1. Foreign Currency

FCNR: A fully repatriable foreign currency deposit available in USD, GBP, Euro, Australian Dollars, Canadian Dollars and Yen.
FCNR interest rates effective from 01^st May 2013

2. Indian Rupees

a) Non Resident External Account (NRE): A fully repatriable account for funds held as NRE/FCNR account with Citibank or any another bank in India.
NRE Deposit interest rates effective from 01^st May 2013

b) Non Resident Ordinary Account (NRO): A partially repatriable account for funds earned from income in India or partly from income abroad.
NRO Deposit interest rates effective from 01^st May 2013

The different types of deposit accounts are listed below:

India Deposit Products
	Foreign Currency Non Resident Deposit (FCNR)	Non Resident External Deposit (NRE)	Non Resident Ordinary Deposit (NRO)
Currencies	You can choose from 6 currencies: US Dollar British Pound Euro Japanese Yen Australian Dollar Canadian Dollar	NRE Deposits are in Indian Rupees only. If you remit funds in Foreign Currency, these funds are converted on Indian Rupees at the prevailing exchange rate as on the date of the transfer prior to deposit booking.	NRO Deposits are in Indian Rupees only. If you remit funds in Foreign Currency, these funds are converted on Indian Rupees at the prevailing exchange rate as on the date of the transfer prior to deposit booking.
Minimum Deposit	US$2,000 or equivalent.	INR 80,000.	INR 80,000.
Tenure of Deposit	Tenures available range from 1 year to 5 years.	Tenures available range from 1 year to 5 years.	Tenures available range from 7 days to 5 years.
Interest Computation	Interest is computed using a fixed rate.	Interest is computed using a fixed rate. You can choose between Simple or Compound Interest.	Interest is computed using a fixed rate. You can choose between Simple or Compound Interest.
Interest Payment	Interest is accrued monthly and is paid on maturity. Interest is compounded every 180 days.	Interest is accrued monthly. In case of Compound Interest, interest is compounded every 90 days and paid on maturity. In case of Simple Interest, interest is paid quarterly.	Interest is accrued monthly. In case of Compound Interest, interest is compounded every 90 days and paid on maturity. In case of Simple Interest, interest is paid quarterly.
Deposit Renewal	Deposit is automatically renewed for same tenure as original deposit at interest rate applicable as on date of renewal. If you wish to change renewal instructions, please provide written instructions at least 2 weeks (14 days) notice to your nearest Citibank NRI Business Center.
Tax	The interest earned on this account is exempt from tax in India. However, the interest earned may be subject to tax in your country of residence. Please speak to your Tax Consultant for tax obligations in your country of residence.	The interest earned on this account is exempt from tax in India. However, the interest earned may be subject to tax in your country of residence. Please speak to your Tax Consultant for tax obligations in your country of residence.	The interest earned on this account is taxable in India. Tax is currently deducted at source at 30% + CESS when the interest accrues on your deposit.(1) In addition to the interest taxed in India, the interest earned may also be subject to tax in your country of residence. Please speak to your Tax Consultant for tax obligations in your country of residence.
Joint Account Holder	You can add Non Resident Indians as Joint Account Holders.	You can add Non Resident Indians as Joint Account Holders.	You can add both Resident Indians as well as Non Resident Indians as Joint Account Holders.
Funding the Account	The account can be funded through: Foreign Currency Remittances from overseas Funds from any other FCNR or NRE Account in any bank in India	The account can be funded through: Foreign Currency Remittances from overseas Funds from any other FCNR or NRE Account in any bank in India	The account can be funded through: Any legitimate income from India Funds from any other NRO or NRE Account in any bank in India Foreign Currency Remittances from overseas
Repatriation	Repatriation can be done easily for both principle and interest earned. If you wish to Repatriate funds, we only require written instructions with the wire details for executing this Repatriation.	Repatriation can be done easily for both principle and interest earned. If you wish to Repatriate funds, we only require written instructions with the wire details for executing this Repatriation.	Repatriation needs to be in adherence to the guidelines of the Reserve Bank of India and is limited to equivalent of US$1 million per year for all qualified balances. Additionally, you will need to provide documents as per the guidelines issued by the Reserve Bank of India depending on the source of the funds in the account.

