Disclosures. 1  Accounts that show no balance will be closed. To reactivate an account that has been closed for having no balance, a new account deposit of USD 10,000 or non-USD equivalent is required. 2  Indian resident is an individual who resides in India for more than 182 days per year.
gift. 1. something given voluntarily without payment in return, as to honor a person or an occasion or to provide assistance; present. 2. the act of giving. 3. something bestowed or acquired without being sought or earned by the receiver. 4. a special ability or capacity; natural endowment; talent: a gift for music.
A personal gift in a will is property that is distributed from one person to another through the use of a valid will document. Since the gift is to be distributed using the will, this means that the gift will transfer to the recipient only upon the death of the owner. These gifts are considered âpersonalâ because they are transferred from one person to another specific person, rather than a general entity such as a charity.