What are the types of bank accounts available to NRIs?
• Non-Resident External [NRE] Rupee savings account Your funds in NRE savings accounts are held in convertible rupees – principle and interest are fully repatriable. Interest income is fully exempt from tax in India. The savings account can be opened jointly with a Non-Resident individual. Currently, the interest rate offered on the NRE savings account is 3.5% per annum. You can avail the nomination facility on your account by filling up the nomination form. You can also appoint your family member as a power of attorney to operate your account and even access your account through a debit card, cheque book – providing them the freedom and convenience of accessing your account. • Non-Resident External [NRE] Rupee fixed deposit Fixed deposit in Indian rupees where the principle and interest are fully repatriable. All interest earned is fully exempt from tax in India. The account can also be opened jointly with a non-resident. • Non-Resident Ordinary [NRO] Rupee savings account Your funds
The different Deposit Products for NRIs are: Foreign currency Non-Resident (FCNR) Deposits Non-Resident External (NRE) (Rupee) Savings Account and Term Deposits Non Resident Ordinary (NRO) Rupee Savings, Current and Term Deposit Accounts Resident Foreign Currency (RFC) Deposits The other products offered to NRIs are: International debit card Demat Services
