BANK OF BAHRAIN AND KUWAIT B.S.C

NRI
Outward Remittances
Facilities for Returning Indians
Investment Schemes for NRI's
Tax Benefits for NRI's
Opening of NRI Account
Deposit accounts NRE / NRO
Foreign currency deposits FCNR
Portfolio Investment Scheme
NRE Term Deposits
NRO Term Deposits
RFC a/c

ANNOUNCEMENTS

BBK will be launching new digital initiatives soon for more convenient banking ….visit regularly here.

Dear Customer, Consequent upon spurt in COVID-19 cases across India and Government/local bodies actions, we request all our valued customers to use online banking for their regular banking transactions and also minimize use of cash as low as possible. Currency changing hands may also be carrying virus. Our Branches will be open for limited services on working days with reduced staff and curtailed business hours (10 am -2 pm). For any help and details visit our website www.bbkindia.com . We assure our commitment to you and thank you for your co-operation in the current situation"

Reserve Bank of India(RBI) vide circular No DPSS.CO.RPPD.No 309/04.07.005/2020-21 dated Sepetember 25,2020 had announced introduction of Positive Pay System for CTS for all cheques value Rs 50000.00/- and above.

Dear Customer, As per Govt. guidelines and to ensure the health and safety of our customers,vendors and employees, all visitors to our branches are required to wear a face mask maintain social distancing. Entry will be allowed post screening for body temperature and status on the Aarogya Setu app. We request your co-operation in compliance of these guidelines.

An Appeal (Hindi-pdf) with reference to Pradhan Mantri Garib Kalyan Package, in the light of COVID-19.

“Dear Customer,Bank of Bahrain and Kuwait B.S.C. will never ask you to share sensitive information like OTP, CVV, passwords for moratorium on loan EMIs or any other payment. Beware of such fraudulent calls or emails. DO NOT share your OTP, User ID, Password, CVV, Expiry date etc with anyone. Stay safe and stay alert. To know more, visit www.bbkindia.com”

Given the large scale disruptions caused by the COVID-19 virus pan-India and the regulatory measures announced thereof, Bank of Bahrain and Kuwait, India has decided to extend a 3 months moratorium on all Home and Consumer Loan EMI Installments falling due between 01Mar20 - 31May20. Pl.contact your branch/RM for further details, in case you do not wish to avail the moratorium and want to continue with the existing terms of repayment.

“Thank you for choosing to do business with BBK. Due to global COVID-19 pandemic, there is a great deal of uncertainty in the markets and in the current situation, BBK highlights the need for clients to carefully consider any new product and independently review risks at this highly sensitive and volatile time. We caution our clients to remain focused and vigilant in these times as the human, economic and financial impacts of this pandemic have already been huge, and it is not yet clear how quickly the situation will be brought under control and normal economic activity can resume.”

“As per RBI guidelines, National Electronic Fund Transfer (NEFT) is available 24 x 7 with effect from December 16, 2019.”

* TDS of 2% would be levied on cash withdrawals exceeding Rs 1 crore during a financial year. Click here for further details.

* Waiver / reduction of NEFT/RTGS charges with immediate effect Refer schedule of charges for details. Please click here for Revised service charges w.e.f.15.11.2019.

*Banking Facilities for Senior Citizens and Differently abled Persons.

* W.E.F 01.07.2017 Bank has been collecting GST @18% on applicable commission/service charges in lieu of service tax @15%.

* W.E.F 01.07.2017 GST on Forex conversions are being collected. Click here for rates.

* Please click here for current MCLR rates.

* Please click here for current interest rates on deposits.

* Details of Unclaimed Deposits. Please click here.

* FREE OF CHARGE unlimited usage of BBK ATM cards in other Banks’ ATMs.BBK ATM cards can be used in all ATMs of NPCI member Banks network. Click here for details.

*Safe Deposit Lockers facility available at our Hyderabad, Aluva & New Delhi branches. Please contact branch for details.

* Interest on all types of Savings Deposit shall be credited at quarterly intervals on the last working day of March, June, September and December.

* As per Income Tax rules, applicable TDS on deposit account is deductible on accrued interest. TDS so deducted is non-refundable.

* Customers are advised to register their mandates for payment before maturity on joint deposits held on "Either or Survivor" or "Former or Survivor" basis.

* Customers are advised to issue CTS compliant cheques only.

* BBK presently does not have any 3rd Party Agents/DSAs. The marketing & processing of all products are done through its branches, by the bank staff.

* Rupee Floating Loans/ Credit limits shall now be priced at MCLR effective 01/04/2016"click here for details

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Remittance facilities for Non Resident Indians (NRIs) / Persons of Indian Origin (PIO) and Foreign Nationals

Remittance of current income :

Remittance of current income like rent, dividend, pension, interest, etc. of NRIs/PIO even those who do not maintain NRO Account is freely allowed, on the basis of appropriate certification by a Chartered Accountant certifying that the amount proposed to be remitted is eligible for remittance and that applicable taxes have been paid / provided for.

