BANK OF BAHRAIN AND KUWAIT B.S.C

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ANNOUNCEMENTS

* Please click here for Revised service charges w.e.f.01.02.2018.

*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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Who is NRI

As per FEMA Defination :

NRI is defined as a person resident outside India who is citizen of India.

In terms of Regulation 2 FEMA Notification No.13 dated May 3, 2000, Non-Resident Indian (NRI) means a person resident outside India who is a citizen of India. Person of Indian Origin (PIO) means a citizen of any country other than Bangladesh or Pakistan who had (a) at any time held Indian passport or (b) he or either of his parents or any of his grand -parents was a citizen of India by virtue of the Constitution of India or the Citizenship Act 1955 or (c) the person is a spouse of an Indian citizen or a person referred to in (a) or (b).

The NRI, as per the IT Act, 1961

The definition of Non-Resident under FEMA is different from that given in the Income Tax Act. Chapter XI of the Act defines a non-resident Indian as an individual, being a citizen of India or a person of Indian origin, who is not a resident. A person is of Indian origin if he or either of his Indian parents or any of his grand parents was born in undivided India. To avail of tax sops extended to NRIs, an individual must satisfy the following criteria

A person who has been in India for 60 days or more during a financial year and 365 days or more during the preceding four financial years qualifies as a 'Resident' of India. This has been relaxed and can be extended to 182 days. Not meeting this criterion qualifies the individual for a "non-resident" status.

NRIs based outside India can continue to enjoy non-resident status in India if their presence in India is more than 60 days but less than 182 days, even if their stay in India during the past four financial years is 365 days or more

Having been deputed overseas for over 6 months also qualifies an individual for NRI status.

The relaxation to 182 days applies to

Indian crew members sailing overseas on Indian ships - their stay abroad is treated as employment outside India

In the case of Indian citizens as well as in the case of "Persons of Indian Origin" who are settled abroad but visit India for personal reasons.
The concession of extended stay is available only to Indian citizens or to "persons of Indian origin" A "Person of Indian origin" is a person who is not an Indian citizen, but was born, or either of his parents or grandparents was born in India.

Any other company or Association of Persons is treated as non-resident when the control and management of its affairs is situated throughout the year wholly outside India.

It follows that in cases of non-Individual categories of persons, it is the control and management that determines whether that person is Non-resident or otherwise. If the control and management is in India, the status is Resident, if outside India, it is non-resident.

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