| Query |
NRO |
NRE |
NRNR |
RFC |
FCNR |
| |
|
|
|
|
|
| Currencies |
Only
in Indian Rupees |
US Dollar,
GBP,
EURO and Yen. |
DEM remittances
will be converted to EURO. |
| convertible currency |
convertible to
Rupees |
Currencies
other
than the above will
be converted to any
of the above five currencies, as
specified by you,
at the spot exchange rate |
| Type of accounts and
permitted period |
Saving and fixed deposit
for periods of 15 days and above. |
Savings and fixed deposits
for periods of
6 months and above upto 7 years. |
Only fixed deposit for
periods of 6 months to 3 years |
Savings and fixed deposit
for flexible periods. |
Only fixed deposits for a
period of 12 months to 36 months. |
| cheque book facility |
For NRO Checking/Savings
Account, cheque-book will be provided. |
For NRE Checking/ Savings
Account, cheque-book will be provided. |
Cheque-book
facility will not be available. |
| minimum frequency to
receive interest |
At 3 months. |
At monthly intervals. |
Every 6 months. |
| exchange risk in
maintaining accounts |
loss in
exchange, in case rupee depreciates. |
the amount is
held in the same currency and thus is totally insulated
against exchange risk. |
joint
account |
joint accounts
are permitted.
But all the account holders
have to be non residents. |
joint accounts are
permitted with other non residents or close resident
relatives. |
joint accounts are
permitted. But all account holders have to be eligible
for RFC account. |
joint accounts are
permitted. But all account holders have to be non
residents. |
| registration of nomination
in the account |
nominations are permitted. |
permitted, but nominees are
entitled to
receive
settlement in non-convertible rupees. |
nominations are
permitted. |
permitted, but nominees
entitled to receive settlement in non convertible
rupees. |
tax on deposit
and
interest |
Deposit is subject to
wealth tax and interest is subject to Indian income tax
at source. |
Deposit and
interest is exempted from Indian tax. |
Deposit and interest exempt
from tax subject to certain conditions. |
Deposit and interest earned
are exempted from Indian tax. |
loans
against deposit
if the need arises |
loans are
promptly available upto 75% of deposit. |
RBI regulations does not
permit loans against RFC deposits |
loans are promptly
available in the currency of deposit or in rupees upto
75-85% to depositors and in rupees to third parties. |
| authorise any resident to
operate the account |
To operate Bank
account alone a mandate letter is adequate and the draft
of the mandate letter will be sent to you after opening
the account. |
| renew deposits automati-
cally |
deposits will
be renewed automatically based on your one time
instructions |
| minimum balance |
for savings it
is Rs.10,000 and fixed deposit RS.25,000. |
USD 5,000. DM 5,000. GBP
5,000. Yen 500,000 |
USD 3,000. (The equivalent
in other currencies) |
| interest repatriable freely |
Principal amount is not
repatriable. Interest earned is repatriable. |
Both principal and interest
earned are fully repatriable. |
The principal amount is not
repatriable. Interest earned is fully repatriable. |
Outward remittance from out
of RFC balances including interest is permitted for
bonafide purposes of account holder or for dependents. |
Principal and interest
fully repatriable. |
Finance
Non-resident external (NRE) rupee checking and fixed deposit 