PRE-TERMINATION

In case you decide to pre-terminate a deposit before the minimum tenure of the deposit, NO interest will be paid.

The minimum tenure for FCNR and NRE Deposits is 1 year. Hence if you pre-terminate these deposits before 1 year, you will not earn any interest.

The minimum tenure for a NRO Deposit is 7 days. If you pre-terminate this deposit before 7 days, you will not earn any interest.

For all pre-terminations, the original deposit is treated as 2 deposits - One is the amount withdrawn and the other is the amount remaining in the deposit. The interest rate paid on the withdrawn amount will be either the original interest rate or the applicable rate of interest for the period for which has been held prior to pre-termination, whichever is lower, less a penalty rate of 1%.

Illustration of interest paid in case pre-termination prior to original maturity date, but after the minimum tenure of a deposit:

• Original Principal Amount: Rs 1,000,000
• Original Tenure of Deposit: 1 year
• Original Rate of Interest: 8.75% p.a.
• Deposit is withdrawn pre-maturely after 25 days
• Withdrawn Amount: Rs 1,000,000
• Applicable rate for interest for 25 days deposit as on the date of the original deposit booking: 3.50% p.a.
• New Interest Rate for Withdrawn Amount = 3.50%, Less 1% (Penalty Rate) = 2.50% p.a.
• Interest paid for Withdrawn Amount = Rs 1,000,000 X 2.5% X 25/365 = Rs 1712.33

(1) The information contained herein is not intended to offer any form of advice on taxation or otherwise, nor should it be construed as such. Before placing any deposits with Citibank N.A., you are requested to consult an independent tax consultant on the applicability of Income Tax Laws of India or those of any other country / state or jurisdiction to your case and on their impact on the benefits that may / may not be realized by you.

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How to Transfer Funds

You can send the funds through any of the below mentioned means along with the completed application form.

Personal Check/Certified/Cashier's Check/Drafts

The instruments should be payable/endorsed to: Citibank N.A. A/C________________________(Name of Applicant/Account No.) Draft should be drawn on a bank in New York for US Dollars, in London for Pound Sterling/Euro, in Canada for Canadian Dollars, in Australia for Australian Dollars and in Tokyo for Japanese Yen.

Telegraphic Transfer for Citibank FCNR Deposits/Savings Accounts

Please Instruct bank/company to: Pay to Citibank BRANCH in MT103 Format, a credit of CURRENCY (amount)______________for credit to Citibank NRI Business Account *ACCT. NO. favouring (your name)_____________ for Citibank FCNR Deposit No.___________ for ___________ months or for credit to NRE/NRO Savings No.__________at__________(Ahmedabad / Bangalore / Chandigarh / Chennai / Coimbatore / Delhi / Gurgaon / Hyderabad / Jaipur / Kochi / Kolkata / Lucknow / Ludhiana / Mumbai / Noida / Pune / Surat / Vadodara).

Citibank NRI Business Accounts

Currency	Citibank Branch	Account
US Dollar	New York	36058933
Pound Sterling	London	608041
Euro	London	8548900
Canadian Dollars	Canada	2015210003
Australian Dollars	Australia	912019012
Japanese Yen	Tokyo	0221815408

For example: If a NEW Citibank FCNR Deposit is to be opened by Mr. A. Bhatia for USD 50,000 for I year, the instructions should read as: Pay to Citibank New York in MT103 format, a credit of USD 50,000 for credit to Citibank NRI Business Account 36058933 favouring A. Bhatia for Citibank FCNR Deposit Acct. (NEW) for I year.

Please contact the nearest NRI Service Center for further details and process.

Any conversion from one currency to another shall be at the rate of conversion as applicable and determined by the bank as on the transaction date. Citibank's conversion rate for both incoming and outgoing transfers denominated in a foreign currency includes a commission for the conversion service.

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