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NRI

Eligibility

NRE Savings Account

NRIs (individuals/entities of Bangladesh/Pakistan nationality/ownership require prior approval of RBI).

NRO Savings Account

  • 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.
 

RFC Savings Account for Returning NRIs

A Resident Foreign Currency Savings Account can be opened by NRIs who have returned for permanent settlement after being resident outside India for a continuous period of not less than one year. These funds can be transferred to an NRE/FCNR account upon change of status to NRI again.

Joint Account facility

 

NRE Savings Account

Account can be held jointly by a NRI (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.

NRO Savings Account

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

RFC Savings Account for Returning NRIs

Account can be held jointly by eligible Returning NRI with a Resident Indian (Former or Survivor basis). The Resident Indian must be a close relative as defined in Section 6 of the Companies act, 1956.

Currency in which account maintained

 

NRE Savings Account

Indian Rupees (INR)

NRO Savings Account

Indian Rupees (INR)

RFC Savings Account for Returning NRIs

US Dollar (USD), Great Britain Pound (GBP)

Repatriation

 

NRE Savings Account

Principal and interest are fully repatriable

NRO Savings Account

RBI allows repatriation only for i) current income ii) up to USD one million per financial year (April-March), for any bonafide purpose after payment of applicable taxes.

RFC Savings Account for Returning NRIs

Funds are repatriable for bonafide purposes

Mandate Holder

 

NRE Savings Account

An Indian resident can be authorized to operate the account and provided with an ATM card for the account

NRO Savings Account

An Indian resident can be authorized to operate the account and provided with an ATM card for the account

RFC Savings Account for Returning NRIs

N.A.

Interest Rate

 

NRE Savings Account

Rate as advised by Bank from time to time as per stipulated guidelines and will be displayed on the website

NRO Savings Account

Rate as advised by Bank from time to time as per stipulated guidelines and will be displayed on the website

RFC Savings Account for Returning NRIs

Rate as advised by Bank from time to time as per stipulated guidelines and will be displayed on the website

Taxation

 

NRE Savings Account

Interest earned is exempted from Tax in India

NRO Savings Account

Interest is taxable under Indian Income Tax Act

RFC Savings Account for Returning NRIs

Interest earned is exempted from Tax in India provided Resident but Not Ordinarily Resident (RNOR) status is held as per the Income Tax Act

Cheque Book

 

NRE Savings Account

Free 50 Cheque leaves per annum

NRO Savings Account

Free 50 Cheque leaves per annum

RFC Savings Account for Returning NRIs

Free 50 Cheque leaves per annum

Fund Transfer

 

NRE Savings Account

Free fund transfer within bank (Self A/c or Third Party) Free collection of NEFT/RTGS Free NEFT/RTGS through Net banking

NRO Savings Account

Free fund transfer within bank (Self A/c or Third Party) Free collection of NEFT/RTGS Free NEFT/RTGS through Net banking

RFC Savings Account for Returning NRIs

Free fund transfer within bank (Self A/c or Third Party) Free collection of NEFT/RTGS Free NEFT/RTGS through Net banking

Ancillary Services

 

NRE Savings Account

  • Free Internet banking
  • Missed Call alert facility for obtaining account balance
  • Online Income Tax return filing facility
  • Free utility bills payment facility through E-pay
  • ATM cum International Debit Card (EMV chip based)

NRO Savings Account

  • Free Internet banking
  • Missed Call alert facility for obtaining account balance
  • Online Income Tax return filing facility
  • Free utility bills payment facility through E-pay
  • ATM cum International Debit Card (EMV chip based)

RFC Savings Account for Returning NRIs

  • Free Internet banking
  • Missed Call alert facility for obtaining account balance
  • Online Income Tax return filing facility
  • Free utility bills payment facility through E-pay
  • ATM cum International Debit Card (EMV chip based)