Bank of Ceylon - Chennai Branch
Bank of Ceylon branch in India was established in 1995 in Chennai and enjoys the pride of being the only Sri Lankan Bank to have its operation in India so far. The Bank completed its 25th year in October 2020. The Bank of Ceylon Chennai branch is known for its homely atmosphere, outstanding customer service and updated financial products. The Bank offers a range of financial products required by a common man or a corporate. The Bank is 100% wholly owned by the Government of Sri Lanka and excels in international standards of customer service.
Bank of Ceylon,
No. 20/21, Casa Major Road,
New No. 02 (Old No. 11),
Zerat Garden, 2nd Lane,
Egmore, Chennai 600008.
Services offered by the branch
BOC Chennai equipped with state-of-the-art infrastructure at par with international standards offers the following products and services.
- Wide range of deposits with attractive interest rates
- Spectrum of loan products to suit various business needs
- Fully fledged Treasury operations with sophisticated dealing platforms
- Authorized dealer to carry out foreign exchange transactions and trade related operations
- Facilitating local remittances: RTGS/NEFT
- Customised locker facilities to secure valuables
- Facilitating correspondent banking activities
- Savings Accounts
- Current Accounts
- Term Deposits
- Non-Resident Ordinary (NRO) Savings /Fixed Deposit Account
- Non-Resident External (NRE) Savings /Fixed Deposit Account
- Foreign Currency Non-Resident Account (FCNR-B)
- United States Dollar (USD)
- Sterling Pounds (GBP)
- Euro (EUR)
- Japanese Yen (JPY)
Loans & Advances
- Working Capital facilities as per regulatory norms.
- Term Loans both as per regulatory norms.
- Post and Pre-Shipment Credit facilities.
- Non-fund based facilities.
- Providing competitive exchange rates.
- Hedging customer forwards.
Trade and FOREX Operations
- Facilitating remittances
- Issuance of Letters of Credit / Guarantees
- Advising of Letters of Credit
- Collection of Trade related bills
» Residents/Non-Residents (NRE/NRO)
» Senior Citizens
» No frill accounts (Basic Savings Bank Accounts)
» Individual/Sole Proprietorship
» Companies registered under the Companies Act
» Other accounts (trust, societies, clubs and associations)
» Fixed deposits with monthly/quarterly interest payout
» Reinvestment deposits with interest paid on maturity
» Foreign currency Non-Resident Deposits (FCNR-B)
» Recurring deposits for various tenors
Non-Resident Ordinary (NRO) Savings /Fixed Deposit Account
NRO accounts are maintained in INR. NRIs can deposit money earned in India or overseas in NRO bank accounts. Payments like rent, maturities, pension, among others, can be remitted abroad through NRO accounts subject to regulatory compliance. TDS is deducted at source on income earned on these deposits at the applicable rate. The deposit is governed by regulatory norms.
Non-Resident External (NRE) Savings /Fixed Deposit Account
NRE deposit accounts are similar to NRO accounts and the funds in these accounts are maintained in INR. These accounts are for facilitating savings earned from abroad. The funds in this account is freely repatriable. The interest earned on these deposits accounts is not taxable. Deposit is accepted for a minimum period of one year. These deposits are governed by regulatory norms.
Foreign Currency Non Resident Account (FCNR-B)
FCNR-B accounts are term deposits maintained in foreign currency and freely repatriable. The interest earned is not taxable in India. The deposit can be held in USD, GBP, EUR and JPY only, with a minimum period of one year and interest accruable half-yearly.