DEPOSIT AND LOAN FACILITIES

PROVIDED BY STATE BANK OF

TRAVANCORE TO NRI’s

Who is an NRI?

A Non Resident Indian (NRI) as per India’s Foreign

Exchange Management Act 1999 (FEMA), is an

Indian citizen or Foreign National of Indian Origin

resident outside India for purposes of employment,

carrying on business or vocation in circumstances as

would indicate an intention to stay outside India for

an indefinite period. An individual will also be

considered NRI if his stay in India is less than 182

days during the preceding financial year.

Who is a PIO?

A person who is not a citizen of India is deemed to

be of Indian origin if he is not a citizen of Pakistan

or Bangladesh and if

he at any time held an Indian passport; or

he or either of his parents or any of his

grandparents was a citizen of India by virtue

of the Constitution of India or Citizenship Act,

1955.

A spouse (not being a citizen of Pakistan or

Bangladesh) of an Indian citizen or of a Person of

Indian Origin is also treated as a Person of Indian

Origin for the purpose of NRI deposits if the

accounts are held jointly with the NRI/PIO spouse.

PIOs are extended the same facilities for bank

account maintenance in India as NRIs and are also,

for such purposes, called by the generic name as

NRIs.

Procedure for Opening a Non-Resident (NRI)

Account in India

Non resident Indians have been extended the facility

to open an NRE/FCNR account from overseas, by

downloading the form from the website of the bank

of their choice.

Generally, the account opening form must be

accompanied by

A passport copy,

The visa or residence permit of the country the

NRI is residing in, and

A set of 2 photographs

The signatures on the form have to be verified by

either officials at the Indian Embassy or consulate in

the country of his residence or the Notary public. In

case the particular bank has an overseas branch in

the applicant’s city, documents can be verified at

that office.

The initial remittance must be sent along with the

documents.

NRIs can empower a local citizen to operate their

domestic accounts through a Power of Attorney or a

letter of authority. NRIs can appoint nominees,

resident Indians or otherwise, to their account.

Deposit facilities provided by State Bank of

Travancore to NRI’s

What is a deposit account?

A deposit account is a current account, savings

account, or other type of bank account, at

a banking institution that allows money to be

deposited and withdrawn by the account holder.

These transactions are recorded on the bank's books,

and the resulting balance is recorded as a liability for

the bank, and represent the amount owed by the

bank to the customer. Some banks charge a fee for

this service, while others may pay the customer

interest on the funds deposited.

Savings Bank Accounts

Repatriable NRE (Non Resident

External) Savings Bank Accounts

Running accounts - Frequent credits and

withdrawals allowed [ can also be opened as

Current Account]

Maintained in Indian Rupees

Cheque book facilities

Current income of NRIs such as rent,

dividend, interest, pension etc net of

applicable taxes can be credited to this

account.

Can be opened with drafts, travelers

cheques/currencies issued from abroad. Drafts

issued in approved foreign currencies can also

be converted into Indian Rupees.

Balance can be repatriated abroad.

Nomination Facilities available. Nominee can

be resident or non-resident

Eligible for tax concessions. Interest earned

exempt from Income Tax

Can be opened jointly with another Non-

Resident Indian

Can be operated by a resident, duly authorised

by the NRI Account Holder

Non-Repatriable NRO (Non Resident

Ordinary) Account 

When an existing resident goes abroad, his

resident Savings Bank Accounts are to be

termed as Non resident (Ordinary) Savings

Bank Accounts.

Balance in the account can be repatriated upto

US Dollars 1 million per calendar year for any

purpose. This includes sales proceeds of

immovable property credited to NRO accounts

subject to payment of applicable Taxes.

Interest earned is subject to deduction of

Income Tax at source.

The NRI's local funds generated in India can

be credited to these accounts.

Interest earned in NRO A/C repatriable

Nomination Facilities available

Joint account with a resident permitted

Operation by resident [Power of Attorney

holder permitted]

NATURE

RATE OF

INTEREST %

MINIMUM

BALANCE

Normal Senior Rural  Semi Urban 

ACCOUNT  Citizen  Urban

Savings

Bank A/c

A.

Domestic /

NRO

a. With

Cheque book

facility

3.50 3.50 1000

1000 1000

b. Without

Cheque book

facility 

3.50 3.50 500

500 500

c. No Frills

Account  3.50 3.50 NA

NA NA

NRE  3.50 3.50 No minimum balance

stipulation. If the

average balance per

month is above Rs.

5000/- the services are

not charged.

A. Savings Bank Deposits

  (Domestic/NRO)-3.50% per annum (w. e. f. 

01.03.2003)

B. Term Deposits (Domestic/NRO) (w. e. f.

09.12.2010)

  

Interest Rates for Bulk Deposit Rs. 1 Cr. and above. 

