Accounts |
NRE |
NRO |
FCNR (B) |
RFC |
Purpose of account |
To park funds remitted from overseas to India |
To park funds remitted from overseas to India or funds from Indian sources |
To park funds, in foreign currency, remitted from overseas to India |
To park funds for returning Indians (for permanent settlement) |
Currency |
Rupees |
Rupees |
USD, GBP, EURO, CAD, JPY, AUD |
USD, GBP, EURO |
Types of account |
Savings, Current, Fixed Deposits (TDR/STDR) and RD |
Savings, Current, Fixed Deposits (TDR/ STDR) and RD |
Fixed Deposits (TDR/STDR) |
Fixed Deposits (TDR/ STDR) |
Investment Term |
Min: 1 Year
Max: 10 Years |
Min: 7 Days
Max: 10 Years |
Min: 1 Year
Max: 5 Years |
Min: 1 Year
Max: 3 Years |
Initial funding for opening |
-
Savings, Current: Nil
-
RD: Rs. 100
-
TDR, STDR: Rs. 1000
|
-
USD 1000
-
GBP 1000
-
EURO 1000
-
CAD 1000
-
JPY 1000
-
AUD 1000
|
-
USD 1000
-
GBP 1000
-
EURO 1000
|
Minimum Balance |
-
Savings
-
Monthly Average Balancec (MAB):
-
Metro & Urban MAB : Rs. 3000/-
-
Semi-Urban MAB: Rs. 2000/-
-
Rural MAB: Rs. 1000/-
-
RD: Rs. 100
-
TDR, STDR:
-
For Personal Banking Branches in:
-
Metro / Urban centres: Rs. 1 lakh
-
Semi-Urban / Rural centres: Rs. 50,000
-
For all other Branches: Rs. 1000
|
Joint Holding with |
-
NRIs
-
Resident Indians on Former or Survivor basis
|
-
NRIs
-
Resident Indians on Former or Survivor basis
|
-
NRIs
-
Resident Indians on Former or Survivor basis
|
Only with any person who is eligible to open an RFC |
Repatriability of Principal |
Freely Repatriable |
Current income up to USD 1 million (Conditional) |
Freely Repatriable |
Freely Repatriable |
Repatriability of Interest |
Freely Repatriable |
Freely Repatriable subject to deduction of tax |
Freely Repatriable |
Freely Repatriable |
Taxability in India |
Interest income tax free in India |
Interest income is taxed as per India Income Tax Rules. Reduced tax under Double Tax Avoidance Agreement |
Interest income tax free in India |
Interest income tax free in India till account holders status changes |
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