It is a Nil Balance Savings/ Current account that offers multiple remittance facilities for receiving remittance into your account with the Bank.
The account is meant for international NGOs and Governmental Associations. The intention is to ensure that the contributions received by such organizations are used for the purposes specified , and that these are consistent with the principles of national sovereignty. The nodal Ministry for regulating the FCRA Act is the Ministry of Home Affairs. The Association has to get itself registered with the MHA ( GOI ), New Delhi before receiving any foreign contribution.
Such foreign contribution should be received by an ‘association ‘ only through the designated bank account . Thus, it is important to first open an exclusive FCRA account and then apply with specific details for MHA approval. Shifting of existing FCRA account to another bank can be done with MHA approval.
Modes of Credit in the Account
Corporate Internet Banking
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