FAQs

Current & Saving Accounts
1. What is the status of my Royal Bank of Scotland plc (now known as Natwest Markets plc) account and the funds available in the same?
  To know the status of your account and the available funds, please reach out to us with your account details. To contact the bank, please write to us at in.service@natwestmarkets.com
2. What are the documents required to close the Royal Bank of Scotland plc (now known as NatWest Markets plc) account?
  Please give us an account closure form duly signed by all the account holders. The Account closure form is available on our Form section.
  
  To download the Account Closure form, click here.
  
  Please provide the following documents along with the account closure form
  - Account Number to which the funds have to be transferred
  - Name of the bank where the account is held
  - IFSC code of the bank
  - Cancelled cheque of the account to which the funds need to be transferred
  - Duly signed ID proof for all account holders
  - For transfer the funds in an account held in an alternate name/ holding combination, please send us a no objection letter duly signed by all the signatories to the account along with a NEFT fund transfer instruction. Please ensure that the letter is signed by all the account holders.
  The complete form should be couriered to the following address
  Service Office
  NatWest Markets Plc,
  Corporatedge, Office Numbers 108-114, Level 1,
  Building No. 10, Tower A
  DLF Cyber City, Gurgaon 122002,
  Haryana, India
3. The Demand Draft (DD) issued in lieu of my Royal Bank of Scotland plc (now known as NatWest Markets plc) account closure proceeds has been returned undelivered from my/our preferred communication address / become stale (issuance date is greater than 3 months), how do I claim the closure proceeds?
  As the demand draft issue by the Bank has become stale please give us a NEFT fund transfer request form duly signed by all the account holders. The NEFT Fund transfer form is available in or form center.
  
  Please provide the following documents along with the NEFT fund transfer form
  - Account Number to which the funds have to be transferred
  - Name of the bank where the account is held
  - IFSC code of the bank
  - Cancelled cheque of the account to which the funds need to be transferred
  - Duly signed ID proof for all account holders
  - For transfer the funds in an account held in an alternate name/ holding combination, please send us a no objection letter duly signed by all the signatories to the account along with a NEFT fund transfer instruction. Please ensure that the letter is signed by all the account holders.
  The complete form should be couriered to the following address
  Service Office
  NatWest Markets Plc,
  Corporatedge, Office Numbers 108-114, Level 1,
  Building No. 10, Tower A
  DLF Cyber City, Gurgaon 122002,
  Haryana, India
4. The Demand Draft (DD) issued in lieu of my Royal Bank of Scotland (now known as NatWest Markets plc) account closure proceeds was received by me. I do not have another account in the same holding pattern, please share the process to claim the closure proceeds.
  For transfer the funds in an account held in an alternate name/ holding combination, please send us a no objection letter duly signed by all the signatories to the account along with a NEFT fund transfer form. The NEFT Fund transfer form is available in or form center
  
  Please provide the following documents along with the NEFT fund transfer form
  - Account Number to which the funds have to be transferred
  - Name of the bank where the account is held
  - IFSC code of the bank
  - Cancelled cheque of the account to which the funds need to be transferred
  - Duly signed ID proof for all account holders
  The complete form should be couriered to the following address
  Service Office
  NatWest Markets Plc,
  Corporatedge, Office Numbers 108-114, Level 1,
  Building No. 10, Tower A
  DLF Cyber City, Gurgaon 122002,
  Haryana, India
5. Can I continue to operate my account(s) from any other location in India where The Royal Bank of Scotland plc (now known as NatWest Markets plc) has decided to retain its operations?
  The Royal Bank of Scotland plc (now known as NatWest Markets plc) has withdrawn its Banking services across all branches in India; all account holders have been asked to close their account(s) with due notice, hence you will not be able to operate your account through any location.
6. What happens in case I prematurely break my fixed deposit (FD)? Is there a penalty charge?
  In case you wish to opt for premature withdrawal of your FD, the bank will not levy any premature penalty. However, interest will be paid only for the period for which the FD was live with the Bank. To prematurely break your FD please send us a request letter duly signed by all signatories along with the NEFT fund transfer form. The NEFT Fund transfer form is available in or form center
  
