Particulars |
Foreign Currency (Non-Resident) Account (Banks) Scheme (FCNR(B) Account) |
Non-Resident (External)Rupee Account Scheme (NRE Account) |
Non-Resident Ordinary Rupee Account Scheme (NRO Account) |
Who can open an account |
NRIs (individuals / entities of Bangladesh/ Pakistan nationality/ownership require prior approval of RBI) |
NRIs (individuals / entities of Bangladesh / Pakistan nationality/ownership require prior approval of RBI) |
Any person resident outside India (other than a person resident in Nepal and Bhutan). (individuals / entities of Bangladesh / Pakistan nationality / ownership as well as erstwhile OCBs require prior approval of RBI) |
Joint account |
In the names of two or more non-resident individuals |
In the names of two or more non-resident individuals |
May be held jointly with residents |
Nomination |
Permitted |
Permitted |
Permitted |
Currency in which account is denominated |
Pound Sterling, US Dollar, Japanese Yen, Euro, Canadian Dollar and Australian Dollar |
Indian Rupees |
Indian Rupees |
Repatriable |
Repatriable |
Repatriable |
Not repatriable except for the following in the account - 1) current income 2) up to USD 1 million per financial year (April- March), for any bonafide purpose out of the balances in the account / sale proceeds of assets in India acquired by way of inheritance / legacy inclusive of assets acquired out of settlement subject to certain conditions. |
Type of Account |
Term Deposit only |
Savings, Current, Recurring, Fixed Deposit |
Savings, Current, Recurring, Fixed Deposit |
Period for fixed deposits |
For terms not less than 1 year and not more than 5 years. |
At the discretion of the bank |
As applicable to resident accounts. |
Rate of Interest |
Banks are free to determine interest rates for term deposits. |
Subject to cap :
LIBOR / SWAP rates minus 75 basis points for the respective currency / corresponding maturities. |
Subject to cap :
Fixed Deposits
LIBOR / SWAP rates, as on the last working day of the previous month, for US Dollar of corresponding maturities with effect from close of business on April 24, 2007.
Savings Bank Account
Interest rate shall be at the rate applicable to domestic savings account with effect from close of business in India on 17-11-2005 |
Operations by Power of Attorney in favor of a resident by the non-resident account holder |
Operations on the account in terms of Power of Attorney is restricted to withdrawals for permissible local payments or remittance to the account holder himself through normal banking channels. |
Operations on the account in terms of Power of Attorney is restricted to withdrawals for permissible local payments or remittance to the account holder himself through normal banking channels. |
Operations on the account in terms of Power of Attorney is restricted to withdrawals for permissible local payments or remittance to the account holder himself through normal banking channels. |