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NRI CURRENT ACCOUNT
Features NRE Current Account NRO Current Account
Eligibility NRIs (individuals/entities of Bangladesh/Pakistan nationality/ownership require prior approval of RBI).
  • Any person resident outside India (other than a person resident in Nepal and Bhutan).
  • Individuals/entities of Pakistan Nationality/ownership, entities of Bangladesh ownership and erstwhile Overseas Corporate Bodies require prior approval of Reserve Bank of India.
Joint Account of 2 or more NRIs Account can be held jointly by a Non-Resident Indian (persons of Indian nationality or origin) / with a Resident Indian (Former or Survivor basis). A Resident Indian can operate the account only as a Mandate / POA holder. The Resident Indian must be a close relative as defined in Section 6 of the Companies act, 1956.

Account can be held jointly by a Non-Resident Indian (persons of Indian nationality or origin) / with a Resident Indian

Currency in which Account is denominated Indian Rupees (INR)

Indian Rupees (INR)

Repatriability Freely Repatriable

Principal upto USD 1 Million. Subject to FEMA 2000 guidelines from time to time.

Interest Rate Not applicable

Not applicable

Sweep-in Facility Available

Available

Taxation Funds in NRE Account are exempted from income tax in India

Funds in NRO Account are taxable under Indian Income Tax Act

Fund Transfer
  • Free Funds Transfer within the bank (Self A/c or Third party A/c)
  • Collection of Cheques and payments across Bank of India locations all over the country
  • Free Funds Transfer within the bank (Self A/c or Third party A/c)
  • Collection of Cheques and payments across Bank of India locations all over the country
NEFT/RTGS
  • Free collection of NEFT/RTGS.
  • Free NEFT/RTGS payment through Net Banking
  • Free collection of NEFT/RTGS.
  • Free NEFT/RTGS payment through Net Banking
Ancillary Services
  • Net banking
  • Free statements of Account
  • Online Income Tax return filing facility
  • Free utility bills payment facility through E-pay
  • ATM cum International Debit Card

 

  • Net banking
  • Free statements of Account
  • Online Income Tax return filing facility
  • Free utility bills payment facility through E-pay
  • ATM cum International Debit Card
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NRI CURRENT ACCOUNT