Topics

Accounts

Reference

NRO

NRSR

NRE

NRNR

FCNR

RFC

Who can open an account

NRI/OCB

NRI

NRI/OCB

NRI/OCB

NRI/OCB

Ex-NRI

Currency

INR

INR

INR

INR

US&, DM,

UK Pound,

Yen

US&, DM,

UK Pound,

Yen

Initial remittance

INR

INR

INR

INR

Any of the above

Source of funds

Local funds/

Fresh Inward

Remittance

Local

Funds/

Fresh Inwards Remittance

Fresh

Inward

Remittance

Fresh

Inward

Remittance

Fresh

Inward

Remittance

Fresh

Inward

Remittance

Deposit Type

Savings and Fixed deposits

Savings and Fixed deposits

Savings and Fixed deposits

Fixed deposits

Fixed deposits

Savings and Fixed deposits

Joint account with residents

Permitted

Permitted

Not Permitted

Permitted

Not Permitted

Permitted

Nomination

Permitted

Permitted

Permitted

Permitted

Permitted

Permitted

Repatriation of principle

Not Repatriable

Not Repatriable

Freely Repatriable

Freely Repatriable

Freely Repatiable

Repatriable

Repatriation of interest

Repatriable

Repatriable

Freely Repatriable

Freely Repatriable

Freely Repatiable

Not Repatriable

Loan against deposits

Permitted

Permitted

Permitted

Permitted

Permitted

Not Permitted

Taxes

No Exemptions

No Exemptions

Exempted from all taxes

Exempted from all taxes

Exempted from all taxes

Interest subject to tax

Choice of min. interest

At 3 monthly intervals

At 3 monthly intervals

At 3 monthly intervals

At 3 monthly intervals

At 6 monthly intervals

At 6 monthly intervals

Cheque facility

For savings account only

For savings account only

For savings account only

No.

No.

No.

Eligibility

Eligible

Eligible

Eligible

Eligible

Not eligible

Not eligible

Power of attorney

Available

Available

Available

Available

Available

Available

Premature closure of term deposits

Allowed but penalties are charged