August-2015 - Corporation Bank

Transcription

A Premier Public Sector Bank
Serving since 1906
Sandesh..!!
NRI’s monthly newsletter
August-2015
For any Suggestions/Queries/Grievances
Reach us at: nricell@corpbank.co.in
Contact Number: 0824-2861384/2861388
Corporation Bank – “Sandesh” NRIs newsletter (For private circulation only)
Page 1
Events of interest @ India
Corporation Bank ties up with Remit2India for inward remittance
services
Corporation Bank, a premier public sector bank has signed a service agreement with
Remit2India, the flagship brand of global digital payments specialist TimesofMoney, to offer
customer-friendly remittance solutions to overseas Indians. Corporation Bank with its
widespread NRI network, is partnering with Remit2India, which will be providing the
technology platform, end-to-end operations and a compliance platform for money transfer
services with the benefits of dedicated customer service, competitive exchange rates and low
transaction costs. This will enable NRIs to send money to their family and friends in India,
seamlessly and securely.
NRIs can invest in National Pension System: PFRDA
The pension’s regulator has clarified that non-resident Indians (NRIs) can invest in National
Pension System (NPS) to get a social security cover. The Reserve Bank has already
communicated to pension sector regulator about NRIs being eligible to make such investments.
NPS scheme for NRIs will benefit all individuals especially those living in the Middle-East as
they do not have any mandatory social security benefit. NPS could prove to be a long term
solution to old age income security of NRIs if they are persuaded to join NPS and save for their
retirement income
RBI allows NRIs to invest in chit funds
The Reserve Bank has allowed non-resident Indians (NRIs) to invest in chit funds on nonrepatriation basis without any ceiling, a move that will encourage flow of capital into the country.
The subscription to the chit funds should be brought in through normal banking channel,
including through an account maintained with a bank in India. Earlier in May 2000, nonresidents were barred from investing in a company or firms engaged in the business of chit fund.
RBI ups limit under Liberalized Remittance Scheme to
$250,000/person in a year
The Reserve Bank of India (RBI) in its monetary policy review has enhanced the limit under
Liberalized Remittance Scheme (L.R.S.) to $250,000 per resident per year. RBI has
communicated that on a review of the external sector outlook and as a further exercise in macro
prudential management, it has been decided to enhance the limit under the L.R.S. to $250,000
per person per year.
UK to let new Indian students work 20 hrs/week during term
Indian students visiting to study-first-time undergraduates and postgraduates will be allowed to
work for 20 hours a week during term time and fulltime during holidays. From September,
students who come from India, both for UG and PG courses will be allowed to work. UK has
announced a series of changes to the immigration rules, many of which relate to the Tier 4 type
student visa. One can apply for a Tier 4 (General) student visa to study in the UK if they are 16
or over and have been offered a place on a course. From August, new students at publicly
funded colleges will be prevented from working. The rules will also allow university students to
study a new course at the same level, but only where there is a link to their previous course or
the university confirms that this supports the student's career aspirations. The rules also ban
college students from being able to extend their Tier 4 visas in the UK unless they are studying at
an embedded college. This will require students to leave and apply for a new visa from outside
UK if students wish to study another course.
Page 2
Interest Rates on NRI Deposit Schemes
Interest rates on NRE Term Deposits are as under w.e.f. 1.8.2015
Maturity Band
Less than
Rs.1 Crore
12 months only
Above 12 months to less than 1 year
& 6 Months
1 year & 6 Months to less than 3
years
3 years & above




[% p.a]
Rs. 1 Crore to
< Rs 10 Crore
Rs. 10 Cr &
Above
8.00%
7.90%
7.90%
8.00%
7.90%
7.90%
8.00%
7.90%
7.90%
8.00%
7.90%
7.90%
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 03.01.2012.
Interest rate on NRE SB is at 4% p.a.
The Interest rate on FCNR (B) deposits w.e.f. 1st August 2015 is as follows:
Maturity Band
1 year to less than 2 years
2 years to less than 3 years
5 years

