Are the deposits of the IBU covered by deposit insurance in India?
No, the deposits of IBUs are not covered by deposit insurance in India.
Why should we bank with BOB, IFSCBU?
We have Full-fledged Banking Operation in Gift City supported by Bank's Strong Global presence. Unit is commenced to provide ease of banking to Resident Indian and Indian corporates to bank in international market, as well as to facilitate Foreign Investors and foreign corporates to bank in India.
What Credit facilities can be availed from IFSCBU?
IFSCBU offer all sort of Foreign Currencies Credit facilities like External Commercials Borrowings, Trade Credit, Syndicated Loans, Loan against deposits & Line of Credit Facilities (Funded / Non Funded).
What will be the currency in the IFSC?
All the transactions undertaken by the units in IFSC should be in foreign currency [other than Indian Rupees (INR)].
Who is the regulatory body in IFSC?
IFSCA established under International Financial Services Centres Authority Act, 2019 is the Unified Regulator for IFSC.
Can resident individuals make remittances under LRS to IFSC Banking Unit set up in India?
Yes, w.e.f 16 Feb 2016 RBI has permitted resident individuals to make remittances under LRS to IFSC for the purpose of investment in securities issued in IFSC by non-resident entities as well as in securities issued outside India and outside IFSC by non-resident entities. Under the LRS, all resident individuals, including minors, are allowed to freely remit outside India up to USD 250,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.
Can IFSCBU open Operative accounts for companies & Individuals?
Current, Savings or term deposits can be opened, held and maintained in a freely convertible foreign currency by an individual & non individuals subject to such conditions as may be specified by the IFSCA. However, cash transactions are not permitted.