No exchange loss, as interest and principal are payable in US Dollars, Pounds Sterling, Deutsche Marks, Japanese Yen or Euro. Deposits will be accepted for maturities of six months to three years. Savings Bank Accounts. Transactions in the account are allowed freely without the need to inform the bank about the details of sources of credits and purposes of debits. Nomination facility available for all the above accounts.
Bank Deposits are free from wealth tax in India.
Interest earned on NRE, FCNR and NRNR accounts is exempt from Indian income tax. Gifts made out of NRE, FCNR and NRNR accounts are free from gift tax in India. The passport copy and photographs may be attested by you.