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)).
♦ 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.
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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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