Bank accounts for non residents @ supereb!!!!

09 April 2013

Classification of Non Resident Accounts

Non-resident accounts are based on

(a) Repatriation : These are two types, namely Oridnary accounts without any repatriation facility and external accounts with full repatriation facility.

(b) The currency of account : Non-residents can maintain their accounts either in Indian rupees or specified foreign currency mostly US& Pound Sterling, Deutsche marks or Japanese yen.

Non-Repatriable Accounts

1. Non-resident Ordinary Rupee Account-NRO A/C -Savings, Current and Time Deposits

2. Non-resident Non-Repatriable Term Deposits -NRNR Accounts

3. Non-residents (Special) Rupee -NRSR Account : The scheme has been effective from 15^thApril, 1999.

Repatriable Accounts:

4. Non-resident External Rupee Account – NRE A/C : Savings, Current & Time Deposits

5. Foreign Currency Non-resident Bank Deposits -FCNR-B Accounts.

6.RFC-Resident Foreign Account

Summary of Bank accounts for Non residents

Topics			Accounts
Reference	NRO	NRSR		NRE	NRNR	FCNR	RFC
Who can open an account	NRI/OCB	NRI		NRI/OCB	NRI/OCB	NRI/OCB	Ex-NRI
Currency	INR	INR		INR	INR	US&, DM, UK Pound, Yen	US&, DM, UK Pound, Yen
Initial remittance	INR	INR		INR	INR	Any of the above
Source of funds	Local funds/ Fresh Inward Remittance	Local Funds/ Fresh Inwards Remittance		Fresh Inward Remittance	Fresh Inward Remittance	Fresh Inward Remittance	Fresh Inward Remittance
Deposit Type	Savings and Fixed deposits	Savings and Fixed deposits		Savings and Fixed deposits	Fixed deposits	Fixed deposits	Savings and Fixed deposits
Joint account with residents	Permitted	Permitted		Not Permitted	Permitted	Not Permitted	Permitted
Nomination	Permitted	Permitted		Permitted	Permitted	Permitted	Permitted
Repatriation of principle	Not Repatriable	Not Repatriable		Freely Repatriable	Freely Repatriable	Freely Repatiable	Repatriable
Repatriation of interest	Repatriable	Repatriable		Freely Repatriable	Freely Repatriable	Freely Repatiable	Not Repatriable
Loan against deposits	Permitted	Permitted		Permitted	Permitted	Permitted	Not Permitted
Taxes	No Exemptions	No Exemptions		Exempted from all taxes	Exempted from all taxes	Exempted from all taxes	Interest subject to tax
Choice of min. interest	At 3 monthly intervals	At 3 monthly intervals		At 3 monthly intervals	At 3 monthly intervals	At 6 monthly intervals	At 6 monthly intervals
Cheque facility	For savings account only	For savings account only		For savings account only	No.	No.	No.
Eligibility	Eligible	Eligible		Eligible	Eligible	Not eligible	Not eligible
Power of attorney	Available	Available		Available	Available	Available	Available
Premature closure of term deposits	Allowed but penalties are charged