NRIs/PIO have the option to credit the current income to their Non-Resident (External) Rupee account, provided the authorized dealer bank is satisfied that the credit represents current income of the non-resident account holder and income tax thereon has been deducted / provided for.

Remittance of assets by a foreign national of non-Indian origin :

A foreign national of non-Indian origin who has retired from an employment in India or who has inherited assets from a person resident in India or who is a widow of an Indian citizen who was resident in India, may remit an amount not exceeding USD one million, per financial year (April-March), on production of documentary evidence in support of acquisition / inheritance of assets, an undertaking by the remitter and certificate by a Chartered Accountant in the formats prescribed by the Central Board of Direct Taxes vide their Circular No.10/2002 dated October 9, 2002.

These remittance facilities are not available to citizens of Nepal and Bhutan.

Remittance of assets by NRI/PIO :

A Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) may remit an amount up to USD one million, per financial year, out of the balances held in his Non-Resident (Ordinary) Rupee (NRO) account / sale proceeds of assets (inclusive of assets acquired by way of inheritance or settlement), for all bonafide purposes, to the satisfaction of the authorized dealer bank, on production of an undertaking by the remitter and certificate by a Chartered Accountant in the formats prescribed by the Central Board of Direct Taxes.

NRI/PIO may remit sale proceeds of immovable property purchased by him out of Rupee funds (or as a person in India) as indicated above without any lock-in-period.

In respect of remittance of sale proceeds of assets acquired by way of inheritance or legacy or settlement for which there is no lock-in period, NRI / PIO may submit documentary evidence in support of inheritance or legacy of assets, an undertaking by the remitter and certificate by a Chartered Accountant in the prescribed formats. Settlement is also a mode of inheritance from the parent, the only difference being that the property under the settlement passes to the beneficiary on the death of the owner/parent without any legal procedures/hassles and helps in avoiding delay and inconvenience in applying for probate, etc. Here, it is also clarified that in case settlement is done without retaining any life interest in the property, it would tantamount to regular transfer by way of gift. Therefore, if property is received by NRI/PIO by way of settlement without the settler retaining life interest, it maybe reckoned as transfer by way of gift and the remittance of sale proceeds of such property would be guided by the extant instructions on remittance of balance in the NRO account.

The remittance facility in respect of sale proceeds of immovable property is not available to citizens of Pakistan, Bangladesh, Sri Lanka, China, Afghanistan, Iran, Nepal and Bhutan.

The facility of remittance of sale proceeds of other financial assets is not available to citizens of Pakistan, Bangladesh, Nepal and Bhutan.

Repatriation of sale proceeds of residential property purchased by NRIs / PIO out of foreign exchange :

Repatriation of sale proceeds of residential property purchased by NRI / PIO is permitted to the extent of the amount paid for acquisition of immovable property in foreign exchange received through banking channels. The facility is restricted to not more than two such properties.

Authorised dealer banks ( Bank of Bahrain and Kuwait ) are permitted to handle repatriation of amounts representing the refund of application / earnest money / purchase consideration made by the house building agencies / seller on account of non-allotment of flat / plot / cancellation of bookings / deals for purchase of residential / commercial property, together with interest, if any (net of income tax payable thereon), provided the original payment was made out of NRE / FCNR (B) account of the account holder, or remittance from outside India through normal banking channels and the authorised dealer bank is satisfied about the genuineness of the transaction. Such funds may also be credited to the NRE / FCNR (B) account of the NRI / PIO, if they so desire.

Authorised dealer banks (Bank of Bahrain and Kuwait) may allow repatriation of sale proceeds of residential accommodation purchased by NRIs/PIO out of funds raised by them by way of loans from the authorized dealer banks / housing finance institutions to the extent of such loan/s repaid by them out of foreign inward remittances received through normal banking channel or by debit to their NRE / FCNR(B) account.

Repatriation of maturity proceeds of FCNR (B) deposits :

Bank of Bahrain and Kuwait is one of the authorised banks permitted to make remittance of the maturity proceeds of FCNR (B) deposits to the third parties outside India, provided the transaction is specifically authorised by the account holder and the authorised dealer is satisfied about the bonafides of the transaction.

ESOP to NRI Employees :

Authorised dealers are permitted to grant Rupee loans to NRIs employees of Indian companies for acquiring shares of the companies under the ESOP Scheme. The loan scheme shall be as per the policy approved by the bank’s Board and would further be subject to the conditions indicated in AP (DIR Series) Circular No. 7 dated August 22, 2007.

Facilities for students :

Students going abroad for studies are treated as Non- Resident Indians (NRIs) and are eligible for all the facilities available to NRIs under FEMA.

As Non-Residents, they will be eligible to receive remittances from India (i) up to USD 100,000 from close relatives in India on self declaration towards maintenance, which could include remittances towards their studies also and (ii) up to USD 1 million per financial year, out of sale proceeds of assets / balances in their account maintained with an AD bank in India.

All other facilities available to NRIs under FEMA are equally applicable to the students.

Educational and other loans availed of by them as residents in India will continue to be available as per FEMA regulations.

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