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Interest Rates on Deposits

Interest Rates on Advances

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Last Modified : Apr 23, 2007 1:14 PM

Loans Against Shares, Securities ...

Conditions

Select branches are authorised to grant overdrafts on the security of Shares/Securities/immovable properties held by Non-Resident Indians in the country.

Conditions

To avail of the loans in India against shares/securities/immovable properties held by Non-resident Indians in India, the NRI has to comply with/accept the following conditions:

1)	Shares/securities should be held in the name of the concerned NRI with the general or special permission of the Reserve Bank of India. In the case of loans against security of immovable properties (other than agricultural/plantation property or farmhouse) to persons of Indian origin holding a foreign passport, the properties should have been acquired with the general or specific permission of the Reserve Bank of India
2)	The loan should be utilised for meeting the borrower's personal requirements and/or for his own business purposes and not for :
	a)	Re-lending or investment in shares/securities/immovable properties, or
	b)	Investment in agricultural/plantation activities or farmhouse and in real estate business (i.e., dealing in land and other immovable property for commercial purposes) either singly or in association with others
3)	The quantum of loan, margin, interest etc., would be in accordance with the guidelines issued by the Reserve Bank of India regarding advances against shares/securities/immovable properties
4)	The loan amount should be retained in India and not remitted abroad. The loan amounts cannot be credited to NRE/FCNR(B)/NRNRRD account of the non-resident borrower
5)	The repayment of the loan should be made by the way of remittances from abroad through normal banking channel or by debit to the NRO/NRE/FCNR(B) account of the borrower or out of the sale proceeds of the shares/securities/immovable property against which such loan has been granted

Debt Waiver / Relief Beneficiaries

Branch

ATM

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'Cheque Drop Box' facility available at Branches / onsite ATM cabin.

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Retail lending Scheme for serving & retired Defence personnel - V Rakshak

Retail lending Scheme for Teachers - V Shikshak

Health Cum Accident Policy Exclusively for Account Holders - V-Arogya Bima Policy.

Debt Waiver / Relief Beneficiaries

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