PERIOD RATES

15 days to 45 days 5.00

46 days to 90 days 5.00

91 days to 179 days 7.00

180 days to less than 1 year 7.25

1 year to less than 3 years 8.25

500 days 8.50

1000 days 8.60

3 years to less than 5 years 8.60

5 years to less than 8 years 8.60

8 years and upto 10 years 8.60

PERIOD (FROM 13.03.2010)

BULK DEPOSIT RS.1 CR. AND

ABOVE1 year and above 6.00%271 days to less than 1 year

5.50%

181 days to 270 days

4.50%

91 days to 180 days 3.50%46 days to 90 days 3.00%31 days to 45 days 2.25%15 days to 30 days 2.00%7 days to 14 days 1.50%

Fixed Deposits

Repatriable NRE Fixed Deposits

NRE Rupee fixed deposits can be opened with the

option of interest being payable once in a quarter or

compounded at quarterly periods and payable along

with principal on maturity. The minimum period for

which an NRE term deposit can be opened is 12

months and the maximum period is 60 months.

These deposits can be:

Ordinary Term Deposits-Interest amount can be

credited to the depositor's account or an account of

his choice, normally once in a quarter. Monthly

interest payment permissible conditionally.

OR

Special Term Deposits-Interest earned on the

deposits is added to the principal and compounded at

quarterly intervals. The principal amount together

with interest is repaid on maturity of the deposit.

No interest is payable if the deposit is prematurely

closed before the minimum period of 12 months.

Premature closure attracts penalty of 1% 

Loans can be granted against these deposits subject

to a maximum of Rs.100 lakh as per RBI Guidelines.

NRE Thrift deposits

Fixed sums can be depoited every month for a

fixed period

Deposits maintained in Indian Rupees on

repatriable basis

Compound interest at same rates as applicable

to other term deposits

Periods from 12 months to 60 monthhs

Eligible for tax concessions

NRE Super surplus scheme

Same as above but monthly deposit amounts can be

varied according to availability of funds, subject to a

minimum of core amount.

Non Resident Ordinary Term Deposits

(NRO)

When an existing resident goes abroad, his

resident fixed deposits are to be termed as Non

Resident (Ordinary) Term deposits

New accounts can also be opened.

The NRI's local funds generated in India can be

credited to these accounts.

Periodicity from 15 days to 10 years

Balance in the account can be repatriated upto

US Dollars 1 million per calendar year for any

purpose. This includes sales proceeds of

immovable property credited to NRO accounts

which has been held by the NRI.

Earn Interest at domestic deposit rates

Interest earned is subject to deduction of Income

Tax at source.

Interest earned in NRO A/C repatriable

Nomination Facilities available

Can be held jointly with a resident

Non Resident Deposits

NRE Savings Bank - 3.50% per annum (w. e. f. 18-

11-2005)

Interest Rates for NRE Fixed Deposits

( w. e. f. 02-12-2010 )

PERIOD OF

DEPOSIT

PERCENTAGE OF

INTEREST

1 year to less than 2

years2.54 %

2 year to less than 3

years2.51 %

3 years above and upto 5

years2.79 %

Accounts in Foreign Currency

FCNR Account

Accounts can be opened in six major currencies

viz., US Dollar, Pound Sterling, Japanese Yen,

Euro, Australian Dollar and Canadian Dollar.

Accounts are opened for periods ranging

between 12 months and five years. Interest is

compounded on half yearly basis under the

reinvestment plan if opened for 366 days or

more.

On maturity, payment shall be made in foreign

currency/Indian rupees, as desired by the

depositor.

Affords protection against fluctuation in

Exchange rates.

Interest is payable at half yearly intervals only.

Interest can be compounded under the

reinvestment plan.

Interest rates offered are higher than the interest

rates for these currencies for the same maturities

in international markets.

These deposits are repatriable

Nomination Facilities available

Eligible for tax concessions

Repatriation of maturity proceeds to 3rd party

outside India permitted subject to conditions.

Interest Rates For FCNR Deposits

(w.e.f. 02-12-2010)

PERIOD OF USD GBP EURO AUD CAD JPY

DEPOSIT

1 year to less than

2 years

1.79

%

2.49

%

2.49 % 6.66

%

2.89

%

1.59

%

2 years to less

than 3 years

1.76

%

2.37

%

2.59 % 6.29

%

2.77

%

1.40

%

3 years to less

than 4 years

2.04

%

2.71

%

2.84 % 6.41

%

3.02

%

1.45

%

4 years to less

than 5 years

2.36

%

3.04

%

3.10 % 6.65

%

3.28

%

1.52

%

5 years 2.73

%

3.37

%

3.33 % 6.76

%

3.51

%

1.61

%

Resident Foreign Currency Account (RFC)

Facility for returning Indians.

