Non Resident Indians & Overseas Indians - Bank Accounts


Accounts for NRIs

1.Non-Resident Ordinary Rupee Account (NRO Account)

Any person resident outside India may open NRO account with an authorised dealer or an authorised bank for the purpose of putting through bona fide transaction in rupees.

Opening of accounts by individual/ entities of Pakistan and entities of Bangladesh require prior approval of Reserve Bank of India. NRO accounts may be opened / maintained in the form of current, savings, recurring or fixed deposit accounts.

2. Non-Resident (External) Rupee Account (NRE Account)
NRE account may be in the form of savings, current, recurring or fixed deposit accounts (with maturity of minimum one year). Such accounts can be opened only by the NRI (as defined under Regulation 2(vi) of Notification No. FEMA 5/2000-RB dated May 3, 2000) himself and not through the holder of the power of attorney. NRIs may be permitted to open NRE account with their resident close relatives (relative as defined in Section 6 of the Companies Act, 1956) on "former or survivor " basis. The resident close relative shall be eligible to operate the account as a Power of Attorney holder in accordance with the extant instructions during the life time of the NRI/PIO account holder.

3.Foreign Currency Non Resident (Bank) Account - FCNR (B) Account
NRIs are eligible to open and maintain these accounts.

FCNR (B) accounts are only in the form of term deposits of 1 to 5 years. All debits / credits permissible in respect of NRE accounts, including credit of sale proceeds of FDI investments, are permissible in FCNR (B) accounts also.

Features of various deposit schemes available to Non-Resident Indians (NRIs) with follwing details are available in NRIs Handbook for Banking & Investments

Types of Accounts
Permitted Credits
Permitted Debits
Loans against Security of Funds held in the account
Loans outside India
Change of Resident Status of account holder
Repatriation of funds to Non Resident Nominee
Operation by Power of Attorney
Temporary Overdrawings
Remittances abroad by Resident nominee
Tax Exemption
Rate of Interest
Rate for conversion of rupees into designated currencies and vice versa
Inland Movement of Funds
Payment of Interest
Loans/Overdrafts against Security of funds held in the account
Guidelines for grant of foreign currency loans in India to holders of FCNR (B) Deposits
Change of Resident Status of the account holder
Joint Account, Repatriation of Balances, etc.
Other Features

Banknet has released Sixth Edition of NRIs Handbook for Banking & Investments in July 2016. This report provides updated information of all the services available to the NRIs / PIOs/ OCBs as well as Foreign Investors. It does not just give information on accounts or investment; it gives much more than that. All editions of Handbook had received great response & subscribed by NRIs, bankers, consultants across the globe from nearly 40 countries. This handbook is edited by Senior Bankers, including those who have worked in the Reserve Bank of India & Treasury of Banks... Read more


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