New NRI - Types of accounts FAQs

As an NRI you can open accounts in INR and/or in a foreign currency. These can be in the form of savings accounts. 

• Non-Resident External (NRE) Account:
  • A savings account to maintain income earned outside India
  • Get tax-free interest in India and
  • Principal amount and interest earned are fully repatriable from India
  • Domestic credits are not allowed. To know more, click here.
• Non-Resident Ordinary (NRO) Account:
  • A savings account to manage your income earned in India such as income received from rent, dividends, pension etc.
  • Repatriation from India only up to One Million United States Dollar (USD) per financial year for bonafide purposes like education, medical expenses and similar expenses
  • 30% tax + applicable surcharge +education cess deducted at source on interest earned in India. To know more, click here. 

As an NRI, you can open both NRE/NRO accounts to maintain your funds in India & Overseas. If you select both accounts, while filling the form, it will save you the hassle of sending forms / documents repeatedly.

As an NRI you can open accounts in INR and/or in a foreign currency. These can be in the form of fixed deposit accounts.

• Foreign Currency (Non –Resident) Accounts (Banks) (FCNR (B) Accounts:
  • A Term deposit account in US Dollars, GBP, EUR, JPY, AUD, CAD, SGD, HKD and CHF.
  • Fixed tenures of upto 12 months, 36 months and 60 months.
  • Interest income is not taxable in India.
  • Principal amount and interest earned are fully repatriable. To know more, click here.
• Non Resident (External) Fixed Deposits Account:
  • A Term Deposit account in INR
  • Tenure can be from a minimum of 1 year up to a maximum of 10 years.
  • Get competitive exchange rates on conversion of your foreign currency into INR.
  • Can be funded with any convertible currency.
  • Interest earned is not taxable in India.
  • You enjoy full repatriability of investment including interest with NRE FD.
  • Click here to explore the product
• NRO (Non–Resident Ordinary) Fixed Deposit Account:
  • A Term Deposit Account can be jointly held with residents as well as Non-resident.
  • Multiple tenure option ranging from 7 days to 10 years.
  • Interest earned in current financial year is fully repatriable (after deducting tax).
  • Funds in NRO account can be repatriated up to USD one million per financial year for all bonafide purposes.
  • Get competitive exchange rates on conversion of your foreign currency into rupees. Higher post tax yield can be earned by availing the DTAA facility. Click here to know more.