To maintain outside earnings in convertible

foreign exchange.

All NRIs who had been resident outside India

for a continuous period for 1 year eligible

Funds in NRE/FCNR, foreign exchange brought

in the form of remittances, travelers cheques,

foreign currency from abroad may be credited

into RFC account.

Maintained in US$ in Savings Bank / Current

account or Term Deposit of 6/36 months

duration

Interest payable in US$ - can be drawn in India

rupees on conversion

Can be held jointly with other eligible residents

No cheque book issued for RFC(SB)

account/Current Account

Pension or other monetary benefits including

interest / dividend on assets held abroad can be

credited into RFC.

Remittance abroad for bonafide purposes can be

effected from RFC.

RFC can be converted into NRE or FCNR if the

account holder goes abroad again and attains

NRI status.

RFC Accounts (in USD)W. e. f. 02-12-2010

RFC Savings Bank account 0.50 %

RFC Term Deposits - 6 months to less than 1 year

1.00 %

RFC Term Deposits - 1 year to less than 2 years

1.79 %

RFC Term Deposits - 2 years to less than 3 years

1.76 %

RFC Term Deposits - 3 years only

2.04 %

Loan Facilities provided by State bank of

Travancore to NRI’s

What is a loan?

A loan is a type of debt. Like all debt instruments, a

loan entails the redistribution of financial assets over

time, between the lender and the borrower.

In a loan, the borrower initially receives

or borrows an amount of money, called

the principal, from the lender, and is obligated

to pay back or repay an equal amount of money to

the lender at a later time. Typically, the money is

paid back in regular installments, or partial

repayments; in an annuity, each installment is the

same amount.

The loan is generally provided at a cost, referred to

as interest on the debt, which provides an incentive

for the lender to engage in the loan. In a legal loan,

each of these obligations and restrictions is enforced

by contract, which can also place the borrower under

additional restrictions known as loan covenants.

Although this article focuses on monetary loans, in

practice any material object might be lent.

Acting as a provider of loans is one of the principal

tasks for financial institutions. For other institutions,

issuing of debt contracts such as bonds is a typical

source of funding.

Bank’s Base Rate has been fixed as 7.75% per

annum with effect from 1st Jul 2010, in tune with

the methodology suggested by RBI. All categories

of loans and advances [including Bills],

sanctioned/renewed on or after 1st Jul 2010, other

than those specifically exempted, will be priced with

reference to Base Rate.

Benchmark Prime Lending Rate (BPLR):13.25 %

p.a.

(with effect from 01.12.2010)  

The maximum spread over PLR will continue to be

4% for all advances other than consumer credit,

clean advances, export credit and other exempted

categories as per RBI directives.

 In the case of interest rate for loans with floating

rates linked to BPLR/Base Rate, the interest rate is

subject to change, with every increase or decrease in

BPLR/Base Rate. Such change will be restricted to

the extent of increase/decrease in BPLR/Base Rate.

Cash Key facility 

The most convenient method of obtaining

advance against deposits. 

Unlimited withdrawals permitted in a Current

account upto 90% of the deposit amount and

interest accrued.  

Cheque book facility is available. 

Interest charged on these loans will be 1% above

the interest rate allowed on the deposit 

irrespective of the amount, rate of interest and

period.

Gold Loans

Conventional

Loans against Gold ornaments. 

Rs.1350 per gram of gold for all types of jewellery

(including hall marked jewellery).

Amount of Loan - Maximum 10 lacs

Period of loan - 6/12 months and can be further renewed 

Simple easy documentation. 

Liquid gold-SBT Gold overdraft

Overdraft facility against pledge of Gold ornaments,

operated as a running account with facility of cheque

book. 

Rs.1350 per gram of gold for all types of jewellery

(including Hall marked jewellery)

Amount of Loan - Maximum 10 lacs

Loans are granted for 6/12 months and can be further

renewed. 

Mitra Varsha -Loan against shares & securities

A single over draft limit against the pledge of various

types / combination of securities viz. IVP,LIC Policy,

SBI Life Policy, Treasury FD, Post Office FD.

BY

PLEDGE

OF

MINIMUM

LIMIT

RS.50000/-

MAXIMUM

LIMIT

LIC/SBILife Policies

Govt Of Kerala Treasury

FD/Post Office FD

Indira Vikas Patra

95% of Surrender

value Max 

Rs.20.00 lacs

70% of deposit +

accrued interest.

Max Rs.20.00

lacs

75% of purchase

value Max

Rs.5.00 lacs

Sahaya Varsha

A clean demand loan to meet your short term funds/

financial needs for various purchases/emergent

requirements such as marriage, family functions,

travel, education, expensive medical treatment,

operation etc.

