Bank of India NRI

The Bank of India NRI system is quite vast. The various NRI Services provided by the Bank of India are:

Housing Loans to NRIs/ PIOs:

In addition to providing Housing Loan To Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) for acquisition of accommodation in India subject to certain conditions, BOI also grants loans to NRIs / PIOs for the purpose of repairs/ renovations/ improvements of residential accommodation owned by them in India.

NRI Deposit Schemes:

Non Resident Indians (NRIs) have a choice of two schemes for depositing their savings with Bank of India, which are: -

• Foreign Currency Non Resident (FCNR) Accounts
• Non-Resident External (NRE) Accounts

NRI -Yield Enhancing Scheme:

BOI provides Yield Enhancing Schemes For NRIs at their Overseas Branches.

Foreign Currency Deposit Schemes:

• Eligible Depositors: All individual Indian Residents will be allowed to open such account. However, the facility will not be available to corporate/partnership firm/trusts, HUF etc. registered / based in India.



• Currency of the account: Account will be maintained in GBP, USD and EURO Currencies.



• Nature of Account: Fixed Deposit for a period of 1 month (minimum) 3 months, 6 months and 1 year (maximum).



• Minimum amount of Deposit: Minimum amount of deposit will be as follows : USD - 5000/- GBP - 5000/- Euro – 5000/-.

How Can a NRI Open An Account?

The easiest way of Opening An Account For an NRI would be to contact the nearest branch of Bank of India who would gladly assist in fulfilling the required formalities and opening an account. If Bank of India branch is away, then following documents may be sent to the branch where account is desired to be opened :-

• Account may be introduced by an existing customer of the branch or may be verified by present banker or by Embassy Officials abroad.



• Copies of important pages of passport (containing name, signature, birth-date, place/ date of issue, expiry date etc) duly authenticated by Notary Public/ Officials of Indian Embassy.



• Two passport size photographs with signatures on reverse



• Remittance for opening an account.