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Particulars

(1)

ForeignCurrency(Non-Resident) Account(Banks)Scheme[FCNR

Non-Resident(External)RupeeAccountScheme[NRE

(B)Account]

(2)

Account]

(3)

Non-ResidentOrdinaryRupeeAccountScheme[NRO
Account]

(4)

AnypersonresidentoutsideIndia(otherthanaperson
Whocanopenanaccount

NRIs(individuals/entitiesofBangladesh/Pakistannationality/

NRIs(individuals/entitiesofBangladesh/Pakistan

ownershiprequirepriorapprovalofRBI)

nationality/ownershiprequirepriorapprovalofRBI)

residentinNepalandBhutan).Individuals/entitiesofPakistan
nationality/ownership,entitiesofBangladeshownershipand
erstwhileOverseasCorporateBodiesrequirepriorapprovalof
theReserveBank.

Inthenamesoftwoormorenonresidentindividualsprovidedallthe
accountholdersarepersonsofIndiannationalityororigin;
Residentcloserelative*(relativeasdefinedinSection6ofthe
CompaniesAct,1956)onformerorsurvivorbasis.Theresidentclose

Inthenamesoftwoormorenonresidentindividualsprovidedall
theaccountholdersarepersonsofIndiannationalityororigin;

relativeshallbeeligibletooperatetheaccountasaPowerofAttorney
holderinaccordancewithextantinstructionsduringthelifetimeofthe
Jointaccount

NRl/PIOaccountholder.

Maybe.heldjointlywithresidents

*ListofResident CloseRelative
Father,Mother(Includingstepmother),Son(Includingstepson),Sons
wife,Daughter(Includingstepdaughter),Fathersfather,Fathers
mother,Mothersfather,Mothersmother,Sonsson,Sonsdaughter
etc.

Residentcloserelative(relativeasdefinedinSection6ofthe
CompaniesAct,1956)onformerorsurvivorbasis.Theresident
closerelativeshallbeeligibletooperatetheaccountasaPowerof
Attorneyholderinaccordancewithextantinstructionsduringthe
lifetimeoftheNRl/PIOaccountholder.

Nomination

Permitted

Permitted

Permitted

Currencyinwhichaccountisdenominated

USD,GBP,EUR,CAD,AUD,SGD,HKD

IndianRupees

IndianRupees

Repatriablity

Repatriable

Repatriable

i)allcurrentincomeandii)uptoUSD1(one)millionper

Notrepatriableexceptforthefollowing:
financialyear(April-March),byANRI/PIO

TypeofAccount

Periodforfixeddeposits

TermDepositonly

From1yearto5years.

Savings,Current,Recurring,FixedDeposit

From1yearto10years.

Savings,Current,Recurring,FixedDeposit

Asapplicabletoresidentaccounts.

WitheffectfromMarch1,2014,interestratesofferedbybanks
RateofInterest

InterestRatesrevisedon1st ofeverymonth.

onNREdepositscannotbehigherthanthoseofferedbythem

AtparwithDomesticTermDeposits.

oncomparabledomesticrupeedeposits.

OperationsintheaccountintermsofPowerofAttorneyis
OperationsbyPowerofAttorneyinfavourofa
residentbythenonresidentaccountholder

OperationsintheaccountintermsofPowerofAttorneyisrestrictedto
withdrawalsforpermissiblelocalpaymentsorremittancetothe
accountholderhimselfthroughnormalbankingchannels.

OperationsintheaccountintermsofPowerofAttorneyis

restrictedtowithdrawalsforpermissiblelocalpaymentsin

restrictedtowithdrawalsforpermissiblelocalpaymentsor

rupees,remittanceofcurrentincometotheaccountholder

remittancetotheaccountholderhimselfthroughnormal

outsideIndiaorremittancetotheaccountholderhimself

bankingchannels.

throughnormalbankingchannels.
RemittancetotheNRI/PIOaccountholderissubjecttothe

Features of various Deposit Schemes available for Non-Resident Indians (NRIs)

Features of various Deposit Schemes available for Non-Resident Indians (NRIs)


Particulars

ForeignCurrency(Non-Resident)Account(Banks)Scheme[FCNR(B)
Account]

Non-Resident(External)Rupee

Non-ResidentOrdinary

AccountScheme[NREAccount]

RupeeAccountScheme
[NROAccount]

(1)

(2)

(3)

(4)
ceilingofUSD1(one)millionperfinancialyear.

Loans
a.InIndia
i)totheAccountholder

ii)toThirdParties

Permitted without any ceiling subject to usual margin

Permitted without any ceiling subject to usual margin

requirements.

requirements

Permitted without any ceiling subject to usual margin

Permitted without any ceiling subject to usual margin

requirements.

requirements.

Permittedsubjecttotheextantrules

Permitted,subjecttoconditions

b.Abroad
i)totheAccountholder

Permitted

Permitted

NotPermitted

ii)toThirdParties

Permitted

Permitted

NotPermitted

c.ForeignCurrencyLoans
inIndia
i)totheAccountholder

Permittedwithoutanyceilingsubjecttousualmarginrequirements.

Permitted without any ceiling subject to usual margin NotPermitted


requirements.

ii)toThirdParties

Permittedwithoutanyceilingsubjecttousualmarginrequirements

Permittedwithoutanyceilingsubjecttousualmarginrequirements NotPermitted

PurposeofLoan
a.InIndia
i)totheAccountholder

i) Personalpurposesorforcarryingonbusinessactivities*
ii) Direct investment in India on nonrepatriation basis by way of
contributiontothecapitalofIndianfirms/companies

iii)

ii)toThirdParties

Personalpurposesorforcarryingonbusinessactivities.1''

Personalrequirementand/orbusinesspurpose.*

Direct investment in India on non-repatriation basis by way of


contributiontothecapitalofIndianfirms/companies.

Acquisition of flat / house in India for his own residential use. iii) Acquisition of flat / house in India for his own residential use.
(Pleaserefertopara9ofSchedule2toFEMA5).

(Pleaserefertopara6(a)ofSchedule!toFEMA5).

Fund based and / or non-fund based facilities for personal

Fund based and / or non-fund based facilities for personal

purposes or for carrying on business activities *. (Please refer

purposes or for carrying on business activities *. (Please refer

topara9ofSchedule2toFEMA5).

topara6(b)ofSch.1toFEMA5)

Personalrequirementand/orbusinesspurpose*

b.Abroad
TotheaccountholderandThirdParties

Fund based and / or non-fund based facilities for bonafide

Fund based and / or non-fund based facilities for bonafide

purposes.

purposes.

*Theloanscannotbeutilisedforthepurposeofon-lendingorforcarryingonagricultureorplantationactivitiesorforinvestmentinrealestatebusiness.

Notpermitted.