What is the Status of the NRNR and NRSR Deposit Schemes?
• Since RBI has withdrawn erstwhile NRNR and NRSR Scheme w.e.f.1st April 2002 and therefore with effect from that date no deposits whether by way of renewal of existing deposits, or by way of fresh inward remittances or otherwise shall be accepted by the Banks under the Non-Resident Non Repatriable (NRNR) Rupee Account Scheme or the Non-Resident (Special) Rupee (NRSR) Account Scheme. Existing deposits under the NRNR Account Scheme may be continued only up to the date of maturity. On maturity of the existing deposit under the NRNR Account Scheme the proceeds shall be credited to the accountholder’s NRE Account at the accountholder’s option and after giving notice to them. • The existing accounts in the form of a term deposit under the NRSR Account Scheme may be continued till the date of maturity. On maturity the proceeds shall be credited to the accountholder’s NRO Account. • Existing NRSR Account, other than a term deposit, shall not be continued after the 30th of September, 2002 and
