Bank Accounts for NRIs

Different type of bank accounts a Non Resident Indian (NRI) can open and maintain in India, their features and benefits are:

Non-Resident Ordinary Rupee Account (NRO Account)

• May be in the form of Saving Account, Current Account, Recurring Deposit or Fixed Deposit.

• Resident can be a joint holder with NRI

• NRO accounts are maintained in Indian Rupees.

• Funds remitted from abroad or Indian can be deposited

• Upto USD 1 million per financial can be repatriated abroad.

• Interest Income is taxable in India (benefit of double taxation treaty may be taken).

Non-Resident (External) Rupee Account (NRE Account)

• May be in the form of Saving Account, Current Account, Recurring Deposit or Fixed Deposit.

• Resident can be a joint holder with NRI

• NRE accounts are maintained in Indian Rupees.

• Funds remitted from abroad can be deposited

• Balance can be freely repatriated abroad.

• Interest Income is Tax free in India.

Foreign Currency Non Resident (Bank) Account (FCNR (B) Account)

• Can be in the form of Fixed Deposit (1 to 5 year) only.

• Resident can be a joint holder with NRI

• FCNR accounts are maintained in Foreign Currency (USD, GBP, EURO, CAD, JPY, AUD).

• Funds remitted from abroad can be deposited

• Balance can be freely repatriated abroad.

• Interest Income is Tax free in India.