  Please provide the following documents along with the NEFT fund transfer form
  - Account Number to which the funds have to be transferred
  - Name of the bank where the account is held
  - IFSC code of the bank
  - Cancelled cheque of the account to which the funds need to be transferred
  - Duly signed ID proof for all account holders
  The complete form should be couriered to the following address
  Service Office
  NatWest Markets Plc,
  Corporatedge, Office Numbers 108-114, Level 1,
  Building No. 10, Tower A
  DLF Cyber City, Gurgaon 122002,
  Haryana, India
7. How will the TDS be deducted in case my savings account has been closed?
  TDS (tax deducted at source) recovery will be done from your operative account. If the operative account is closed before the payout of principal or interest, the same shall be adjusted against the amount payable to you. TDS certificates, if applicable, will be dispatched to you on a quarterly basis to your preferred communication address, registered with the bank.
DEMAT
The Royal Bank of Scotland (now known as NatWest Markets plc) has moved the depository accounts to NSDL Omnibus system effective 11 August 2017. Detailed process for transferring your securities and closure of your account with NSDL is enclosed in Annexure 1 and Annexure A & B respectively.

You are requested to contact NSDL for all queries relating to transfer of your securities to your alternate depository account.

Please get in touch with NSDL at the address mentioned below:
National Securities Depository Ltd.
4th Floor, Trade World, A Wing,
Kamala Mills Compound,
Senapati Bapat Marg, Lower Parel,
Mumbai 400 013
Credit Card
- Who can I contact in The Royal Bank of Scotland plc (now known as NatWest Markts plc) for Credit Card related query?
  For any clarification regarding your Credit Card, please write to the Bank at in.service@natwestmarkets.com with your credit card details.
- I have never availed NatWest Markts plc credit card services and there is an account in name of NatWest Markets reflecting in my CIBIL records?
  We would like to inform you that ABN AMRO Bank N.V. was renamed as The Royal Bank of Scotland (RBS) in India in January 2010. RBS was further renamed to NatWest Markets Plc (NWM) in India in December 2018.
  Hence, ABN AMRO or RBS Credit Card accounts now reflect under NatWest Markets in your CIBIL records.
- How do I address my query on my CIBIL /CIC status?
  Credit card accounts (excluding those under litigation) have been closed and updated in CIC records. Please contact us at in.service@natwestmarkets.com for any further assistance
- How do I get my Credit Card statement?
  Please provide the following documents for the statement issuance:
  - Written request letter duly signed in original by the Card holder
  - Self attested copy of signature ID and address proof of the Cardholder (in case of change in address)
  The complete documents can be emailed to us at in.service@natwestmarkets.com or should be couriered to the following address:
  Service Office
  NatWest Markets Plc,
  Corporatedge, Office Numbers 108-114, Level 1,
  Building No. 10, Tower A
  DLF Cyber City, Gurgaon 122002,
  Haryana, India
- How do I establish that I do not owe The Royal Bank of Scotland plc /NatWest Markets plc any monies?
  You are requested to generate a Credit Report from any of the CICs. You will see that the Current Balance and Amount Over Due will be Zero.
Retail Loans
- Who can I contact in The Royal Bank of Scotland plc (now Known as NatWest Markts plc) for Personal Loan / Home Loan / Auto Loan/ Business Loan related query?
  Please write to us at in.service@natwestmarkets.com for any clarification regarding your NatWest Markets - Personal Loan / Home Loan / Auto Loan/ Business Loan.
- What is the process to collect the property document for an old Home Loan?
  Please write to us at in.service@natwestmarkets.com to know the status of your property documents and to fix an appointment to collect the same from our Mumbai branch.
- How do I get my interest certificate / no dues certificate / statement for Loan account?
  Please provide the following documents for the issuance of interest certificate / no dues certificate / statement for Loan account:
  - Written request letter duly signed in original by the Loan account holder
  - Self attested copy of signature ID and address proof of the Loan account holder (in case of change in address)
  The complete documents can be emailed to us at in.service@natwestmarkets.com or should be couriered to the following address:
  Service Office
  NatWest Markets Plc,
  Corporatedge, Office Numbers 108-114, Level 1,
  Building No. 10, Tower A
  DLF Cyber City, Gurgaon 122002,
  Haryana, India
- How do I clear my CIBIL status, it is reflecting as settled / write-off?
  We request you to pay the outstanding on your Loan account to clear the settled / write-off status in CIBIL. Please write to us at in.service@natwestmarkets.com to know the remaining outstanding on your Loan account.
- I have never availed any Loan from NatWest Markets and there is an account in name of NatWest reflecting in my CIBIL records?
  We would like to inform you that ABN AMRO Bank N.V. was renamed as The Royal Bank of Scotland (RBS) in India in January 2010. RBS was further renamed to NatWest Markets Plc (NWM) in India in December 2018.
  Hence, ABN AMRO or RBS Loan accounts now reflect under NatWest Markets in your CIBIL records.
Lockers
- I had a locker with the Branch. However the branch does not exist, how can I get my contents?
  Please write to us at in.service@natwestmarkets.com to know the status of your locker.
Investments
- I had made mutual fund investments through your bank where can get further information on the same.
  You are requested to kindly contact the respective fund house / product manufacturer, as applicable, for any service requirements.
Insurance
- I had purchased an AVIVA policy where The Royal Bank of Scotland plc (now Known as NatWest Markets plc) was a corporate agent where can I get further information on the same.
  Please note NatWest Markets has terminated its corporate agency agreement with Aviva Life Insurance Company India Ltd. For any assistance on your policy/policies, please contact the insurance company directly as detailed below quoting your policy details:
  
