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Non-Resident Indian (NRI)

Dear Customers,
The Shamrao Vithal Co-operative Bank Ltd. has been issued the Authorised Dealer Category - I (AD Cat - I) license by the Reserve Bank of India. The Bank offers entire gamut of products for foreign exchange business to its clients.The International Banking Division has established correspondent relations with foreign and Indian banks. It is the nodal hub for overseeing the working of the 'B' category branches.

International Banking Division is located at :
1st Floor, Maker Tower 'E',
Cuffe Parade,
Mumbai 400 005.
Tel: +9122 6744 4524 / 560 / 533
Fax: +9122 6744 4570
Email: ForexCell@svcbank.com,  naiknp@svcbank.com, dhareshwarar@svcbank.com

Foreign Exchange ‘B’ Category Branches are located at:

Address Maker Tower 'E', 1st Floor,
Cuffe Parade
Mumbai 400 005.
Phone +91 22 6744 45 25 / 60 / 36 /42
Fax +91 22 6744 4569
Swift Address SVCBINBB
A.D. Code 8710111 / 6000009
Email ForexCell@svcbank.com

Address 2nd Floor, 1 Central Bank Road
Chamrajpet, Bangalore 560 018.
Phone +91 80 2660 4456
Fax +91 80 2667 4014
A.D. Code 8710160 / 8400009
Email naimpallysr@svcbank.com

Address Nandita, Jungli Maharaj Road, Deccan Gymkhana, Pune – 411 004.
Phone +91 20 2551 0222 / 2553 2450
Fax +91 20 2553 2519
A.D. Code 8710113 / 6200019
Email devasthalios@svcbank.com

A Non-Resident Indian (NRI) means :

1  Person resident outside India who is a citizen of India i.e.,
  • Indian citizens who proceed abroad for employment or for carrying on any business or vocation or for any other purpose in circumstances indicating indefinite period of stay outside India
  • Indian citizens working abroad on assignments with Foreign Governments, Government Agencies or International / Multilateral Agencies like United Nations Organisation (UNO), International Monetary Fund (IMF), World Bank, etc.,
  • Officials of Central and State Governments and Public Sector Undertakings deputed abroad on assignments with Foreign Govt. Agencies / Organisations or posted to their own offices including Indian Diplomatic Missions abroad.

2  Person of Indian origin who is a citizen of any other country other than Bangladesh
   or Pakistan, if
  • He, at any time, held an Indian passport or
  • He or either of this parents or any of his grandparents was a Citizen of India by virtue of Constitution of India or Citizenship Act 1955 (57 of 1955)  
  • The person is a spouse of an Indian citizen or a person referred to in Sub clause 2(I) or (II) above

3  Indian Students Studying Abroad
In terms of AP (Dir Series) Circular No. 45 dated December 08, 2003, Indian students studying abroad can be treated as Non-Resident Indians (NRIs) having regard to the circumstances as under:
  • Their stay abroad for more than 182 days in the preceding financial year and
  • Their intention to stay outside India for an uncertain period when they go abroad for their studies.
Accordingly students going abroad for studies are treated as Non-Resident Indians (NRIs) and are eligible for all the facilities available to NRI under FEMA.

NRIs can open accounts with SVC Bank in INR and any freely convertible foreign currency. FCNR deposits would be maintained at our Cuffe Parade Branch, Chamrajpet Branch and Deccan Gymkhana Branch . NRE and NRO accounts are maintained at all our branches.

For our list of branches please Click here

To open an NRI account, please click on the Account Opening form link below and send the completed form with documents to any of our branches.
    Account Opening Form
    Document Checklist
    For our list of foreign exchange branches (‘B’ category) please Click here
    For our list of Overseas (NOSTRO) Accounts please Click here
    USA Patriot Act Certificate
    For more details about Forex Other Services contact us at 67444524/36/42/60/31
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