NRI Accounts

NRI Accounts

The Non Resident Indians and Person of Indian Origin can open and maintain following types of accounts.
  • NRO - Non Resident Ordinary Rupee accounts
  • NRE - Non Resident External accounts
  • FCNR -Foreign Currency Non Resident accounts

The salient features of these accounts are as under:

Scheme NRO NRE FCNR
Currency Rupee Rupee USD,GBP,EURO,JYEN,CAN$,AUD,CHF,DKK,NZD
Sources of receipts Local & Foreign – of both Repatriable & Non repatriable nature Only Foreign Funds / Local funds of repatriable nature Only Foreign/Local foreign currency funds of repatriable nature
Type Savings bank A/c - Current A/c and Fixed Deposits Savings bank A/c - Current A/c and Fixed Deposits Only Fixed Deposits
( TDR & STDR )
Interest Rate Same as Indian domestic deposits rates Decided by the Bank tracking  LIBOR
Tenor of deposit Same as Indian domestic deposits Minimum 1 year and Maximum 10 years Minimum 1 year and Maximum 5 years
Joint accounts Joint account with resident Indians allowed Joint with residents as – non operative second A/c holders Joint with residents as – non operative second A/c holders
Local Freely permitted Freely permitted Freely permitted
Repatriation Restricted Currently upto USD 1 Million p.a. Freely permitted Freely permitted
Currency Risk Yes – if required to be repatriated Yes – if required to be repatriated Yes – for local payments
Tax liability Taxable in India Non Taxable in India Non Taxable in India
Best suited for Local expenses / Income in India Both for Local expenses and repatriation requirements Definite requirement of repatriation
For interest rates and other details please visitour corporate web site www.sbi.co.in

1Reserve Bank of India permits remittance of amount lying in NRO accounts subject to certain conditions.