Rupee Schemes

Non-Resident Ordinary:

• Can be operated by Single or jointly with resident Indian
  
• Can be maintained as Savings Bank, Current Account or Term Deposits
  
• Funds can be utilised for local operations, passage fare, etc.
  
• Repatriation facility not available
  
• No tax concessions are available
  
• Nomination facility available

Non-Resident Non-Repatriable Rupee Deposit Scheme (NRNR):

• NRNR Accounts can be opened by way of transfer of funds from abroad or from existing NRE/FCNR accounts
  
• Can be operated Singly or jointly with other NRIs / resident relatives
  
• To be maintained as Term Deposits only. (6 months to 3 years)
  
• Interest is offered at rates higher than those offered on NRE accounts
  
• Principal amount can not be repatriated. However, interest income can be repatriated
  
• Interest is free from tax so long as depositor remains an NRI. One-time exemption from Gift tax allowed
  
• Loans against deposits are available in India
  
• Nomination facility available

Non-Resident (External) (NRE):

• NRE accounts can be opened/credited with remittances from abroad/transfer from existing NRE/FCNR accounts/deposit of foreign exchange brought into India, during visits to India
  
• Can be operated singly or jointly with other NRIs. NRIs can authorise residents to operate their NRE accounts for local payments through a power of attorney / letter of authority
  
• To be maintained as Savings Bank or Term Deposits (6 months to 10 years)
  
• The entire credit balance (inclusive of interest can be repatriated abroad)
  
• Interest is free from Income Tax. Gifts out of the a/c are free from Gift Tax. Balance is free from Wealth Tax
  
• Transfer of funds between NRE accounts of different persons for genuine personal purposes, is freely permitted. Withdrawals for local payments or payments abroad in any convertible currency are allowed without Reserve Bank of India's approval
  
• Loans against deposits are available for purposes other than relending / carrying on agricultural / plantation activities / real estate business
  
• Nomination facility available

FOREIGN CURRENCY ACCOUNTS

Foreign Currency Non-Resident A/c (Bank Scheme) (FCNB)

• FCNR accounts can be opened/credited with remittances from abroad/transfers from existing NRE/FCNR accounts/desposit of foreign exchange brought into India during visits to India
  
• These accounts involve no exchange loss, as interest and principal are repayable in the currency of the deposit
  
• Can be operated singly or joint with other NRIs. NRIs can authorise residents to operate their NRE Accounts for local payments through power of attorney/letter of authority
  
• Transfer of funds between NRE accounts of different persons, for genuine personal purposes, are freely permitted
  
• Withdrawals for local payments or payments abroad in any convertible currency are allowed without Reserve Bank of India's approval
  
• To be maintained as Fixed Deposits for 6 months to 3 years maturity only
  
• Accounts can be opened in US Dollars, Pound Sterling, Deutsche Marks, EURO, Japanese Yen
  
• Loans against deposits are available for purposes other than relending / carrying on agricultural / plantation activities / real estate business
  
• Interest income free from Income Tax. Gift Tax, Wealth Tax exemptions are available
  
• Nomination facility available

Home-coming Deposits Scheme (Resident Foreign Currency Account):

• To be opened by Returning NRIs
  
• To be maintained as Savings Bank Account, Fixed Deposits for 6 months and 12 months
  
• Accounts can be opened only in US Dollars. Minimum USD 1000/-
  
• No loan or overdraft facility available against these deposits
  
• Interest is free from Income Tax as long as the account holder maintains the status of "Resident but not ordinarily resident"
  
• Nomination facility available