What types of bank accounts can be opened by NRIs/OCBs in India?
NRIs/OCBs can open the following types of accounts with banks in India, which hold authorised dealer licences, as also other banks, specifically authorised by the Reserve Bank to maintain accounts in the names of NRIs/OCBs. Rupee Accounts:- Non-Resident (Ordinary) Account – NRO A/c. Non-Resident (External) Rupee Account – NRE A/c. Foreign Currency Accounts:- Non-Resident (Foreign Currency) Account – FCNR A/c. (in Pounds, Sterling, US Dollars, Japanese Yen and Euro). A person, resident in India, who is earning foreign exchange, is also permitted to maintain a Foreign Currency account in India with an authorised dealer bank, to the extent of 50% of such foreign exchange earnings, under the Exchange Earners Foreign Currency Account (EEFC) Scheme.
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NRIs/OCBs can open the following types of accounts with banks in India, which hold authorised dealer licences, as also other banks, specifically authorised by the Reserve Bank to maintain accounts in the names of NRIs/OCBs. Rupee Accounts:-Non-Resident (Ordinary) Account – NRO A/c.Non-Resident (External) Rupee Account – NRE A/c. Foreign Currency Accounts:- Non-Resident (Foreign Currency) Account – FCNR A/c. (in Pounds, Sterling, US Dollars, Japanese Yen and Euro). A person, resident in India, who is earning foreign exchange, is also permitted to maintain a Foreign Currency account in India with an authorised dealer bank, to the extent of 50% of such foreign exchange earnings, under the Exchange Earners Foreign Currency Account (EEFC) Scheme.
