India Property Guide

JP Morgan Chase Bank - Services and Cards

JP Morgan Chase Bank has been regarded as one of the largest banks in the world. It has been ranked among the oldest legendary financial firms, and has its operating branches in nearly 60 different countries around the world. The cutting edge advanced banking and financial services provided by this bank have helped it gain a trustworthy name in the global banking sector. It has a massive customer base today, and provides a wide range of services and facilities to all segments of customers.

The core areas of business of JP Morgan Chase Bank India are comprehensive investment banking and economic advisory facilities for FII.

India is a crucial market for the bank, since its options and derivative markets are heavily dependent on the Indian cash flow. A major reason for its heavy dependency on India’s cash flow is that it is a principal dealer to Reserve Bank of India.

The other areas of expertise of this bank include money market operations and treasury services. In India, the bank has appointed more than 250 highly skilled financial experts along with the provision of nearly 7000 offshore facilities. According to the latest reports, the total current assets of the JP Morgan Chase Bank are around $2.2 Trillion, which is definitely a mammoth amount.

The brand name ‘JP Morgan’ is normally utilized for a wide range of purposes, including asset management, private banking, private wealth management, security services, while the label ‘Chase’ is exploited to market the credit card facilities in Canada and U.S; it is also used to promote retail and banking activities.

Services Offered by JP Morgan India

JP Morgan Chase Bank India offers FCNR deposit facility, which is nothing but a deposit account that is maintained only in foreign money in India. This account is provided to both PIO (Person of Indian Origin) and NRI (Non-Resident Indian) as the main holder of this deposit account.

The salient features of the new FCNR deposit account are listed below:

  • Deposit amount is maintained in the form of foreign currency. The system covers deposit amount in any allowable currencies, including U.S dollars, Japanese Yen, Euros, Pound Sterling, Australian dollars and Canadian dollars. This provides you the flexibility to keep multiple currencies.

  • Deposit Tenor - The present allowable tenors on FCNR account are: 1 year and over but under 2 years, 2 years and over but under 3 years, 3 years and over but under 4 years, 4 years and over but under 5 years, and lastly 5 years only.

  • FCNR Rates – The attractive interest rates make the new FCNR deposit account as one of the most favored options to deposit your foreign currency earnings. The account deposit interest can be obtained half yearly. The current interest rates for U.S dollars with tenor >= twelve months < twenty-four months is 2.38 percent per annum.

  • Deposits are liberally repatriable – With reference to some general applicable norms, the account holder can easily move funds outside India.

  • Interest obtained on FCNR is exempted from normal tax. According to current tax laws in India, the interest amount gained on FCNR deposit account by NRI’s are exempted from Indian tax.

  • Joint FCNY Account – The customers are allowed to hold the account jointly with local Indians and also with other NRI’s.

  • Nomination & DICGC protection

Cards Offered

JP Morgan Chase offers credit cards to customers around the world, and they offer credit card as well as Merchant acquiring services.

Additionally, they also offer Treasury and Securities Services, which include Clearance and Agency, treasury and investor services.

JP Morgan Chase Bank India was the very first overseas banking firm to deal with India’s futures and options, and it is also one among the leading complete service futures and options dealers servicing institutional shareholders.

It is the market topper when it comes to futures and options brokerage trade, and it has been offering sales, research, clearing services, execution across fixed income, foreign exchange, equity, and commodity benefit classes since 1979.

In order to extend its international reach, JP Morgan Chase Bank carries on investing considerably on exchange memberships, technology, and is currently working on its plan of global expansion into many new markets.

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