| Account opening | |
|---|---|
| FCNR | NRIs/PIOs/OCIs(Individuals/entities of Bangladesh/Pakistan require prior approval of RBI |
| NRE | NRIs/PIOs/OCIs(Individuals/entities of Bangladesh/Pakistan require prior approval of RBI |
| NRO | Any Individual resident outside India |
| Joint Account | |
| FCNR | In the names of two or more non-resident individuals. With a local close relative on 'former or survivor basis' |
| NRE | In the names of two or more non-resident individuals. With a local close relative on 'former or survivor basis' |
| NRO | In the names of two or more non-resident individuals. With a local close relative on 'former or survivor basis' |
| Currency in which account is denominated | |
| FCNR | US dollar, pound sterling, Yen, Euro, Australian dollar & Canadian dollar |
| NRE | Indian Rupees |
| NRO | Indian Rupees |
| Nomination | |
| FCNR | Allowable |
| NRE | Allowable |
| NRO | Allowable |
| Account Type | |
| FCNR | Term Deposit only |
| NRE | Savings, Current, Fixed, Recurring deposit |
| NRO | Savings, Current, Fixed, Recurring deposit |
| Interest Rate | |
| FCNR | Banks are allowed to determine interest rates for Deposits |
| NRE | Banks are allowed to determine interest rates for Deposits |
| NRO | Banks are allowed to determine interest rates for Deposits |
| Fixed deposits-period | |
| FCNR | Not less than 1 year and not more than 5 years |
| NRE | Min- 1year Max- 10years |
| NRO | As applicable to resident accounts |
| Income Tax | |
| FCNR | Not Taxable |
| NRE | Not Taxable |
| NRO | TDS on Interest received on NRO deposits to be deducted at 30.90% |
| Repatriability | |
| FCNR | Repatriable |
| NRE | Repatriable |
| NRO | Non- Repatriable |
| Loans in India 1)To account holder 2)To third parties |
|
| FCNR | Without any financial ceiling on the loan amount subject to standard margin requirements |
| NRE | Without any financial ceiling on the loan amount subject to standard margin requirements |
| NRO |
|
| Loans in Abroad 1)To account holder 2)To third parties |
|
| FCNR | 1) Without any financial ceiling on the loan amount subject to standard margin requirements 2) Not Permitted |
| NRE | Without any financial ceiling on the loan amount subject to standard margin requirements |
| NRO |
|
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