Medi Assist Healthcare IPO

Home Bank Deposits

Finance Wiki

Trending Categories

All Financial Terms Financial Instruments Market Entities Corporate Actions Public Offerings Fixed Income Instruments Currency Commodity Mutual Funds Derivatives Trading Terms Taxes

More

Derivatives Trading Terms Taxes Property Fixed Income Credit Cards Options and Futures Stocks Insurance IPO Technicals Retirement Planning Loans Gold Bank Deposits

A

B

C

D

E

F

G

H

I

J

K

L

M

N

O

P

Q

R

S

T

U

V

W

X

Y

Z

#

Bank Deposits

Non-Resident Accounts

Welcome to today's lesson on non-resident bank accounts. These are accounts held by Indian nationals and Persons of Indian Origin residing abroad, foreign nationals, and foreign companies in India. Our bank branches have the authority to open ordinary non-resident accounts in the names of private individuals. However, there are certain conditions that must be met. The initial deposit must be received from abroad through an approved manner or in foreign currency during a visit to India. Alternatively, the funds can be transferred from the existing non-resident account of the same person. Let's dive deeper into the details.

Taxable interest

In the realm of finance, it is crucial to understand the taxation of interest earned on fixed deposits. According to the Income Tax Act, any interest earned on a fixed depos...

More

Fixed deposit

A fixed deposit is a financial tool where an individual deposits a certain amount of money to a bank, financial institution, or company. In return, the receiving entity pays...

More

Simple Interest

In the world of finance, one of the fundamental concepts is simple interest. It involves multiplying the interest rate by the principal amount and the number of periods. Unl...

More

Nomination

Account holders often receive requests from banks to make nominations, a process where they select individuals to receive the money in their accounts in case of their passin...

More