What types of Bank accounts can an NRI open in India?
The various types of Bank Accounts an NRI can open are : (i) Ordinary Non-Resident Rupee (NRO) Account : NRIs can open NRO account for transactions in rupees without any approval. It can be maintained in the nature of current, savings, recurring or fixed deposit account. NRIs may also open this account jointly with residents. After the person returns to India permanently, this account can be again designated as a resident account. (ii) Non Resident (External) Rupee Accounts (NRE A/C) NRE account may be opened without any approval if the funds for this account are transferred in freely convertible foreign currency. NRIs may jointly open this account with another NRI. This account can be maintained in the form of saving or current or recurring or fixed deposit account. Balances held in this account and any interest earned on this account are exempt from tax. (iii) Foreign Currency (Non Resident) Account (FCNR A/C) FCNR A/C is maintained only in term deposit.The account can be maintained