1. Persons Eligible:

i. Salaried employees having net monthly income

exceeding Rs.5,000/- and maintaining salary

account with us

ii. Pensioners drawing pension from our Branch

having known sources of regular net monthly

income exceeding Rs.2,500/-

2. Amount of Loan:

15 times of the net monthly salary / income,

Minimum Rs.10,000/- and Maximum Rs.2,00,000/-

3. Margin: Nil

4. Repayment:

6 to 60 months in Equated Monthly Installments.

5. Security:

Primary - Nil

Collateral -

i. Equitable Mortgage of property having value not

less than 200% of the loan amount.  OR

ii. Third party guarantee of two or more persons of

sufficient worth acceptable to the Bank 

OR

iii. a) Check off facility with one personal guarantee

for loan amount upto Rs.1 lac.

b) Check off facility with one or two personal

guarantee of sufficient worth for loan amount

above Rs.1 lac.

6. Processing Charges:

Loans upto Rs.25,000/- = Rs.100/-

Above Rs.25,000/- = Rs.250/-

7. Papers To Be Submitted To The Bank:

i. Application form (in duplicate) and two passport

size photographs

ii. Proof of income

In the case of salaried persons

i. Salary Certificate showing deductions.

ii. Authorisation to deduct monthly installments

from the salary of the employee for credit of the

loan account where check-off facility is

available.

iii. Standing instruction to transfer monthly

instalments from the salary account.

Pensioners

i. Authorisation to deduct the monthly installments

from the Pension account.

ii. Proof for the other income.

8. For mortgage of property

Original and prior title deeds.

Latest tax receipts

Possession Certificate

Encumbrance certificate for the last 15 years

from the Sub-Registrar.

Valuation report from the banks approved

valuator.

Suvidha Loan 

Loan against mortgage of immovable property for

personal needs such as marriage related expenses,

foreign travel, medical expenses etc.

1. Nature of Loan:

Term Loan

2. Purpose:

Consumer needs – General Purpose Loan

3. Eligibility:

Individuals who are :

a. employees of Government, Quasi Government,

reputed companies/establishments.

b.Professionals, self employed and others who are

income tax assesses.

c. Engaged in agricultural and allied activities.

d.Net monthly income of Rs.12,000 for salaried

persons or net annual income of Rs.1,50,000 in

the case of others.

e. The income of the spouse may be added if

he/she is a co-borrower.

4. Age Limit:

The age of the borrower should not exceed 60 years

at the time of sanction.

5. Amount of Loan:

24 times the net monthly income for salaried

persons or 2 times the net annual income in case of

others. Minimum Rs.50,000 -  Maximum 1 Crore

6. Security:

Equitable mortgage of non encumbered

Residential /Commercial property in the name and

possession of the borrower/spouse/close relatives

(provided the property holders become guarantors

for the relative loan)

7. Margin:

40 % of the market value of the property.

8. Repayment:

Equated monthly installments within a maximum

period of 120 months with a check off facility in the

case of salaried persons/60 months where check off

facility is not available.

9. Processing Fee:

2% of the loan amount. Max Rs. 50,000/-

10. Insurance:

The property being mortgaged should be insured

against the risk of fire/riots/

earthquakes/lightning/floods etc. in the joint names

of the borrower and the Bank for the full market

value of the property.

11. Papers to be submitted:

Application form

2 passport size photographs

Copy of the income tax return for last 2 financial

years duly acknowledged by ITO.

Latest salary slip showing all deductions.

TDS Certificate – Form 16 in the case of

salaried persons

If property offered is an agricultural land

converted as non-agricultural, copy of the

relative order should be made available.

In the case of agriculturist a certificate of

income issued by the village officer should be

produced.

In the case of individuals engaged in

trade/industry etc. wherever latest IT returns are

not available, the annual income can be

assessment based on the IT return for the

preceding year and the last balance sheet

12. Documents to be submitted:

Title deeds of the property proposed to be given

as security.

Prior title deeds.

Latest tax receipts (both building and land)

Possession Certificate

Encumbrance certificate from the sub registrar

for the last 15 years.

After availment of the loan, encumbrance

certificate for 4 months after the date of

mortgage is to be produced.

Prasanthi

A clean Demand Loan Scheme specially designed

for Pensioners

1. Pensioners:

All Central Civil, Defense, Railway, Telecom,

KSRTC (Kerala State Road Transport Corporation),

KSEB, KWA,Kerala Agricultural University, State

and Bank Pensioners 

whose pension accounts are maintained at our

branches. Pension accounts include 

those accounts to which Bank acts as the Pension

Disbursing Officer and those 

accounts to which pension amounts are received

from DPDO.

