| 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
|
| 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
|
