Curated insights for Global Indians
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Types of bank accounts/deposits offered to NRIs.Types of bank
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Features, eligibility, and differences to determine which account suits you
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Test
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| NRI bank application form (Conversion) | Identity Proof: Any one Passport / Aadhaar / Driving License / Voter's Id card |
Residency status proof: Valid visa or Work permit or OCI/PIO card |
Foreign address proof:
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FATCA declaration form with Tax Identification Number / Functional Equivalent | Passport size photographs |
| PAN / Form 60 |
Please note, that the list of documents may vary from bank to bank.
| Account Features | NRE | NRO | FCNR |
|---|---|---|---|
| Account maintained in | ₹ | ₹ | Foreign currency |
| Deposit currency | Foreign currency (post conversion) | Foreign currency & ₹ (post conversion) | Foreign currency |
| Withdrawal currency | ₹ | ₹ | Foreign currency |
| Interest earned |
Tax-free | Taxable as per DTAA subject to documentation or Income tax act whichever is beneficial | Tax-free |
| Type of accounts |
|
|
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| Joint holding with a resident | Permitted on a ‘former or survivor1’ basis with a resident relative2 | Permitted on a ‘former or survivor’ basis with a resident relative. The relative will be able to operate the account as a POA holder Link the PoA article | Permitted on a ‘former or survivor’ basis with a resident relative |
| Other Aspects | |||
| Loan against deposits | Allowed, but only in ₹ | Allowed, but only in ₹ | Available in foreign currency, with conditions |
| Repatriation | Freely repatriable | Permitted upto 1 million USD per financial year | Freely repatriable |
| Risk | Risk due to fluctuating foreign exchange rate | No Risk | No Risk |
You can invest in different forms of gold. The table below outlines a quick snapshot of the features and benefits across different forms of gold:
| Characteristics | Physical Gold | Gold ETFs | Gold Funds | E-Gold |
|---|---|---|---|---|
| Form | Physical | Digital | Digital | Digital |
| Investment Mode | Over the counter | Brokerage Firm | Fund houses | Brokerage Firm |
| Underlying Asset | None | Physical Gold | Physical gold | Physical Gold |
| Demat Account | Not required | Required | Not required | Required |
| Tradeability on Stock Exhange | Not tradeable | Tradeable | Not tradeable | Tradeable |
| Fee and Charges | Making Charges | Asset management & brokerage fees | Fund management charges Entry/Exit Fees* | Brokerage Fees |
*Applicability of entry/exit fees depends on the Asset Management Companies (AMC) you choose to invest with.
Did you know?
A resident savings account can be converted only to an NRO account. When your resident savings account is converted to NRO account .
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Did you know?
A resident savings account can be converted only to an NRO account. When your resident savings account is converted to NRO account, the balance in your NRO account is classified as capital income, and repatriation is permitted up to USD 1 million per financial year (subject to prevailing FEMA regulations).
This is sample bottom text
Did you know?
A resident savings account can be converted only to an NRO account. When your resident savings account is converted to NRO account, the balance in your NRO account is classified as capital income, and repatriation is permitted up to USD 1 million per financial year (subject to prevailing FEMA regulations).
This is sample bottom text
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What is Lorem Ipsum?
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What is Lorem Ipsum?
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- This account is maintained funds in Indian Rupees.
- Manage your income from Indian sources.
- This account is maintained funds in Indian Rupees.
- Phasellus blandit quam id enim euismod venenatis eu vel quam.
- Manage your income from Indian sources.
What is Lorem Ipsum?
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aenean vulputate semper pretium. Donec porta orci non ex sollicitudin accumsan. Aenean at lacinia lorem. Nam sed placerat lectus, vel vestibulum felis. Etiam lobortis quam eget tristique bibendum.
What is Lorem Ipsum?
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aenean vulputate semper pretium. Donec porta orci non ex sollicitudin accumsan. Aenean at lacinia lorem. Nam sed placerat lectus, vel vestibulum felis. Etiam lobortis quam eget tristique bibendum. Vivamus vestibulum pretium dui, vel pharetra turpis tempus at. Maecenas a tempus ex, eget laoreet felis. Sed aliquam rhoncus odio nec sodales. Aliquam accumsan venenatis vulputate. Duis molestie risus ipsum, maximus dapibus purus interdum eget. Nam ultricies mollis dignissim. Fusce in hendrerit lorem, quis aliquam libero. Phasellus blandit quam id enim euismod venenatis eu vel quam.
- This account is maintained funds in Indian Rupees.
- Manage your income from Indian sources.
- This account is maintained funds in Indian Rupees.
- Phasellus blandit quam id enim euismod venenatis eu vel quam.
- Manage your income from Indian sources.
As a Non-Resident Indian (NRI), you may want to transfer money back home to your family or continue with your investments or other banking needs in India. Indian banks offer you a variety of banking accounts to choose from as per your financial requirements. To open these accounts, you must be a Non-Resident Indian (NRI)/ Person of Indian Origin (PIO) / Overseas Citizen of India (OCI) as per the prevailing Foreign Exchange Management Act (FEMA) guidelines.
- NRE (Non-Resident External), NRO (Non-Resident Ordinary), and FCNR (Foreign Currency Non-Resident) are three types of bank accounts/deposits offered to NRIs.
- These accounts facilitate a seamless transfer and accessibility of funds within India and overseas.
- In this article, you can know more about the features, eligibility, and critical differences between NRE, NRO, and FCNR to determine which one(s) best suits your financial requirements.
As a Non-Resident Indian (NRI), you may want to transfer money back home to your family or continue with your investments or other banking needs in India. Indian banks offer you a variety of banking accounts to choose from as per your financial requirements. To open these accounts, you must be a Non-Resident Indian (NRI)/ Person of Indian Origin (PIO) / Overseas Citizen of India (OCI) as per the prevailing Foreign Exchange Management Act (FEMA) guidelines.
- NRE (Non-Resident External), NRO (Non-Resident Ordinary), and FCNR (Foreign Currency Non-Resident) are three types of bank accounts/deposits offered to NRIs.
- These accounts facilitate a seamless transfer and accessibility of funds within India and overseas.
- In this article, you can know more about the features, eligibility, and critical differences between NRE, NRO, and FCNR to determine which one(s) best suits your financial requirements.