NON- RESIDENT INDIANS (NRIs) Business

FEATURES OF VARIOUS DEPOSIT SCHEMES FOR NON- RESIDENT INDIANS (NRIs)

Particulars	Foreign Currency A/c (Bank Scheme)    (FCNR (B) A/c)	Non Resident (External) Rupee          (NRE A/c )	Non-Resident (Ordinary) Rupee     (NRO A/c)
Eligibility	Any NRI/PIO (except Bangladesh/Pakistan nationality which require RBI prior approval).	Any NRI/PIO (except Bangladesh/Pakistan nationality which require RBI prior approval).	Any NRI/PIO (except Pakistan nationality which require RBI prior approval). Opening of accounts by individuals of Bangladesh nationality may be permitted subject to evidencing valid visa and residential permit issued by FRO/FRRO
Eligible credits	Proceeds of Remittance to India in any permitted currency received through normal banking channel	Proceeds of Remittance to India in any permitted currency received through normal banking channel	Legitimate dues in India including current income like rent, dividend, pension, interest, etc. & Proceeds of Remittance to India in any permitted currency received through normal banking channel
Type of Account	Term Deposit	Current /Saving / Term Deposit	Current / Saving/ Term Deposit
Periodicity of Term deposit accounts	Term Deposit for any period between 1 to 5 years	Term Deposit for any period between 1 to 10 years	As applicable to local residents
Currency in which a/c can be opened	USD,GBP,EUR, JPY, CAD & AUD	INDIAN RUPEE	INDIAN RUPEE
Repatriability	Principal + Interest Repatriable	Principal + Interest Repatriable	Repatriable up to USD 1 Million per calendar year out of balance held in a/c subject to payment of tax & production of  C.A.Certificate .
Joint Accounts	Allowed with other NRI  / Residents*	Allowed with other NRI  / Residents*	Allowed with other NRIs & under “Former or Survivor” basis with resident close relatives
Nomination	Allowed	Allowed	Allowed
Loan against term deposits	Permitted up to 90% of present value of deposit	Permitted up to 90% of present value of deposit	Permitted up to 90% of present value of deposit
Premature withdrawal	Allowed, No interest is paid if the deposit is withdrawn before one year of deposit. Penalty of 1% is levied on the applicable rate of interest for which deposit remained with Bank or prevailing rate for that period, whichever is less	Allowed, No interest is paid if the deposit is withdrawn before one year of deposit. Penalty of 1% is levied on the applicable rate of interest for which deposit remained with Bank or prevailing rate for that period whichever is less.	Allowed. No penalty is levied provided the deposit remained with Bank for a minimum period of one year and the amount does not exceed Rs 5 lacs. In all other cases, penalty interest will be calculated @ 1% below the rate applicable for the period for which deposit remained with bank.
Tax Exemption	Interest earned & balance in FCNR exempted from Income/Wealth tax.	Interest earned & balance in NRE exempted from Income/Wealth tax	Income / Wealth taxes is levied @30%  +  surcharge. Exemption, if any, is subject to   double tax avoidance agreement with certain countries.
Other facilities	Account operation    allowed for local payments through Power of Attorney.	International Debit Card. Internet banking. Facility to issue Online Fixed/Recurring Deposit Account operation allowed for local payments through Power of Attorney.	International Debit Card. Internet banking. Facility to issue Online Fixed/Recurring Deposit Account operation allowed for local payments through Power of Attorney.