2. Age limit:

Should not exceed 75 years at the time of sanction of

loan.

3. Eligibility and Amount of Loan:

Age of pensioner upto 60 years - A maximum of

15 months pension with a ceiling of Rs.1,50,000.

Age of pensioner over 60 years upto 65 years -

A maximum of 12 months pension with a ceiling

of Rs.1,25,000.

Age of pensioner over 65 years upto 75 years -

A maximum of 10 months pension with a ceiling

of Rs.1,00,000.

4. Guarantee:

The spouse/nominee for family pension eligible for

family pension should guarantee the loan or any

other family member or a third party worth the loan

amount.

5. Margin: Nil

6. Repayment:

Age upto 60 years  -  54 equal monthly

installments

Age above 60 years and upto 65 years - 48 equal

monthly installments

Age above 65 years and upto 70 years - 36 equal

monthly installments

7. Security:       

The nominee to the pension should be a guarantor.

8. Processing charges   0.5% of the limit, Minimum

Rs.20/-

9. Papers to be submitted to the Bank

Application form and two passport size

photographs.

10. Documents to be executed

i. Demand Promissory Note in favour of the

spouse/nominee for family pension and endorsed

by the latter in favour of the Bank.

ii. DP Note Delivery Letter executed jointly by the

borrower and the spouse/nominee.

Computer Loan

1. Purpose:

For purchase of home computers/PCs and other

accessories like Printer/UPS etc.

2. Persons eligible:

Salaried and other regular income earners with a

minimum of 3 years standing/ experience in their

line of activity and spouses of NRIs, based on the

monthly income of NRI.

3. Amount of loan:

15 times of Net Monthly Income (Maximum of

Rs.1,00,000)

4. Margin:

20% of the cost of items purchased

5. Disbursement:

Amount of the loan will be paid directly to the seller.

6. Repayment period:

Maximum 72 months

7. Security:

i. Primary:

Hypothecation of computer and the accessories

purchased out of Bank Finance.

ii. Collateral:

a. For Loans upto Rs.50,000

Wherever check-off facility is available – no

collateral.

Personal guarantee of one or more persons of

sufficient worth where check off facility is not

available.

b. For Loans above Rs.50,000

Equitable mortgage of property of value not

less than the loan amount or any other tangible

securities of sufficient value or personal

guarantee of one or two persons of sufficient

worth.

7. Insurance: 

Insurance for loans above Rs.25,000

8. Processing charges:

LOAN

AMOUNT

S

RURAL

BRANCHE

S

OTHER

BRANCHE

S

upto

Rs.10,000Rs.40/- Rs.50/-

above

Rs.10,000

Rs.4 /- per

thousand

Rs.5/- per

thousand

9. Papers to be submitted to bank:

i. Application form in duplicate with two passport

size photographs.

ii. Proof of income

a. In the case of salaried persons :

Salary Certificate showing deductions.

Authorisation to deduct monthly

installments from the salary of the employee for

credit of the loan account where check off

facility available.

b. In the case of business men/self

employed/professionals :

Audited accounts and balance sheet for the last

three years.

Statement of computation of taxable

income/Income tax returns filed.

i. A proforma invoice of the items proposed to be

purchased.

ii. Details of the guarantors wherever applicable.

10. Documentation:

i. Hypothecation agreement

ii. Guarantee agreement

11. General:

i. Check off facility letter (if applicable)

ii. Certificate from the borrower on the reverse of

the bill confirming the receipt of items in good

condition.

iii. Stamped receipt from the seller/supplier.

12. For mortgage of property:

Original and prior title deeds.

Latest Tax Receipt

Possession Certificate

Encumbrance Certificate for last 15 years

Title Clear Certificate from the Banks approved

Advocate

Valuation Report from the Banks approved

valuator.

FOLLOWING RATES ARE APPLICABLE FOR NEW LOANS SANCTIONED FROM THE

EFFECTIVE DATE

 Interest Rates - P&SB (resident) & NRI

Advances linked to SBT Base Rate Base Rate as on 11.10.2010 is 8%

LOAN SCHEME

EXISTING LOANS

LINKED TO PLR

NEW LOANS SANCTIONED FROM 01.07.10

LINKED TO SBT BASE RATE

Gold Loan 0.25% below PLR

4.25% above Base Rate

Liquid Gold 0.75% above PLR

5.25% above Base Rate

NSC Loan 

OD 0.50% above PLR

5.00% above Base Rate

DL At PLR 4.50 % above Base Rate

Advance against shares

3% above PLR7.50% above Base

Rate

Akshaya At PLR 4.50% above Base

Rate

Sowbhagya Loan

At PLR4.50% above Base

Rate

Clean overdraft

4% above PLR8.50% above Base

Rate

Sahaya Varsha 

With check off facility/Corporate guarantee/ Equitable mortgage - 2% above PLR  

6.50% above Base Rate

Other than above - 3.50% above PLR

8% above Base Rate

Prasanthi/Jai Jawan Scheme/Prasanthi Elite ( Loan for Pensioners) 

