LOANS AGAINST DEPOSITS
The most convenient method of obtaining advance against NRE/NRNR/FCNR/NRO-Term/Special/Cash Certificate/Thrift deposits. Cheque book facility is available. Unlimited withdrawals permitted in current account up to 90% of the deposit amount and interest accrued.
DEMAND LOAN FACILITY
Similar to Cash Key facility except that only one time withdrawal permitted. Available in Indian rupees against NRE, NRO, FCNR, NRNR deposits. Common features loan proceeds will be credited only to a NRO/NRSR account. Interest will be charged only on the amount drawn. Interest is compounded quarterly. Repayment of the loan can be done through remittance from abroad and with local funds. On maturity of the deposit, the loan will be adjusted against the deposit and the balance will be credited to NRE (SB) or NR(O)SB accounts of the depositor. Loans can be given to third parties also on the security of the deposit.
NAVA SWARNA VARSHA
This is a Special Term Deposit for 5 years with built-in insurance cover on the life of the depositor to the extent of 5 times the deposit amount. A very nominal premium will be recovered at the time of repayment. There are reinvestment deposits. Interest earned on the deposits is added to the principal and compounded at quarterly intervals. The principal amount together with interest is repaid on maturity of the deposit. Yield on these accounts is distinctly higher because of compounding of interest at quarterly intervals.
A fixed deposit scheme wherein you can withdraw your deposit to the extent of your need and leave the remaining amount undisturbed to earn you interest at the contracted rate. Minimum amount Rs. 10,000. The deposit will be held in units of Rs. 1000 each, interest rate will be as for NRE term deposits, principal and interest entirely repatriable units can be withdrawn any moment. Interest will be paid on the units withdrawn after 6 months but before due date at 1% below the rate for which they have been held. The remaining units will continue to earn interest at contracted rate. Can be jointly held with another
PRAVASI SURAKSHA & KUDUMBA AROGYA SCHEME
The New India Assurance Company Ltd., the largest subsidiary of the General Insurance Corporation of India expands the horizons of its exclusive social security scheme for Non-resident Keralites Pravasi Suraksha implemented in association with the Government of Kerala in 1997 with additional benefits up to Rs. 2,50,000/- and reimbursement of medical expenses incurred for treatment of illness or accident for self and members of family - including parents.
FOREIGN CURRENCY NON-RESIDENT DEPOSIT ACCOUNTS
FCNR accounts can be opened only by an NRI. Can be opened jointly with another NRI. Nomination Facility available. (Nominee can be a resident Indian also), deposits can be opened in US$, Euro, Sterling Pounds Canadian Dollars Australian Dollars and Japanese Yen, the minimum period of deposit is one year and maximum period is 5 years, premature withdrawal permissible subject to 1% penal interest, no interest is payable if the deposit is closed within a year, rupee loans can be taken in India against the security of the deposit. By the depositor(s) By third parties. Foreign currency loans can be availed abroad against the security of FCNR deposits
PURPOSE OF THE SCHEME
Accidents and illnesses have inflicted bitter blows at the roots of happy families - the household is daunted by thoughts of a dark future sans the strong shoulders of the breadwinner. Sympathy from relatives and friends does not help to make up the loss. Financial security is what counts during these moments. Unexpected expenses incurred for treatment of injuries or illness of members of family leaves the household in a no better position. Realizing these facts, New India offers a ray of hope to the hapless family in association with the Government of Kerala (Dept. for Non Resident Keralites Affairs - NORKA) through her twin schemes Pravasi Suraksha Kudumba Arogya. Spouse or parents (for unmarried non residents in India) can submit application on behalf of the person abroad. It is not essential that the non-resident abroad should remit the premium. Benefits of the scheme are payable in Indian Rupees only.