FEATURES OF VARIOUS DEPOSIT
SCHEMES FOR NON- RESIDENT INDIANS (NRIs)
|
Particulars
|
Foreign Currency A/c (Bank Scheme)
(FCNR (B) A/c)
|
Non Resident (External)
Rupee
(NRE A/c )
|
Non-Resident (Ordinary) Rupee
(NRO A/c)
|
|
Eligibility
|
Any
NRI/PIO (except Bangladesh/Pakistan nationality which require RBI prior
approval).
|
Any
NRI/PIO (except Bangladesh/Pakistan nationality which require RBI prior
approval).
|
Any
NRI/PIO (except Pakistan nationality which require RBI prior approval).
Opening of accounts by individuals of Bangladesh nationality may be permitted
subject to evidencing valid visa and residential permit issued by FRO/FRRO
|
|
Eligible credits
|
Proceeds
of Remittance to India in any permitted currency received through normal
banking channel
|
Proceeds
of Remittance to India in any permitted currency received through normal banking
channel
|
Legitimate
dues in India including current income like rent, dividend, pension,
interest, etc. & Proceeds of Remittance to India in any permitted
currency received through normal banking channel
|
|
Type of Account
|
Term
Deposit
|
Current /Saving /
Term Deposit
|
Current / Saving/
Term Deposit
|
|
Periodicity of
Term deposit
accounts
|
Term
Deposit for any period between 1 to 5 years
|
Term
Deposit for any period between 1 to 10 years
|
As
applicable to local residents
|
|
Currency in which a/c can be opened
|
USD,GBP,EUR,
JPY, CAD & AUD
|
INDIAN RUPEE
|
INDIAN RUPEE
|
|
Repatriability
|
Principal
+ Interest Repatriable
|
Principal
+ Interest Repatriable
|
Repatriable
up to USD 1 Million per calendar year out of balance held in a/c subject to
payment of tax & production of
C.A.Certificate .
|
|
Joint Accounts
|
Allowed
with other NRI / Residents*
|
Allowed
with other NRI / Residents*
|
Allowed
with other NRIs & under “Former or Survivor” basis with resident
close relatives
|
|
Nomination
|
Allowed
|
Allowed
|
Allowed
|
|
Loan against term deposits
|
Permitted up to 90% of present value of deposit
|
Permitted up to 90% of present value of deposit
|
Permitted up to 90% of present
value of deposit
|
|
Premature withdrawal
|
Allowed,
No interest is paid if the deposit is withdrawn before one year of deposit.
Penalty of 1% is levied on the applicable rate of interest for which deposit
remained with Bank or prevailing rate for that period, whichever is less
|
Allowed, No interest is paid if the deposit
is withdrawn before one year of deposit. Penalty of 1% is levied on the
applicable rate of interest for which deposit remained with Bank or
prevailing rate for that period whichever is less.
|
Allowed. No penalty
is levied provided the deposit remained with Bank for a minimum period of one
year and the amount does not exceed Rs 5 lacs. In all other cases, penalty interest
will be calculated @ 1% below the rate applicable for the period for which
deposit remained with bank.
|
|
Tax Exemption
|
Interest
earned & balance in FCNR exempted from Income/Wealth tax.
|
Interest
earned & balance in NRE exempted from Income/Wealth tax
|
Income
/ Wealth taxes is levied @30% + surcharge. Exemption, if any, is subject
to double tax avoidance agreement
with certain countries.
|
|
Other facilities
|
Account
operation allowed for local payments
through Power of Attorney.
|
International
Debit Card.
Internet
banking.
Facility
to issue Online Fixed/Recurring Deposit
Account
operation allowed for local payments through Power of Attorney.
|
International
Debit Card.
Internet
banking.
Facility
to issue Online Fixed/Recurring Deposit
Account
operation allowed for local payments through Power of Attorney.
|
