<p style="text-align:justify"><span style="font-size:14px"><span style="color:#34495e">The place of supply of services supplied by a banking company located in India to account holders located outside India is the location of the service provider i.e. banking company.<br />
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&ldquo;Account&rdquo; has been defined in Explanation (a) to section 13(8) of the IGST Act, 2017 to mean an account which bears interest to the depositor, and includes a non-resident external (NRE) account and a non-resident ordinary (NRO) account.<br />
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Services provided to holders of demand deposits, term deposits, NRE account and NRO account outside India will be covered by the definition of account referred to above. Examples of such services are:</span></span></p>

<p style="text-align:justify"><br />
<span style="font-size:14px"><span style="color:#34495e">(i) services linked to or requiring opening and operation of bank accounts, such as, lending and deposits;<br />
(ii) transfer of money including telegraphic transfer, mail transfer, electronic transfer etc.</span></span></p>