority Agreement (MCAA) on 3rd June, 2015 for exchanging information for eligible pre-existing accounts as on and new accounts opened after In order to comply with the above guidelines our bank is also in the process of sharing the relevant information with the concerned authorities. Avoid Tax Duplication- Use DTAA As per amendment to the Indian Income Tax Act as announced in Union Budget 2012, NRIs who wish to avail DTAA benefit have to mandatorily provide Tax Residency Certificate (TRC) to the deductor (Bank). This is applicable for all Non Resident customers who wish to avail DTAA benefit w.e.f. 1st April NRIs can approach the tax/government authorities of the overseas country where they reside to get the Form-10F certified. It may be noted that no other document in lieu of the TRC shall be considered for availing the benefits under DTAA. You may download the DTAA application form and Form-10F from our website Update Mobile No. / - Stay Connected Regular update of Mobile No. / address at the Banks database enables you to make hassle-free transactions. It also helps you to easy tracking of funds. All you need to do is to submit an application for correction/update of Mobile No. / address. Please contact your branch nearest to your Indian address for immediate updation of Mobile No. / . Know id of your branch Suppose your 15 digit account number is 1234XXXXXXXXXXX. Then of your branch will be cb1234@corpbank.co.in. Suppose your 15 digit account number is 0123XXXXXXXXXXX. Then of your branch will be cb0123@corpbank.co.in. Corporation Bank Sandesh NRIs newsletter (For private circulation only) Page 4

5 Problem in receiving OTP Kindly drop an to our technical team at with subject as OTP PROBLEM. Our technical team will revert to you at the earliest. FAQs I am returning back to India for permanent settlement whether my fixed deposits be taxed? Whether I need to change my account type? 1. All NRE deposit accounts are to be re-designated as resident accounts immediately upon return of the account-holder to India for permanent settlement. In case the account-holder is only on a short visit to India, the account may continue to be treated as a NRE account 2. Declaration from the account-holder to the effect that he/she has come to India for permanent settlement has to be submitted. 3. Where the NRE term deposit is re-designated as resident rupee Deposit, the same will continue to earn interest at the originally fixed rate provided the deposit is held for the originally fixed full term even after re-designation. Interest earned on these accounts from the date of conversion into resident deposit account is liable for tax and TDS will be deducted wherever applicable. Can I open a Joint NRE account? Joint accounts in the names of two or more non-resident individuals may be opened provided all the account holders are persons of Indian nationality or origin. When one of the joint holders becomes resident, the authorized dealer may either delete his name or allow the account to continue as a NRE account or redesignate the account as a resident account, at the option of the account holders. Opening of NRE accounts with resident close relative (relative as defined in section 6 of the Companies Act, 1956 Ref. Annexure-5) on Former or Survivor basis is permitted. The resident close relative shall be eligible to operate the account as a power of Attorney holder / Mandate holder in accordance with extant instructions during the lifetime of the NRI/PIO account holder. Are temporary overdrawing s IN NRESB accounts allowed? Yes. Branches may allow at their discretion overdrawing s in NRESB accounts up to Rs.50,000/- towards passing the cheques issued by account-holders subject to compliance with the guidelines on allowing such temporary over drawings in resident accounts under the powers delegated to them. Such overdrawing s together with the interest payable thereon should be cleared/repaid within a period of 2 weeks, either by fresh remittance in foreign exchange from abroad through normal banking channels or out of transfer of funds held in NRE/FCNR term deposit accounts. What are the TAX EXEMPTION S provided for NRE accounts? a. Interest accrued on funds held in NRE accounts is fully exempt from payment of incometax in India. b. Funds held in the account are exempt from wealth-tax in India. Corporation Bank Sandesh NRIs newsletter (For private circulation only) Page 5

6 Corp-Rewardz Corporation Bank presents Corp Rewardz, a holistic and rewarding loyalty program that gives you another reason to rejoice as a Corporation Bank account holder. Now earn Corp Points every time you swipe your Corporation Bank Debit Card for offline, online purchases and bill payments. You also earn Corp Points whenever you use Internet and Mobile Banking for transactions. Corp Points that you accumulate in your Corp Rewardz account can be redeemed for merchandise, ticket bookings, recharge, corporation bank gift card & cash (at bank's discretion) among plethora of other options. As an account holder of Corporation Bank you are auto-enrolled for the Corp Rewardz loyalty program and will automatically earn Corp Points for all Debit Card, Internet and Mobile Banking transactions. However, to track and redeem available Corp Points you need to activate your Corp Rewardz account by registering on this website. Earn Corp Points on every swipe made by using your Corporation Bank Debit Card for offline and online purchases. Also earn Corp Points whenever you use Internet and Mobile Banking for transactions. 1 Corp Point is awarded for every Rs. 100 spent by swiping your Debit Card for all offline and online purchases, payments & bookings. (Each Corp Point is valued at Rs. 0.25) 1 Corp Point is awarded for every Rs.1000 transacted through Internet (Excluding tax payments and intra banking transfers) and Mobile Banking. (Each Corp Point is valued at Rs. 0.25) To check your Corp Rewardz account point balance: Sign into your Corp Rewardz account and the My Account page will display your available Corp Points Redemption options Redeem your Corp Points for a host of exciting products and services: Air tickets Movie tickets Bus tickets Mobile/DTH Recharge Hotel bookings Corporation Bank Sandesh NRIs newsletter (For private circulation only) Page 6

