1. Non-Resident (Ordinary) Account:
   It is an account which can be opened in Indian Rupee. You can open Savings, Current or Term Deposit with reinvestment plan including Recurring Deposits Account. This account is ideal to route your investment made out of Indian Funds.
   Facilities available:
   Loans, Nomination, Joint Account, etc.
   Account opened on temporary visit to India can be closed within six months and legitimate balance could be repatriated.
   
   
2. Non-Resident (External) Rupee Account:
   It is an account which can be opened in Indian Rupees by conversion of foreign currency, cheque drawn by the opener on his foreign currency account, inward foreign remittances in permitted currency, transfer from existing NRE/FCNR accounts. It is an ideal account to route investments made on repatriable basis.
   You can choose any mode of account viz. Savings, Current, Term Deposit, including Re-investment plan and Recurring Deposits.
   Facilities available:
   Repatriation of balance, Loan/OD, temporary overdrawings, nomination, joint accounts, opening of account during temporary visit, operation by Power of Attorney permissible.
   Tax Exemption:
• Interest on balance is exempt from Income Tax.
• Balances are exempt from Wealth Tax.
  
  
3. Foreign Currency Non-Resident Account (FCNR) (Banks):
   This account can be opened with funds remitted from outside India with our Head Office or Extension Counter at Y.B. Chavan Centre, Nariman Point, in the form of Term Deposit or under Reinvestment Plan in Pound Stg., US Dollars, Euro or Japanese Yen.
   Deposits are accepted for a minimum period of 1 year to 3 years with interest payable at compounded/half yearly, etc.
   Advantages of FCNR (B) Account:
• All the advantages in respect of NRE (Rupee) Account are also available in this account.
• Can be automatically renewed for similar periods at the option of the account holder.
  In absence of any such instructions, deposits are renewed automatically on due dates for a similar period at prevailing rate.
  Premature withdrawal permitted as per RBI guidelines.
  Facilities available:
  Loans and overdrafts in India and outside India joint accounts repatriation of funds, opening account during temporary visit, operation by power of attorney.
  
  
4. Resident Foreign Currency Account:
   You, as returning NRI can open this account and retain your funds in foreign currency. You can open this account at our H.O. or Extension Counter at Y.B. Chavan Centre, Nariman Point, Mumbai.
   
   
5. Resident Foreign Currency (Domestic) Account:
   You, as a resident can also open, hold and maintain a Resident Foreign Currency (Domestic) Account in the form of Current Account with foreign currency notes, bank notes, travellers cheques as specified by the account with added facilities.

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You would need to submit your account opening application form to us alongwith the following documents:

• Passport size photograph duly signed.
• Passport photocopies.
• Copies of the pages bearing the name and address, photograph/signature and validity, if you are away from India, it should be duly attested/notorised.
• The cheque/draft for initial remittance.
• Residence Visa/Work Permit or any other proof as provided by the laws of residence country with photocopies and if you are away from India, they should be attested/notorised copies.

It may be noted that the address and signature as mentioned on the above documents should tally.

Minimum Balance Requirements:

Fund transfers in any of the following ways:

• Transfer from your existing NRE Savings account with another bank.
• A pay order/draft from banker along with a certificate confirming the nature of the funds.
• Foreign currency cash/TCs as per limit prescribed by RBI.
• Remittance of funds in foreign currency cheque/drafts.
• Telegraphic Transfer through our correspondent banker.

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• Foreign currency
• Foreign Exchange Demand Draft
• Foreign Currency Cheques Collection
• Outward Remittance through Telegraphic Transfer
• Exchange Earners' Foreign Currency A/c (EEFC)
• Export/Import

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The Maharashtra State Cooperative Bank Ltd., as an Authorised Dealer offer the services in Foreign Exchange business through the International Banking Division to various institutions in preshipment / packing credit as well import letter of credit. As an "Authorised Dealer", we buy / sell various foreign currencies, Travellers cheques, and also undertake collection of clean cheques, payment of collection bills received under collection basis, open various accounts for Non - Resident Indians, such as NRO / NRE, accounts in rupee and NRE accounts in foreign currency. In accordance with RBI, FEMA, FEDAI directives, External Commercial Borrowings and Export Guarantee Transactions are also carried out. We receive and also make overseas remittances i.e. Remittances for Education Fee, Medical Treatment Abroad, Travelling, Maintenance of Family residing Abroad etc.

As you are aware, We have shifted to the elegant premises at the Y.B. Chavan Centre near Mantralaya, Mumbai. with latest information technology equipment During the year 2003-04 the Bank installed 'SWIFT' system, to enable quick and safe communication with overseas banks, thereby providing speedy and better services to customers. It put the MSCB in line with commercial and foreign banks. We are maintaining our Nostro Accounts in 5 foreign major currencies abroad i.e. USD, GBP, EURO & JPY.

1. Export Credit Limit :
If your customers are dealing in export of goods and services, you can avail the preshipment / packing credit and post shipment credit limits on behalf of them from us at the concessive rate of interest which you can directly pass on to your exporter customers, who are direct exporters (facility not available for third party export). The documents under the facility will be handled by our bank which can be directly sent to our International Banking division by courier or through our regional or divisional office.

Our present Rate of Interest for Preshipment/Post shipment Credit

(For Export Bill below 45 days 3.00 lacs 0.50 additional interest will be charged)

1. Import Letter of Credit : Our Bank can extend / sanction the foreign letter of credit limit to your bank for the purpose of importing machinery, various types of goods, on account of your importer customers. The commission so charged on opening of such LCs will be equally shared by both of us (50:50). This will be an additional profit avenue for your Good Bank. As a part of security, you can offer your Fixed Deposit or issue Bank Guarantee to us on behalf of your customers.
A) Since the banking sector has become extremely competitive, the Board of Directors of the Bank has endeavoured to frame a new attractive policy to enable the Urban Cooperative Bank to avail above credit limits through us with just 10% to 15% margin money for the banks in the category of Grade I and with A-Class Audit and with 35% margin money for the banks in the category of Grade II and A - Class Audit.

B) For District Central Co-op Banks
10 % margin money for 'A' Audit Class Banks.
25 % margin money for 'B' Audit Class Banks.
100 % margin money for 'C' Audit Class Banks.

The documentation for the above will be -
a) Your Board Resolution
b) Counter Guarantee, Debit Authority
c) Balance Sheet for the last 2 financial years.

As regards handling foreign exchange business and for smooth working, we will train your staff members at our International Banking Division in respect of various procedures, handling of documents, required (security) documentation etc.

Your customers can avail Export - Import credit facilities from you through us. Thus, your customer, hitherto, approaching nationalised / commercial bank for foreign letter of credit or alike facilities, will be with you and in the co-operative fold only.

C) For proprietorship/Partnership/Joint Ventures/Govt. Bodies/Corporate Bodies , forex limit for Import / Export Sanctioned againts Fixed assets and mortgage deed.
Please feel free for any kind of information guidance in forex business and contact at the following address :

Shri A P Hemke,
Manager
(International Banking Div.)
The Maharashtra State Cooperative Bank Ltd.,
Y. B. Chavan Centre, General J.B. Marg,
Nariman Point,Mumbai 400 021.
Phone : 2202 8588, 2202 8639.
Fax : 2202 8606.
E-mail :- mscbibd@vsnl.com

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