Accounts Overview
Following table gives an overview of NRE, NRO and FCNR banking accounts available for NRIs, with a brief comparison of their features.
| |
Non Resident External
(NRE) Account |
Non Resident Ordinary
(NRO) Account |
Foreign Currency Non Resident (FCNR) Deposit |
| Account type |
Savings Account
Fixed Deposit |
Savings Account
Fixed Deposit |
Fixed Deposit |
| Held in currency |
Indian Rupees |
Indian Rupees |
USD, GBP, EUR, AUD, CAD |
| Source of funds |
Remittance from Overseas/Transfer from
existing NRE/FCNR accounts. |
Local income in India
(Rent, interest or dividend income). |
Remittance from Overseas/Transfer from
existing NRE/FCNR accounts. |
| Repatriation |
Fully repatriable – both principal and
Interest |
Only interest repatriable on payment of
applicable taxes |
Fully repatriable – both principal and
Interest |
| Income tax |
Interest earned is fully exempt from tax
u/s 10(4)(ii) of the Income Tax Act, 1961 |
Tax to be deducted at source @ 30%
+ applicable surcharge* + Cess 3%
* surcharge @10% , if taxable income exceeds INR
10 Lakhs |
Interest earned is fully exempt from tax
u/s 10(15)(iv)(fa) of the Income Tax Act, 1961 |
| Joint accounts held with |
Non Resident Individual only |
Non Resident and/or Resident Individual |
Non Resident Individual only |
| International Debit Card |
Allowed |
Not allowed (ATM card allowed) |
Not applicable |
| Key feature |
Rupee Account with repatriation benefits |
Account for depositing local funds |
Foreign currency deposits with full
repatriation benefits and no exchange risk |
| Nomination Facility |
Permitted |
Permitted |
Permitted |
| Power of attorney |
Permitted for savings and current account |
Permitted for savings and current account |
Not Permitted |
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Stumble it!
What it takes for NRIs to invest in india?
Filed under NRI Banking June 14, 2008 at 2:52 pm
Non-resident Indians (NRIs) can benefit from the current bear run on the Indian Stock Exchange as the risk-reward ratio is in favour of long-term investors. Despite the prevailing dip, the Indian economy is expected to grow at a healthy pace of over eight percent this year. But before an NRI can invest in Indian stocks [...]
Central Bank signs agreement with Thomas Cook
Filed under NRI Banking February 7, 2008 at 11:39 am
Central Bank of India, one of the country’s largest government-owned banks, signed an agreement with Thomas Cook to offer MoneyGram International money transfer service. Among India’s public sector banks, Central Bank of India can be truly described as an “all India” bank, due to its large network in 27 out of 28 states and locations [...]
SBT to open NRI branch office in Dubai
Filed under NRI Banking February 7, 2008 at 11:37 am
State Bank of Travancore has received approval from Central Bank of the UAE to open a representative office (RO) in Dubai, UAE. The opening of the office is expected to go a long way towards providing better services to NRIs besides promoting trade and investment in India from the business community based in the Middle [...]
Omani bank launches NRI services
Filed under NRI Banking January 29, 2008 at 10:19 pm
Oman’s largest bank, BankMuscat has launched a service for the 600,000-strong NRI community in the country, which will offer banking solutions including remittance service. This is the second announcement by an Omani bank for products targetted at NRIs, the first being by Oman Arab Bank last week. The new service, called Pravasi, will offer banking [...]
Rupee weakens vs US dollar
Filed under NRI Banking January 23, 2008 at 1:06 pm
The rupee turned weak and was quoted lower by about seven paise against the US currency at 39.55/56 a dollar in morning trade on heavy dollar demand amid weakness in equity markets, which fell back after a strong start. Despite weakness in dollar against major currencies in overseas market after the US Federal Reserve announced [...]
Western Union opens 50,000th agent location in India
Filed under NRI Banking January 20, 2008 at 1:10 am
The Western Union Company, a provider of money transfer services, announced the opening of its 50,000th Agent location in India at the State Bank of India branch in Gurgaon, Haryana. To mark the occasion, Hikmet Ersek, EVP and MD, Western Union Europe, Middle East, Africa and South Asia (EMEASA), joined Gautam Kanjilal, Chief General Manager [...]
Indian Overseas Bank to open UAE branch
Filed under NRI Banking January 20, 2008 at 1:05 am
The Indian Overseas Bank (IOB) plans to open a representative office in Dubai as part of its foray into the Gulf region. Indian Overseas Bank Chairman and Managing Director S A Bhat said the bank was given go-ahead by Reserve Bank of India for its Dubai entry, and he would be meeting UAE Central Bank [...]
NRI remittances all time high at $10 bn
Filed under NRI Banking January 20, 2008 at 1:03 am
The Indian diaspora seems to be taking a long-term view on India. They are shunning NRI deposit schemes and are sending higher amounts instead to relatives back home. In the July-September 2007 quarter, remittances touched a new high of $10 billion. While NRIs parked only about $346 million in various bank deposit schemes. For the [...]