7 Merchandise (electronics, home and decor, jewelry, sports and fitness and lots more!) Corporation Bank Gift Card Cash (at bank's discretion) This platform of products and services will remain dynamic. New products and services will be added continually to keep the redemption options refreshing. Corp Points need to be redeemed within three years (36 months excluding the month of accrual) of earning them. Unredeemed Points will expire at the end of three years. Remit 2 India - Remittance made Easy E-Passbook- Get account statement anytime Corporation Bank Sandesh NRIs newsletter (For private circulation only) Page 7

8 Details of our Nostro Accounts for Remittance of Money via SWIFT Currency Sl. Bank Name SWIFT Code Our A/c No USD GBP EUR 1 Wells Fargo PNBPUS3NNYC JP Morgan Chase Bank N.A. CHAS US Deutsche Bank Trust Co BKTR US The Bank Of New York IRVT US3N HSBC USA MRMDUS Citi Bank NA CITI US Standard Chartered Bank SCBLUS Standard Chartered Bank SCBL GB2L HSBC Bank PLC MIDL GB Deutsche Bank, DEUT DEFF Commerz Bank AG COBA DEFF SocieteGenerale SOGE FRPP Standard Chartered Bank SCBLDEFX JPY 14 Wells Fargo PNBP JPJX SGD 15 DBS Singapore Ltd, DBSS SGSG HKD 16 HSBC Ltd HSBC HKHH SEK 17 SkandinaviskaEnskildaBanken AS ESSE SESS CHF 18 ZKB Bank ZKBKCHZZ80A CAD 19 Toronto Dominion Bank, TDOM CATT AUD 20 Australia & New Zealand Banking ANZB AU3M AED 21 Abu Dhabi Commercial Bank ADCBAEAA List of Exchange houses Exchange houses with whom we have tie-ups 1 UAE Exchange Centre, Abu Dhabi 10 Al Ghurair Exchange 2 UAE Exchange Centre, Kuwait 11 Emirates India Intl. Exchange 3 Bahrain Exchange Co. 12 Purushottam Kanji Exchange 4 Wall Street Exchange 13 Al Fardan Exchange 5 Al Zaman Exchange 14 Oman UAE Exchange 6 Al Rostamani Intl. Exchange 15 Al Ahalia Exchange 7 Al Ansari Exchange 16 8 Dubai Exchange Centre 17 9 U.A.E. Exchange Centre Agent-UAEFSL(MTSS) Wall Street Exchange Agent-Wall Street Finance Ltd(MTSS) U.A.E. Exchange Agent- Money Gram (MTSS) 18 Redha Al Ansari Exchange Corporation Bank Sandesh NRIs newsletter (For private circulation only) Page 8

9 Helping Hands NRI Cell, Head Office, Mangladevi Temple Road Mangalore , Karnataka, India Tel: Tel: Extn: Chief Representative Office # 203, 2nd Floor, Toronto Building, P O Box No , Bur Dubai, UAE Ph: Fax: Mob: : (Shri Parthiv M Banker) Mob: : (Shri Nagaraja Padiyar ) cbdubai@corpbank.co.in Shri Kishore Pratap Siyag Relationship Manager, Corporation Bank UAE Exchange Sharjah Main Branch, Post Box No 3851, Sharjah UAE, Tel / Fax / Mob: kpsiyag@corpbank.co.in Shri Kovvuri U Ramalinga Reddy Relationship Manager, Corporation Bank UAE Exchange Mussafah II (Sector 12) Branch Opposite Zia pharmacy, Shabiya Sector 12 Mussafah, Abu Dhabi, UAE Fax Mob: / ramalingareddy@corpbank.co.in Treasury & Investment Department Head Office, Mangaladevi Temple Road Mangalore , Karnataka, India Tel: / / Fax: iibdom@corpbank.co.in NRI Help Desk, 1 st Floor, Earnest Building Nariman Point, Mumbai , India Tel: nrihelp@corpbank.co.in Corporation Bank Representative Office 1304, Tower 2, Lippo Centre 89 Queensway, Admiralty, Hong Kong Ph: ; , Fax: Mob: : (Mr.Vetri Selvan) cbhongkong@corpbank.co.in Alzaman Exchange W.L.L. P.O.Box : Souq Najada, Behind Karwa Bus Stand, Doha Qatar Tel : Shri A. Rajagopal, Relationship Manager, UAE Exchange P.O. Box 1825, Manama, Kingdom of Bahrain, Mobile , Tel: , Ext-119, Fax: rajagopal01@corpbank.co.in Treasury Branch, 15, Mittal Chambers, Nariman Point, Mumbai India Tel: , Fax: ibd@corpbank.co.in For any Suggestions/Queries/Grievances Reach us at: nricell@corpbank.co.in Contact Number: / Disclaimer clause: The contents of this newsletter are based on information received from various sources and while compiling every effort has been made to ensure that the information is accurate and authentic. Corporation Bank does not accept any responsibility for interpretations of various rules or any errors/ omissions in the newsletter. Corporation Bank Sandesh NRIs newsletter (For private circulation only) Page 9