At PLR4.50% above Base Rate

Computer Loan

With check off facility/Corporate guarantee/ Equitable mortgage – 1.50% above PLR  Other than above – 2%above PLR

6% above Base Rate  

6.50%above Base Rate

 

LOAN

SCHEME

EXISTING

LOANS

LINKED TO

PLR

NEW LOANS

SANCTIONED

FROM 01.07.10

LINKED TO SBT

BASE RATE

Suvidha Loan  TL – 1% above

PLR

5.50% above Base

Rate

OD – 2%

above PLR

6.50% above Base

Rate

Education Plus At PLR4.50% above Base

Rate

Subha Yatra0.50%above

PLR

5% above Base Rate

Mitra Varsha At PLR4.50% above Base

Rate

Nurses

Suvidha At PLR

4.50% above Base

Rate

Purchase of

House SiteAt PLR

4.50% above Base

Rate

Loans upto

Rs.2 lacs in

Personal

4% above PLR

 

8.50% above Base

Rate

Segment Clean

Overdraft

Loans upto

Rs.2 lacs in

Personal

Segment Term

Loan

4.5% above

PLR

 

 

9% above Base Rate

NRI Housing Loan 

1. Purpose: 

For construction, purchase/repair/renovation/alteration

of a house or for purchase of a plot for the construction

of a house for self occupation on return to India. 

2. Persons Eligible:

a) All Non Resident Indians holding Indian Passports

with a regular monthly income  of  not less than Rs.

10000/- 

b) Spouses and close relatives of Non-Residents, who

are residents jointly with the non-resident Indian. 

3. Amount of Loan:

60 times the Net Monthly Income (NMI) / Average

Monthly Income (AMI) for persons upto 45 years and

48 times for persons above 45 years of age. However,

the repayment obligation is restricted to Maximum 60%

of the NMI/AMI.  

4. Margin:

Upto Rs.30 lacs - 20%

Above Rs.30 lacs and upto Rs.3 crore - 25%

5. Interest:

Housing Loan Interest Rates w. e. f. 01-07-2010

Scheme Period

Revised Floating Rate (%) for new

loans sanctioned on or after

01-07-2010

Upto 30 lacs Above 30 lacs

Existing

loans

linked

to PLR

New loans

sanctioned

from

01.07.10

linked to

SBT Base

Rate

Existing

loans

linked

to PLR

New loans

sanctioned

from

01.07.10

linked to

SBT Base

Rate

Housing

Loan

Upto 5

years

3.0%

below

1.50%

above

2.25%

below

2.25%

above

PLR Base Rate PLR Base Rate

Above

5 - 15

years

2.75%

below

PLR

1.75%

above

Base Rate

2%

below

PLR

2.50%

above

Base Rate

Above

15-25

years

2.50%

below

PLR

2% above

Base Rate

1.75%

below

PLR

2.75%

above

Base Rate

6. Disbursement:

i. Construction of new building.

ii. In three stages, 30%, 40% and 30% of the loan

amount. The last installment will be disbursed three

or four weeks prior to the completion of the

building. 

iii. Outright purchase 100% to the seller, after payment

of the margin by the applicant. 

iv. Purchase of plot and construction of the building.

v. The loan component for purchase of the plot will be

only 30 % of the total project coat. 

7. Repayment:

180 months including the repayment holiday of a

maximum of 18 months. Repayment will begin on

completion of the house or 18 months from the

disbursement of the first installment of the loan,

whichever is earlier. Repayment can be made either

through remittance from abroad or transfer from

NRE/FCNR/NRO A/c or by resident relatives.

Rental income if any received should go towards

repayment of loan. Repayment can be from local

sources after returning to India permanently. 

Premature closure of loan permitted subject to

conditions/penalty

8. Security:

Mortgage of property by deposit of title deeds. 

9. Processing Charge:

Limit upto Rs.25,000/- Nil

Limits above Rs.25,000

to Rs. 2 lacs

0.55% of the loan amount

(Max. Rs.500/-)

Limits above Rs.2 lacs 0.55% of the loan

amount (Max.Rs.10,000/-

)

10. Insurance:

Insurance is to be arranged for the total cost of the

building. 

11. Papers to be Submitted to Bank:

In addition to the application form (in duplicate) two

copies of the passport and two passport size

photographs, a declaration-cum-Affidavit in the Bank's

approved format, the following papers are to be

submitted to the Bank. 

