Indian Bank NRI TD ACCOUNT OPENING FORM Part A2 From Download

Based on Part A2 of the Indian Bank NRI account opening form, here are the key points regarding Term Deposits (FD/RD), forward contracts, and nomination rules (pp. 1-2):

• Account Variants: You can open NRE Fixed Deposits (FD), NRE Money Multiplier Deposits (MMD), NRO MMD, NRO FD, NRO Short Term Deposits (STD), Capital Gains, Tax Saver, or Resident Foreign Currency (RFC) accounts for returning NRIs (p. 1).
• Maturity Instructions: Three default options are available: Auto Rollover, Renew Principal & Pay Interest, or Close & Transfer (via credit to an account or outward remittance) (p. 1).
• Interest Frequencies: You can opt for Monthly (NRE/NRO), Quarterly (NRE/NRO/RFC), or On Maturity (NRE/NRO/FCNR) payouts (p. 1).

• Currency Support: Offers Foreign Currency Non-Resident (FCNR) Deposits, IND Rupee Gain, and RFC deposits (p. 1).
• Funding & Conversion: Initial payment can be via internal bank transfer, cheque, DD, or SWIFT wire transfer (p. 1). Equivalent Rupee conversions use prevailing exchange rates on the opening date (p. 1).
• Liquidity Options: Deposits must be classified as either Withdrawable or Non-Withdrawable (p. 1).

• Schemes: Supports NRE RD, IND Millionaire RD-NRE, Flexi RD, and NRO RD (p. 1).
• Standing Instructions (SI): You can automate monthly, quarterly, half-yearly, or yearly instalment debits directly from your linked NRE or NRO accounts (p. 1).

• Binding Agreement: Booking an “IND Rupee Gain” deposit obligates you to hold it until maturity to convert foreign currency into INR via a pre-booked forward contract (p. 2).
• Premature Withdrawal Penalties: Early closure cancels the forward contract and incurs cancellation charges, swap costs, and potential interest loss (p. 2).
• Operational Restrictions: Early closure requests cannot be placed on Treasury holidays due to exchange rate unavailability (p. 2). GST applies to forex currency conversions (p. 2).

• Joint Accounts with Residents: If an NRI opens a joint account with an Indian resident, the mode of operation is legally restricted to “Former or Survivor” ONLY (p. 1). Other standard modes (e.g., Either or Survivor, Anyone or Survivor) apply strictly to non-resident joint applicants (p. 1).
• Nomination (Form DA 1): You can appoint a nominee to receive funds hassle-free in the event of death (p. 2). If the nominee is a minor, a guardian must be appointed (p. 2).
• Witness Requirements: If an applicant signs using a thumb impression, the nomination form must be verified and signed by two witnesses (p. 2). You may also explicitly opt out of the nomination facility (p. 2).

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