Bank’s Recurring Deposit Schemes

Meaning of Recurring deposits Recurring deposit account is generally opened for a purpose to be served at a future date. Generally it is opened to finance pre-planned future purposes like, wedding expenses of daughter, purchase of costly items like land, luxury car and refrigerator or air conditioner. Eligibility of Recurring Deposit account Recurring deposit account is opened by those who want to save regularly for a certain period of time and earn a higher interest rate. Recurring Deposit scheme is…
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Can foreign nationals or tourists open banking account in india?

In short, the answer is "YES". Please read on for Can foreign tourists open a bank account in India during their short visit? A. Yes. Foreign tourists during their short visit to India can open a Non-Resident (Ordinary) Rupee (NRO) account (Current / Savings) with any Authorised Dealer bank dealing in foreign exchange. Such account can be opened up to a maximum period of 6 months.  What are the documents required for opening such accounts? A.  Passports and other valid…
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How can NRIs and PIO invest in india?

The following facilities/options are available to the NRIs (Non-Resident Indians) and PIO (Person of Indian Origin) for investments in India. I. Bank Accounts and Deposits a) Non-Resident (External) Rupee (NRE) Accounts (Principal / Interest Repatriable) Savings - The interest rates on NRE Savings deposits shall be at the rate applicable to domestic savings deposits. Currently the interest rate is Term deposits – For 1 year to 3 years, the interest rates on fresh repatriable Non-Resident (External) Rupee (NRE) Term deposits…
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Demat Account in Banks

Demat account is short form of dematerialised account. Demat account is similar to a bank account where real money is replaced by shares. Just like a bank account is required to save money or make cheque payments, we need a demat account in order to buy or sell shares. A Demat Account holds portfolio of shares in electronic form and removes the need of holding shares in physical form. The account offers a secure and convenient way to keep track…
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