Following are the types of Bank account which a foreigner can maintain in India:

♦ Non – Resident External Rupee Account (NRE).

♦ Non- Resident Ordinarily Account (NRO).

♦ Foreign Currency (Non – Resident) Account Bank (FCNR (B)).

Bank Account

♦ Non – Resident (Non Repatriable) Rupee Deposit Accounts (NRNR Accounts).

♦ Special Non- Resident Rupee Account (SNRR).

Types of Bank Account NRE Account NRO Account FCNR (B) Account
Eligible person to open the bank account NRI & PIO’s Any person resident outside India for putting through bonafide transactions in rupees. NRI & PIO’s
Currency in which account can be opened Indian Rupees Indian Rupees Any permitted currency i.e. a foreign currency which is freely convertible
Type of account which can be opened. Savings, Current, Recurring, Fixed Deposit Savings, Current, Recurring, Fixed Deposit Term Deposit only
Permissible Credits in the account a) Inward Remittance from outside India.

b) Interest accruing in the a/c.

c) Interest on Investment.

d) Transfer from other NRE/FCNR(B) a/c.

e)maturity proceeds of investments (if such investments were made from this account or through inward remittance).

f) Current income like rent, dividend, pension etc.

Note: only those credit will be permitted which has not lost their repatriable nature.

a) Inward Remittance from outside India.

b) Legitimate dues in India.

c) Transfer from other NRO A/c.

 

Note:Rupee gift/ loan made by a resident to a NRI/ PIO relative within the limits prescribed under the Liberalised Remittance Scheme may be credited to the latter’s NRO account.

 

a) Inward Remittance from outside India.

b) Interest accruing in the a/c.

c) Interest on Investment.

d) Transfer from other NRE/FCNR(B) a/c.

e) maturity proceeds of investments (if such investments were made from this account or through inward remittance).

Note: only those credit will be permitted which has not lost their repatriable nature.

Permissible debits from the account a) Local Disbursements.

b) Remittance outside India.

c) Transfer to other NRE/FCNR(B) Accounts.

d) Investment in India.

a) local payments.

b) Transfer to other NRO A/c.

c) Remittance of current income abroad.

Note: Funds can be transferred to NRE account within this USD 1 Million facility.

a) Local Disbursements.

b) Remittance outside India.

c) Transfer to other NRE/FCNR(B) Accounts.

d) Investment in India.

Repatriable/ Not- Repatriable Repatriable Only Current incomes ae repatriable.

Note: Balances in an NRO account of NRIs / PIOs are remittable up to USD 1 million per F.Y (April- March) along with their other eligible asset.

Repatriable
Operations by Power of Attorney in favour of a resident    
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