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Features & Benefits

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

  • SWIFT Transfer – Remittances received through SWIFT, through Nostro account maintaining banks in any currency
  • Cheque transfers – Remittances received by way of realization of cheques drawn in favour of the organization and sent abroad for collection and realized
  • Vostro account transfers – Remittances through Vostro Doha ( Qatar ), Union National Bank , Abu Dhabi (UAE), Orient Bank, Kampala ( Uganda ) and Amas Bank , Geneva ( Switzerland )

Features

  • Nil Balance requirement
  • Free Payable-at-par cheques
  • Free Anywhere Banking
  • Unlimited cheque transactions
  • Payment coverage through freedemand drafts on over 500 locations
  • Electronic Funds transfer
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  • SAVINGS RATES

  • Daily balance upto 5 lac 4 %
  • Daily balance above Rs.10 Lakhs and upto Rs.1 Crore 5 %
  • Daily balance above Rs.1 Crore and upto Rs 10 Cr 5.5 %
  • Daily balance above Rs.10 Crore 6 %
  • DEPOSIT RATES

  • 1 year to 1 year 2 months 6.85 %
  • Indus Tax Saver Scheme - 5 years (upto Rs 1.5 lacs) 6.5 %

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