USD
GBP
EUR
1.69
2.07
2.41
2.66
2.87
1.86
2.26
2.53
2.72
2.84
1.16
1.20
1.30
1.39
1.52
[% p.a]
AUD
CAD
3.18
3.20
3.30
3.55
3.70
1.95
1.89
2.03
2.19
2.35
Interest Rates are subject to change. Kindly contact the branch for prevailing
interest rates.
Housing Loan
CORP HOME PREMIUM-NRI SCHEME
Loan Tenor
Floating rate
Up to Rs. 2 Cr. Above
Above Rs.2 Cr.
For all Tenors
B.R. [10%]
B.R. + 0.25% [10.25%]
[max. 30 years]
*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.
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 2013.
Page 3
NRIs can approach the tax/Government authorities of the overseas country where they
reside to obtain 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 www.corpbank.com.
Update Mobile No. / Email- Stay Connected
Regular update of Mobile No. /E-mail 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./Email address.
Please contact your branch nearest to your Indian address for immediate
update of Mobile No./E-mail.
Know E-Mail id of your branch
Suppose your 15 digit account number is 1234XXXXXXXXXXX. Then E-mail of
your branch will be cb1234@corpbank.co.in.
Suppose your 15 digit account number is 0123XXXXXXXXXXX. Then E-mail of
your branch will be cb0123@corpbank.co.in.
Problem in receiving OTP
Kindly drop an E-Mail to our technical team webcentre@corpbank.co.in with
subject as OTP PROBLEM. Our technical team will revert to you at the earliest.
FAQs
Can a resident individual give rupee gifts to his visiting NRI/PIO close
relatives?
Yes, a resident individual can give rupee gifts to his visiting NRI/PIO close
relatives by way of crossed cheque/electronic transfer within the overall LRS limit
of USD 2,50,000 per financial year for the resident individual and the gifted
amount should be credited to the beneficiary’s NRO account.
Can a resident individual gift shares/securities/convertible debentures etc
to NRI close relative?
Yes, a resident individual is permitted to gift shares/securities/convertible
Debentures etc to NRI close relative up to USD 2,50,000 per financial year subject
to certain conditions.
Page 4
What types of services can be provided by a resident individual to his / her
non-resident close relatives?
A resident may make payment in rupees towards meeting expenses on account of
boarding, lodging and services related thereto or travel to and from and within
India of a person resident outside India who is on a visit to India. Further, where
the medical expenses in respect of NRI close relative are paid by a resident
individual, such a payment being in the nature of a resident to resident transaction
may also be covered under the term “services”.
I get rental income in India and file India tax returns. I can show the bank
our tax returns for the rental income and tax paid. In such a case, would the
bank agree to transfer rental income to my NRE account and open FD's
Bank may credit the current income like rent, dividend, pension, interest etc., of
NRIs to their NRE accounts provided they are satisfied that the credit represents
current income of the NRI account holder and income tax there on has been
deducted / paid or provided for (Based on appropriate certification by Chartered
Accountant, certifying that the amount proposed to be remitted/Credited to NRE
A/c is eligible for remittance and applicable taxes have been paid / provided for.)
I am an NRI buying property in India .I am making the payments for this
property through my NRE savings account . Do I need to declare this
investment to RBI/bank where I have the NRE savings account. Should I
declare this in annual tax returns?
NRI / PIO purchasing residential / commercial property in India under general
permission and via payment through their NRE account or foreign inward
remittance are not required to file any documents/reports with the Reserve Bank.
How can I get statements of my account for a selected period?
You can now download our E-passbook app from Google Play store, iOS store,
Windows app store. Using E-passbook you can retrieve account statement of any
desired period. You also have an option to send/forward to e-mail.
I have not availed internet banking facility yet, how can I avail the same?
You may contact your branch through E-Mail and request for Internet Banking
form. You are required to fill the form and send the hard copy of the same to the
branch. Upon verification of the credentials, your Internet Banking kit will be sent
to you.
How can I repatriate my maturing FCNR deposit proceeds?
FCNR deposits can be repatriated by obtaining DD or direct credit to the account
of the depositor abroad.
Page 5
I sold my immovable property in India, Can I repatriate it freely?
1. An NRI is eligible to repatriate the amount equivalent to the amount paid for
the acquisition of the residential property in India without any approval, and the
same is available for a maximum of 2 properties.
