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3 A BFM Correspondent Banking and NRI Accounts
What is a correspondent bank?
A correspondent bank is a financial institution that provides services on behalf of another bank, typically in a foreign country, facilitating international transactions, fund transfers, and trade finance.
What is the maximum repatriation limit from an NRO account per financial year?
USD one million per financial year with CA certificate.
What is a NOSTRO account?
A NOSTRO account is an account held by an Indian bank in a foreign bank in the foreign currency of that country, used to settle international transactions ('our account with you').
What is the maximum tenure for an FCNR(B) deposit?
Maximum five years from date of deposit.
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