We accept deposits from NRIs on a non-repatriation basis. Deposits by NRIs are accepted only when the funds originate from their respective NRO Account.
NRI depositors must also submit the following declaration:
The amount deposited with Gove Finance Ltd. represents amount transferred from NRO account. Further this amount does not represent inward remittance from overseas to NRO account or transfer of fund from NRE/FCNR(B) account to NRO account.
The depositor has to furnish his NRO bank account number, as both the principal and the interest will be credited to the depositor’s NRO bank account. Tax will be deducted at the rates prescribed by the Income Tax rules in force from time to time from the interest amount irrespective of the quantum of interest.