11.1 Proof of Income:

In the case of salaried persons: 

i. Salary certificate issued by the employer and duly

attested by an embassy official 

ii. Average monthly remittance into NRE A/c. in case

of others. 

iii. Authorisation to deduct monthly installments from

NRE/NRO A/c. 

 11.2 Documents to be submitted for

construction/improvement of houses:

i. A copy of the plan inclusive of site plan approved

by the Corporation/Municipality /Development

Authority /Panchayat as required. 

ii. A copy of the building permit issued by the

Corporation/ Municipality/ Panchayat as required.

In areas where building permit is not required a no

Objection Certificate from the authority concerned. 

iii. Estimate approved by an official not below the rank

of Asst.Engineer(Civil)/ Registered Architect /

Chartered Engg. 

iv. Original and prior title deeds 

v. Latest tax receipts 

vi. Possession certificate 

vii. Encumbrance certificate from the Sub Registrar for

the last 15 years. 

viii. Title clear certificate from Bank's approved

advocate 

ix. Valuation report from the Bank's approved

valuator. 

11.3 Documents to be submitted for purchase of

House/Flats:

i. A copy of the agreement for sale 

ii. A copy of the Title deeds of the present owner 

iii. A copy of the land tax receipt 

iv. A copy of the building tax receipt 

v. Encumbrance certificate from the Sub Registrar for

the last 15 years. 

vi. Title clear certificate from the Bank's approved

advocate. 

vii. Valuation report of the property and building from

the Bank's approved valuator. 

viii. Estimate approved by an official as above.

NOTE:

After the sale deed is executed, the original deed along

with fresh encumbrance certificate and possession

certificate should be submitted. For purchase of plot

alone all the documents shown in 11.3 except item No.

iv is to be submitted. After availing of the loan,

encumbrance certificate for four months after the date of

mortgage is to be produced.  

Availing loan by Power of Attorney Holder:

Housing loan can be availed on behalf of NRI by a

resident power of Attorney holder. The power of

Attorney to be executed in the Bank's format.

NRI Education Loan

Enables your resident son/daughter take up higher

education in India in recognized schools and colleges.

SALIENT FEATURES:

1. Purpose: 

To meet tuition, admission and other fees, maintenance

cost, cost of books and equipment for higher studies.

Caution deposits and other refundable deposits can also

be financed under the scheme.

2. Amount of Loan:  

For studies in India:Rs.10 lakhs

For studies abroad :Rs.20 lakhs                            

3. Persons Eligible:  

a) Indian National

b) students who have passed the entrance test and have

secured admission for technical/professional courses.

3. Eligible Courses: 

a) All technical /professional courses including

certificate courses, diplomas; graduate/ Post graduate

and/ or doctorate degree studies in recognised schools /

colleges / Institutions. (Courses in Medicine, Surgery,

Dental Science, Architecture, Veterinary Science, Agri

Sciences and in various branches of Engineering,

Technology, Computer Science, Industrial Management,

Business Administration and other Management

Sciences)

b) Computer Courses which are conducted by institutes

given due accreditation by  

the Department of electronics, Govt of India.

c) Any other specialised course in Computer Science.

4. Borrower: Student and Parent or Guardian jointly.

This means if an NRI wishes to educate

his/her nephew /niece any other such relative the student

and the supporting NRI as guardian  

may avail the loan jointly.

5. Margin: 

Upto Rs.4 lakhs: Nil

Above Rs.4 lakhs :(i) Studies in India:5%

            (ii) Studies in Abroad:15%

6.  Interest : 

Educational Loans (Gyan Jyothi)with effect from 01-07-2009

Loan Amount Existing loans

linked to PLR

New loans

sanctioned

from 01.07.10

linked to Base

Rate

1. Upto Rs.4

lacs

0.75% below

PLR

3.75% above

Base Rate

2. Above Rs.4

lacs

At PLR 4.50% above

Base Rate

* 0.5 % concession for Girl student

7. Repayment: 

12 months after completion of course or 6 months after

getting job whichever is earlier. To be repayed in 60

monthly installments.

8. Security: 

Collateral security equal to Loan amount plus interest

payable up to one year after completion of course. When

the loan amount exceeds Rs 4 lakhs, such Collateral

security may be any one or more of: Govt Securities,

UNITS of UTI, Surrender value of a LIC policy,

National Savings Certificates, KVPs, IVPs, Bank

Deposit Receipts after effecting necessary lien

/assignment in favour of our bank and / or mortgage of

immovable properties or other tangible assets acceptable

to the bank.

9. Processing Fee: Nil

10. Application:

 Application is available at all our branches and should

be submitted to one of them.