2. A Non-resident Indian (NRI)/ Person of Indian Origin (PIO) may remit an
amount, not exceeding US $ 10,00,000 (USD one Million only) per financial year
out of the balances held in NRO accounts/ sale proceeds of assets by way of
purchase/the assests in India acquired by him by way of inheritance/legacy/out of
Rupee funds, after paying taxes, if any, by submission of form 15-CA & 15 CB.
How can I retrieve or track information on my fixed Deposits/ Saving
Deposit?
CorpBank net banking facility gives you snapshot of all your fixed deposits and
you can track maturity all of your fixed deposits.
How can I get Capital gain account statement of my account for the
financial year?
You can request for Capital gain account statement from your branch of operation.
Shall you feel any inconvenience, please forward a request copy sent to the branch
at nricell@corpbank.co.in.
I am an existing NRI customer of your Bank. Can I open joint account with
Indian resident?
Yes, you can open joint account with close relative resident in India (as defined in
companies Act 2013) on “Former or Survivor basis”. However, the name of NRI
will be designated as the first person. 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.
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.
Page 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
Page 7
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
 Merchandise (electronics, home and decor, jewellery,
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.
E-Passbook- Get account statement anytime
Page 8
Details of our Nostro Accounts for Remittance of Money via SWIFT
Currency
USD
GBP
EUR
JPY
SGD
HKD
SEK
CHF
CAD
AUD
AED
Sl.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
Bank Name
Wells Fargo
JP Morgan Chase Bank N.A.
Deutsche Bank Trust Co
The Bank Of New York
HSBC USA
Citi Bank NA
Standard Chartered Bank
HSBC Bank PLC
Deutsche Bank,
Commerz Bank AG
SocieteGenerale
Wells Fargo
DBS Singapore Ltd,
HSBC Ltd
SkandinaviskaEnskildaBanken AS
UBS AG
Toronto Dominion Bank,
Australia & New Zealand Banking
Abu Dhabi Commercial Bank
SWIFT Code
PNBPUS3NNYC
CHAS US33
BKTR US33
IRVT US3N
MRMDUS33
CITI US33
SCBLUS33
SCBL GB2L
MIDL GB22
DEUT DEFF
COBA DEFF
SOGE FRPP
SCBLDEFX
PNBP JPJX
DBSS SGSG
HSBC HKHH
ESSE SESS
UBSWCHZH80A
TDOM CATT
ANZB AU3M
ADCBAEAA
Our A/c No
2000191000506
0011400603
04179335
8900385987
000032905
36006674
3582053746001
01708176601
00 263000
95344540000
400875085300
002 016 204000
018146210
99412069
037000366-2
111-143343-001
52018529986
94276050000
0360012253335
228387-00001
100240419001
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
7
Al Ansari Exchange
16
8
Dubai Exchange Centre
17
Al Ahalia Exchange
Wall Street Exchange
Agent-Wall Street Finance Ltd(MTSS)
U.A.E. Exchange
Agent- Money Gram (MTSS)
9
U.A.E. Exchange Centre
Agent-UAEFSL(MTSS)
18
Redha Al Ansari Exchange
Page 9
Helping hands !!
Corporation Bank,
NRI Cell, Head Office, Mangladevi Temple Road
Mangalore – 575 001, Karnataka, India
Tel: +91-824-2426404 (D) Tel: +91- 824 – 2426416-420
Extn: 388
Mail: nricell@corpbank.co.in
Chief Representative Office
Corporation Bank,
# 203, 2nd Floor, Toronto Building,
P O Box No. 241646, Bur Dubai, UAE
Ph: +971 4 3540377 Fax: 3540378
Mob: +971 50 1139357( Shri Parthiv M Banker)
Mob: +971 50 9789682 : ( Shri Nagaraja Padiyar )
Email: cbdubai@corpbank.co.in
Shri Kishore Pratap Siyag
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 7203484 Email: 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 +971 25526572 Mob: +971 50 1364246/+971 2 5525727
Email: ramalingareddy@corpbank.co.in
Corporation Bank,
Treasury & Investment Department
Head Office, Mangaladevi Temple Road
Mangalore – 575 001, Karnataka, India
Tel: +91-824 – 2441001, 2441674, 2442094
Fax: +91-824 – 2441721 e-mail: iibdom@corpbank.co.in
Corporation Bank,
NRI Help Desk, 1st Floor, Earnest Building
Nariman Point, Mumbai – 400 021, India
Tel: +91-22 – 2202 1081
Mail: nrihelp@corpbank.co.in
Corporation Bank
Representative Office
1304, Tower 2, Lippo Centre
89 Queensway, Admiralty, Hong Kong
Ph: 00852 28017106; 00852 28017107,
Fax: 00852 2801 7105.
Mob: 00852 5181 1765:Mr.Vetri Selvan
E.mail: cbhongkong@corpbank.co.in
Alzaman Exchange W.L.L. P.O.Box : 23497 Souq
Najada, Behind Karwa Bus Stand, Doha Qatar Tel :
00 974 44441448
Shri A. Rajagopal,
Relationship Manager, Corporation Bank,
UAE Exchange P.O. Box 1825, Manama,
Kingdom of Bahrain,
Mobile +973 35567369, Tel: +973-17227484, Ext119 , Fax: +973-17214140
Email: rajagopal01@corpbank.co.in
Corporation Bank,
Treasury Branch,
15, Mittal Chambers, Nariman Point,
Mumbai - 400 021 India
Tel:+91-22 - 22023304, Fax: 022 -22851715
E-mail: ibd@corpbank.co.in
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.
Page 10

August-2015 - Corporation Bank

Transcription

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