  Please contact the insurance company directly for any service requirements.

Non-Resident Indian (NRI)

What are the features of types of bank accounts available to NRIs?
• Non-Resident External [NRE] Rupee savings account
Your funds in NRE savings accounts are held in convertible rupees - principle and interest are fully repatriable. Interest income is fully exempt from tax in India. The savings account can be opened jointly with a Non-Resident individual.

You can avail the nomination facility on your account by filling up the nomination form. You can also appoint your family member as a power of attorney to operate your account and even access your account through a cheque book - providing them the freedom and convenience of accessing your account.

• Non-Resident External [NRE] Rupee fixed deposit
Fixed deposit in Indian rupees where the principle and interest are fully repatriable. All interest earned is fully exempt from tax in India.

• Non-Resident Ordinary [NRO] Rupee savings account
Your funds in Non Resident Ordinary (NRO) savings account are held in India, in Indian rupees. The NRO account can be funded through NRI income in India. Only the interest in an NRO account is repatriable. Interest income on this account is liable for Indian Income Taxes.

• Non-Resident Ordinary [NRO] Rupee fixed account
Fixed deposit in Indian rupees where the earnings in India were deposited. The interest is repatriable [after payment of tax].

• Foreign current Non-residents [FCNR] deposit
The FCNR Deposit is a fully repatriable foreign currency deposit available in major currencies: US Dollars, Pound Sterling, Euros, Australian dollars and Canadian dollars.

Your funds in FCNR Deposits are maintained in foreign currency and are fully repatriable, including the interest you earn. All interest earned is fully exempt from tax in India.
What do you mean by repatriation of funds?
Repatriation of funds is to remit funds outside India. Freely Repatriable means that no prior RBI approval is required for remitting funds overseas.

NRE and FCNR account are freely repatriable.

Type of Account	Repatriation of Principal	Repatriation of Interest
NRE	YES	YES
FCNR	YES	YES
NRO	Restricted	YES. Post-taxes.

Can I repatriate funds in my NRI Account?

Can I nominate an Indian Resident or an NRI on my account?
Yes, you can nominate an NRI or an Indian Resident subject to the following conditions:

Funds held in the NRO cannot be repatriated by the non-resident nominee and will be credited to the nominee's NRO account. Application from a resident nominee for remittance of funds outside India for meeting the liabilities of any of the deceased Account Holders or for similar purposes should be forwarded to the Reserve Bank of India

In the case of a resident nominee, the funds held in the NRE/FCNR account can be repatriated subject to prior specific RBI permission.
How do I appoint a nominee to my account?
Nominee is the person to whom NatWest Markets will return the money in the account, in the event of the account holder(s) death.

You can appoint a nominee to your account by filling up Form DA1. This facility is available only for live accounts.

Account Type	Frequency
NRO - Savings Account	Paid Half-yearly
NRO - Term Deposit (Reinvestment) Account	Accrued Quarterly
NRO - Term Deposit (Simple) Account	Paid Quarterly
NRE - Savings Account	Paid Half-yearly
NRE - Term Deposit (Reinvestment) Account	Accrued Quarterly
NRE - Term Deposit (Simple) Account	Paid Quarterly
FCNR - Term Deposit (12 months Simple)	Paid Annually
FCNR – Term Deposit (>12months Reinvestment)	Accrued 180days

What is the frequency of Interest payment on my accounts?

