Are NRIs permitted to maintain accounts in rupees and in foreign currency?
• Yes. Accounts can be maintained by NRIs in rupees as well as in foreign currency. Accounts in foreign currencies can, however, be maintained with authories dealers only. • Can NRIs maintain current/savings/fixed deposit rupee accounts with authorised dealers/authorised banks in India? • NRO and NRE accounts can be maintained in current/savings/ fixed deposit form while NRNR accounts can be only in fixed term deposits. • What are the different types of rupee accounts permitted to be maintained? • Three types of rupee accounts Viz. Non-resident (External) Rupee Accounts (NRE account), Ordinary Non- resident Rupee Account (NRO accounts ) and Non-resident (Non-repatriable) Rupee Deposit accounts (NRNR) are permitted to be maintained. • Can proceeds of foreign currency notes/travellers cheques be credited to NRE accounts without any restriction? • Authorised dealers have been permitted to credit the proceeds of foreign currency notes/travellers cheques brought by the account holder from a