11. Documents to be submitted:  

a) Application (Student and Parent or Guardian jointly) 

b) Two Copies of Passport Size Photos. 

c) Testimonials in original from head of institution and

from one or two other respectable persons not related to

the student. 

d) Proof of Admission to Course. 

e) Schedule of Expenses for the course. 

f) Copy of Salary certificate / statement (other proof) of

Income of parent / Guardian 

g) Copy of Passport of parent / guardian and student (if

applicable)

12. For mortgage of property:

Original and prior title deeds

Possession certificate

Encumbrance certificate for the last 15 years from

the Sub Registrar.

Title clear certificate from the banks approved

advocate

Valuation report from the banks approved valuator.

Latest tax receipts.

NRI Car Loan

1. Purpose:

To finance purchase of new Cars or Jeeps

2. Persons Eligible:

NRIs or spouse of NRIs who have regular Net Monthly

Income (NMI) of not less than Rs 10000.

3. Loan amount:

Up to 30 times the NMI for Cars and Jeeps (The Net

Monthly Income of spouse (resident or nonresident) can

also be included provided the spouse would also

guarantee the loan. In the case of resident employed

person, he/she should have permanent employment or

be a self employed professional of good standing .) Max

30 lacs.

4. Security:

a) The vehicle should be hypothecated to the bank and

the lien noted in the registration certificate book. 

b) Guarantee of spouse where her / his income is also

taken into account for NMI and Loan amount. 

c) Equitable mortgage of property or third party

guarantee of two persons each worth the loan amount.

5. Margin:

a) 15 % of the cost of the vehicle

b) Second hand car upto 2years old 25% of the cost

c) Second hand car above 2 years upto 5 years old 40%

of the cost.

6. Interest: 

Interest Rates on Car Loans linked to SBT Base Rate

With effect from 11-10-2010

New

Cars Existing loans

linked to PLR

New loans

sanctioned from

01.07.10 linked to

SBT Base Rate

Upto 3 years – 1.25%

below PLR

3.25% above Base

Rate

Above 3 years &

upto 5 years - 1.25%

3.25% above Base

below PLR Rate

Above 5 years &

upto 7 years - 1%

below PLR

3.50% above Base

Rate

Used

Cars

Upto 3 years – 2.25%

above PLR

6.75% above Base

Rate

Above 3 years &

upto 5 years - 2.50%

above PLR

7% above Base

Rate

7. Repayment: 

In 84 Equated Monthly Installments [EMI]

8. Insurance:

Comprehensive insurance is compulsory for all vehicle

loans at your cost with suitable bank clause.

9. Processing Charges:

0.50% of the loan amount subject to a minimum of

Rs.500/- and maximum of Rs.10000/-

10. Papers to be submitted:

a) Invoice in duplicate from dealer 

b) Application in duplicate 

c) Two passport size photographs 

d) Salary certificate of employed persons OR evidence

of average remittance into bank (NRE) account for past

12 months 

e) Details of guarantors and property to be mortgaged, if

any.

Two Wheeler Loan 

1. Persons Eligible:

Salaried employees/pensioners, who are maintaining

salary/pension accounts with us where recovery of

instalment at source is possible

2. Amount of Loan:

Maximum Rs. 50,000 paid directly to the seller

3. Repayment:

72 equated monthly installments

4. Security:

Hypothecation of the vehicle purchased out of bank

finance.

Personal guarantee of one person of sufficient worth

5. Interest:

Interest Rates on Two Wheeler LoansWith effect from 01-11-2010

TWO

WHEELER

LOANS

2.25%

above

PLR

6.75% above

Base Rate

NRI Suvidha Loan-All purpose mortgage loan 

If your money is blocked in landed assets and you need

funds for urgent/important needs like sister's marriage,

medical treatment, purchase of land or setup business

for your ward etc., we offer a new facility to NRIs.

1. Scheme:

 Loan against mortgage of immovable properties (land

and or building) other than agricultural property or

plantation or farm house, held by NRIs / Persons of

Indian origin.

2. Eligibility:

 Non Resident Indians or persons of Indian origin and

their close relatives.

3. Purpose: 

All personal and own business purposes or a

combination of both, other than those specifically

prohibited by Reserve Bank of India.

4. Disbursement: 

As required by the applicant. The proceeds cannot be

credited to NRE/NRNR/FCNR accounts. It can be

credited to NRO account. Loan amount will not be

remitted outside India.

5. Loan Amount:  

Minimum Rs. 50,000/-   Maximum Rs. 100 lacs subject

to not exceeding 

24 months Net monthly Income or 1.5 times Net annual

Income.

6. Income level: 

Minimum NMI Rs. 12,000/- or Minimum NAI Rs.

1,50,000/-

7. Proof of Income: 

Salary certificate for salaried class; certified auditors

certificate in case of self employed; In the absence of

either Average monthly remittance in the last 12 months

into own NRE account or to that of spouse.