Under which accounts can I avail of a cheque book facility?
You can avail of a cheque book facility under the following: NRO - Savings Account & Current Account, NRE - Savings Account & Current Account.
What are the admissible debits to NRO Accounts?
Permissible debits:
• Inward INR clearing checks drawn by the customer and all legitimate local payments
• Transfer to NRO savings accounts or to any resident account.
• Booking of NRO term account.
What are the permissible debits to the NRE/FCNR Accounts?
Debits are allowed freely, however debits for investments in shares/securities/commercial paper of Indian companies or for purchase or immovable property in India should be covered by general/specific permission of RBI.
Can I appoint a Power of Attorney (POA) to operate my Non-resident savings account?
You as a NRI account holder can authorize an Indian Resident to operate your NRI account with NatWest Markets India. You will have to execute the completed Power of Attorney application form on a stamp paper.

A power of attorney can operate your rupee savings account – NRE and / or NRO savings account and can make legitimate local payments in India.

The Power of attorney holder to the NRE account can also remit through normal banking channels, funds out of the balances in the NRE account to the non-resident account holder. The remittance is permitted to the account held in the name of the non-resident holder only. This facility is available only for live accounts.
Can I give a Power of Attorney (POA) to a Resident Indian to operate my Non-Resident Accounts?
A Power of Attorney is given only for operating the account & not for opening the account. Further, the operations are restricted only for making legitimate local payments and remitting funds overseas to the account holder only.
The Power of Attorney can make payments for the purpose of making investments on behalf of the NRI. This facility is available only for live accounts.
Can I transfer funds between NRE Accounts?
Yes. Transfer of funds from NRE Accounts maintained by two different persons may be allowed for bonafide personal purposes such as personal expenses, education of children, and gifts.

Minimum tenor for -
NRO deposit	7 days
NRE & FCNR Deposit	1 year
RFC deposit	31 days

Can I break my deposit before the maturity period?

Will I earn interest if I prematurely withdraw my NRE deposit before completion of 1 year?
NRE Fixed Deposit(s) are permitted for a minimum period of one year up to a maximum period of five years. Since the minimum tenor for NRE deposit is 1 year, no interest will be payable if you withdraw the deposit before completion of 1 year.
What happens if I prematurely withdraw my NRE FD which has remained with the Bank for more than 1 year?
If your deposit has remained with the Bank for more than 1 year and you break it before the maturity date, interest shall be paid for the duration your deposit has remained with the Bank at the applicable rate prevalent on the date of booking your deposit. No penalty will be levied in case of premature withdrawal of your deposit.
Will I earn interest if I prematurely withdraw my FCNR deposit before it completes the minimum tenor of 1 year?
Minimum tenor for a FCNR deposit is 1 year. No interest will be payable if you withdraw the deposit before completion of 1 year.
What happens if I prematurely withdraw my FCNR deposits which has remained with the Bank for more than 1 year?
If your deposit has remained with the Bank for more than 1 year and you break it before the maturity date, interest shall be paid for the duration your deposit has remained with the Bank at the applicable rate prevalent on the date of booking your deposit. No penalty will be levied in case of premature withdrawal of your deposit.

Partial or premature withdrawals will not be permitted for FCNR deposits booked/renewed for a tenor of 3 years during September 25, 2013 till November 28, 2013 as per the terms & conditions of the agreement made at the time of booking the deposit.
Can funds held in RFC deposit be remitted abroad?
Funds in RFC deposit can be remitted abroad for any bonafide purpose of the account holder.
What is the frequency on interest payment on RFC Deposit Accounts?
The frequency of interest payments on RFC Deposit Accounts is half yearly.
Is there a nomination facility available for RFC Accounts?
Yes, For Non-Resident nominees, funds can be remitted abroad to the extent of their entitlement if on the date of the account holder's death such nominees are residing outside India. If the nominee is residing in India on the date of death of the account holder, then the equivalent amount will be paid to him in Indian Rupees.
What are the documents required for closing an NRE / NRO a/c?
A written account closure request letter, signed by all account holders. For more details, kindly contact the branch.
To contact the bank, please visit the Contact Us section on our website.