Account opening |
FCNR | NRIs/PIOs/OCIs(Individuals/entities of Bangladesh/Pakistan require prior approval of RBI |
NRE | NRIs/PIOs/OCIs(Individuals/entities of Bangladesh/Pakistan require prior approval of RBI |
NRO | Any Individual resident outside India
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Joint Account |
FCNR | In the names of two or more non-resident individuals. With a local close relative on 'former or survivor basis' |
NRE | In the names of two or more non-resident individuals. With a local close relative on 'former or survivor basis' |
NRO | In the names of two or more non-resident individuals. With a local close relative on 'former or survivor basis' |
Currency in which account is denominated |
FCNR | US dollar, pound sterling, Yen, Euro, Australian dollar & Canadian dollar |
NRE | Indian Rupees |
NRO | Indian Rupees |
Nomination |
FCNR | Allowable |
NRE | Allowable |
NRO | Allowable |
Account Type |
FCNR | Term Deposit only |
NRE | Savings, Current, Fixed, Recurring deposit |
NRO | Savings, Current, Fixed, Recurring deposit |
Interest Rate |
FCNR | Banks are allowed to determine interest rates for Deposits |
NRE | Banks are allowed to determine interest rates for Deposits |
NRO | Banks are allowed to determine interest rates for Deposits |
Fixed deposits-period |
FCNR | Not less than 1 year and not more than 5 years |
NRE | Min- 1year Max- 10years |
NRO | As applicable to resident accounts |
Income Tax |
FCNR | Not Taxable |
NRE | Not Taxable |
NRO | TDS on Interest received on NRO deposits to be deducted at 30.90% |
Repatriability |
FCNR | Repatriable |
NRE | Repatriable |
NRO | Non- Repatriable |
Loans in India
1)To account holder 2)To third parties |
FCNR | Without any financial ceiling on the loan amount subject to standard margin requirements |
NRE | Without any financial ceiling on the loan amount subject to standard margin requirements |
NRO |
- Permitted
- Permitted
|
Loans in Abroad
1)To account holder 2)To third parties |
FCNR | 1) Without any financial ceiling on the loan amount subject to standard margin requirements
2) Not Permitted |
NRE | Without any financial ceiling on the loan amount subject to standard margin requirements |
NRO |
- Not permitted
- 2) Not permitted
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