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Accounts / Deposits

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Accounts / DepositsYour earnings abroad can earn attractive returns back home. Open an NRI account with us. Select from a range of account / deposit types offering tax free interest earnings and flexibility to maintain savings in foreign currency. Also enjoy the benefits of repatriation after deduction of any applicable taxes.

You can open the following types of accounts with us:
  • Foreign Currency Non-Resident Account [FCNR (B)].
  • Non-Resident External (NRE) Rupee Account.
  • Non-Resident Ordinary Account (NRO).
  • Resident Foreign Currency (RFC) Account for returning Indians.

The following table summarizes features of different types of accounts:

Accounts NRE NRO FCNR (B)
Purpose of account To park overseas savings remitted to India after converting to Rupees To park overseas savings remitted to India after converting to Rupees and Indian earnings To park overseas savings without converting into Rupees
Currency Rupees Rupees USD, EURO, GBP, CAD, JPY, AUD, CHF, DKK, NZD, SEK
Minimum Balance Rs. 1,000 Rs. 1,000 USD 1000 or equivalent
Type of account Savings, Current, TDR ,STDR Savings, Current, TDR, STDR TDR, STDR
Investment Term Min: 1 Year
Max: 10 Years
Min: 7 Days
Max: 10 Years
Min: 1 Year
Max: 5 Years
Joint Holding Only with NRIs Both with Resident and NRIs Only with NRIs
Repatriability of Principal Freely Repatriable Up to USD 1 million (Conditional) Freely Repatriable
Repatriability of Interest Freely Repatriable Freely Repatriable subject to deduction of tax Freely Repatriable
Taxability in India Interest income tax free in India Interest income is taxed as per India Income Tax Rules. Reduced tax under Double Tax Avoidance Agreement Interest income tax free in India
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