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Particulars
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(Foreign Currency Non-Resident Account
(FCNR A/c)
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Non-Resident External Rupee Account
(NRE A/c)
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(Non-Resident Ordinary Account
(NRO A/c)
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Who can open an account
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NRIs or OCBs
(Individuals/entities of Bangadesh/ Pakistan
nationality /ownership require approval of RBI)
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NRIs or OCBs
(Individuals/entities of Bangadesh/ Pakistan
nationality /ownership require approval of RBI)
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Any person resident outside India
(Individuals/entities of Bangadesh/ Pakistan
nationality /ownership require approval of RBI)
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Joint account
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In the names of two or more non-resident
individuals
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In the names of two or more non-resident
individuals
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May be held jointly with residents
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Nomination
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Permitted
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Permitted
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Permitted
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Currency in which account denominated
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Pound Sterling, US
Dollar,
Jap. Yen, or Euro.
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Indian Rupees
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Indian Rupees
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Repatriability
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Repatriable
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Repatriable
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Not repatriable except for the following in the account:-
*Current income and interest
*Education of children -$30000 per year
*Medical expenses abroad -$100000 per year
*Sale proceeds of immovable property held for 10 years - $100000 per year
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Type of Account
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Term Deposits only
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Savings, Current, Recurring, Fixed Deposit
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Savings, Current, Recurring, Fixed Deposit
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Period for fixed deposits
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For terms not less than 1 year and more than 3 years
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No restriction
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No restriction
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Rate of Interest
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Stipulated cap above the market rate.
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Banks are free to determine interest rates
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Banks are free to determine interest rates
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(i) to the Account holder
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i)Personal purposes or for
carrying on business activities. *
ii) Direct investment in India
on non-repatriation basis by way of contribution to the capital of Indian
firms/ companies
iii) Acquisition of flat/ house in India
for his own residential use
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i)Personal purposes or for
carrying on business activities. *
ii) Direct investment in India
on non-repatriation basis by way of contribution to the capital of Indian
firms/ companies
iii) Acquisition of flat/ house in India
for his own residential use
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Personal requirement and /or business purpose.*
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In India
(ii) to third party
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Fund based and/or non-fund based facilities for personal
purposes or for carrying on business activities.*
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Fund based and/or non-fund based facilities for personal
purposes or for carrying on business activities.*
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Personal requirement and / or business purpose*
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* The loans cannot be utilized for the purpose of relending,
or carrying on agriculture or plantation activities or for investment in real
estate business
