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NRI

Eligibility

 

NRE Current Account

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

NRO Current 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.

Joint Account of 2 or more NRIs

NRE Current Account

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.

NRO Current Account

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

NRE Current Account

Indian Rupees (INR)

NRO Current Account

Indian Rupees (INR

Repatriability

NRE Current Account

Freely Repatriable

NRO Current Account

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

Interest Rate

NRE Current Account

Not applicable

NRO Current Account

Not applicable

Sweep-in Facility

NRE Current Account

Available

NRO Current Account

Available

Taxation

NRE Current Account

Funds in NRE Account are exempted from income tax in India

NRO Current Account

Funds in NRO Account are taxable under Indian Income Tax Act

Fund Transfer

NRE Current Account

  • 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

NRO Current Account

  • 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

NRE Current Account

  • Free collection of NEFT/RTGS.
  • Free NEFT/RTGS payment through Net Banking

NRO Current Account

  • Free collection of NEFT/RTGS.
  • Free NEFT/RTGS payment through Net Banking

Ancillary Services

NRE Current Account

  • 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

NRO Current Account

  • 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