FEB 2018 Sandesh Prosperity for all FEB 2018 NRI s Monthly Newsletter NRI Cell, Head Office, Mangaladevi Temple Road Mangalore 575 001 1
Indians News From India NRIs can continue their PPF account now; Earlier it was to close on losing resident status Non-resident (NRIs) who have invested in the Public Provident Fund (PPF) may have got temporary relief for now. A few months ago in October, the Department of Economic Affairs (DEA) had said that if a resident, who opened an account under this scheme, and subsequently becomes a non-resident during the currency of the maturity period, the account shall be deemed to be closed with effect from the day he becomes a non-resident. Now, the DEA has released an office memo on February 23, 2018, keeping its earlier notification regarding the NRI's PPF account released on October 2, 2017, in abeyance (temporarily dismissed). An NRI cannot invest in PPF, however, if one's residential status subsequently changed to NRI, the account was allowed to be run till maturity. PPF is a 15-year scheme, which can be extended indefinitely in blocks of five years. However, for a resident turned NRI, the extension was not allowed. According to the 2017 notification issued by the government, PPF (and even National Savings Certificate or NSC) held by an NRI would be treated as "deemed to be closed with effect from the day he becomes a non-resident" and would keep earning interest rate of a post office savings account. The recent notification is silent on NSC but makes it clear that the earlier diktat has been kept in abeyance till further notice for PPF account held by NRIs. (Source: ET- 28.02.18) Update Passport / Visa details NRI customers are requested to update valid KYC (Know Your Customer) documents. Please provide your latest KYC documents viz. Passport & Visa to your base branch, if the validity of the documents submitted earlier has expired. NRI Cell, Head Office, Mangaladevi Temple Road Mangalore 575 001 2
NRI Cell, Head Office, Mangaladevi Temple Road Mangalore 575 001 3
Floating Rate For all Tenors [max. 30 Years] Corp Home Loan # Processing charges under Festival offer on Corp Home loan upto Rs 2 crore (Floating rate) NIL * Processing charges under Festival offer on Corp Home loan above Rs 2 crore (Floating rate) 0.50 % of Loan Amount (Max Rs. 50,000/-) + No Processing charges under Festival offer on Corp Vehicle loan (For 4 Wheelers) Corp Vehicle Loan (For 4 wheelers) + Up to Rs. 2 Crore # Above Rs. 2 Crore * Floating Rate For Up to Rs.50 Lakhs Above Rs. 50 Lakhs all Tenors [max. 8.65% 9.00% 84 months] 8.90% 9.40% All NRE customers, those who availed housing loan on floating/fixed rate of interest are eligible for switchover to MCLR (Marginal cost of fund based lending rate) system by submitting a consent letter at the base branch. Housing loans on fixed interest rates are also available. Interest Rates are subject to change. Kindly contact the branch for prevailing interest rates. Maturity Band Interest Rates On NRI Deposit Schemes Interest rates on NRE Term Deposits are as under w.e.f 09.02.2018 Less than Rs.1 Cr Rs.1 Cr to < Rs.10 Cr Rs.10 Cr to < Rs.50 Cr Rs.50 Cr to Rs. 100cr [% per annum] Rs.100 Cr & above 1 year to 443 days 6.50 5.10 5.25 5.40 5.30 444 days only 6.60 5.10 5.25 5.40 5.30 445 days to 554 days 6.50 5.10 5.25 5.40 5.30 555 days 6.70 5.10 5.25 5.40 5.30 556 days to less than 3 years 6.50 5.10 5.25 5.40 5.30 3 years and above 6.50 5.00 5.00 5.00 5.00 The Interest rate on FCNR (B) deposits w.e.f. 1st Feb 2018 is as follows: Maturity Band USD GBP EUR AUD CAD 1 year to less than 2 years 2.84 1.21 0.26 2.73 2.91 2 years to less than 3 years 3.31 1.68 0.38 3.06 3.20 3 years to less than 4 years 3.44 1.84 0.58 3.23 3.34 4 years to less than 5 years 3.51 1.95 0.79 3.51 3.41 5 years 3.57 2.04 0.97 3.62 3.45 [% per annum] Interest Rates are subject to change. Kindly contact the branch for prevailing interest rates. NRI Cell, Head Office, Mangaladevi Temple Road Mangalore 575 001 4
Our Offices NRI Cell, Head Office, Mangaladevi Temple Road Mangalore 575 001, Karnataka, India Tel: +91-824-2861384 Tel: +91-824 - 2861388 e-mail: nricell@corpbank.co.in NRI Help Desk, 1 st Floor, Earnest Building Nariman Point, Mumbai 400 021, India Tel: +91-22 2202 1081 e-mail: nrihelp@corpbank.co.in Chief Representative Office # 203, 2nd Floor, Toronto Building, P O Box No. 241646, Bur Dubai, UAE Ph: +971 4 3540377 Fax: 3540378 Mob: +971 50 9789682 : (Mr. Neeraj Rakesh) e-mail: cbdubai@corpbank.co.in Mr. Ravikumar R Relationship Manager, Corporation Bank UAE Exchange Sharjah Main Branch, Post Box No 3851, Sharjah UAE, Tel +971 6 5625125 Fax +971 6 5614028 Mob: + 971 50 7204674 e-mail : ravikumar4@corpbank.co.in (Representative Office) Unit No.03, 9/ Floor Cheong K. Building, 84-86 Des Voeux Road Central,Hong Kong. Ph: 00852 28017106 00852 28017107 FAX: 00852 2801 7105 ; Mob: 00852 5185 7675 (Mr. J. Vetri Selvan) e-mail: cbhongkong@corpbank.co.in Mr. Sreekumar V D Relationship Manager, Corporation Bank UAE Exchange Mussafah II (Sector 12) Branch Opposite Zia pharmacy, Shabiya Sector 12 Mussafah, Abu Dhabi, UAE Fax +971 25526572 Mob: +971 50 1364246/+971 2 5525727 e-mail : sreekumarvd@corpbank.co.in Treasury & Investment Department Head Office, Mangaladevi Temple Road Mangalore 575 001, Karnataka, India Tel: +91-824 2861383/2861364/2861342 Fax: +91-824 2441721 e-mail: hotid@corpbank.co.in Treasury Branch, 15, Mittal Chambers, Nariman Point, Mumbai - 400 021 India Tel:+91-22 - 22023304, Fax: 022-22851715 e-mail: ibd@corpbank.co.in For any Suggestions/Queries/Grievances e-mail: nricell@corpbank.co.in Website: www.corpbank.com Contact Number: 0824-2861384/2861388 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. NRI Cell, Head Office, Mangaladevi Temple Road Mangalore 575 001 5