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NRI

TERM DEPOSIT

Eligibility

 

NRE Term Deposit

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