NRIs (individuals/entities of Bangladesh/Pakistan nationality/ownership require prior approval of RBI).
NRO Term Deposit
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.
FCNR Deposit
It can be opened by an Individual NRI (other than a person resident in Nepal and Bhutan) and is maintained to invest your local funds in India to earn higher returns. Individuals/entities of Bangladesh/Pakistan nationality/ownership require prior approval of RBI.
RFCDeposit
It can be opened by an Individual NRI (other than a person resident in Nepal and Bhutan) which provides an opportunity for tax planning in India.
Joint Account of 2 or more NRIs
NRE Term Deposit
Permitted
NRO Term Deposit
Permitted
FCNR Deposit
Permitted
RFCDeposit
Permitted
Currency in which Account is denominated
NRE Term Deposit
Indian Rupees (INR)
NRO Term Deposit
Indian Rupees (INR)
FCNR Deposit
USD, GBP, EUR, JPY, AUD ,CAD
RFCDeposit
USD,GBP
Repatriability
NRE Term Deposit
Freely Repatriable
NRO Term Deposit
Principal upto USD 1 Million. Subject to FEMA 2000 guidelines from time to time.
FCNR Deposit
Freely Repatriable
RFCDeposit
Freely Repatriable
Period
NRE Term Deposit
12 months to 120 months
NRO Term Deposit
7 days to 120 months
FCNR Deposit
12 months to 60 months
RFCDeposit
12 months to 36 months
Nomination
NRE Term Deposit
Available
NRO Term Deposit
Available
FCNR Deposit
Available
RFCDeposit
Available
Taxation
NRE Term Deposit
Exempt from Income Tax
NRO Term Deposit
Income Tax deductible at source (as per DTAA executed by India with 71 countries
FCNR Deposit
Exempt from Income Tax.
RFCDeposit
Exempt till individual continues to be ‘Resident but not ordinarily resident’. Thereafter TDS is required to be deducted @10% plus surcharge as applicable
