Features |
NRE
|
NRO
|
FCNR (B) Deposits
|
Purpose of account |
To deposit overseas savings remitted to India |
To deposit India earnings |
To deposit overseas savings in Foreign currency |
|
Currency |
Indian Rupee |
Indian Rupee |
AUD, CAD, Euro, GBP and USD. |
|
Type |
Savings Account, Current Account, Fixed Deposits |
Savings Account, Current Account, Fixed Deposits |
Fixed Deposits |
|
Joint holding |
With Non-Resident Indian or with Resident Indian(in Former or Survivor mode only) |
With Non-Resident Indian or with Resident Indian(in Former or Survivor mode only) |
With Non-Resident Indian or with Resident Indian(in Former or Survivor mode only) |
|
Repatriability |
Freely repatriable |
Repatriation of current income, like rent, dividend, interest, is allowed up to USD 1 million per financial year for bonafide purposes, after payment of applicable taxes. |
Freely repatriable |
|
TDS |
Exempt from TDS |
Subject to TDS as per guidelines |
Exempt from TDS |
|
INR Cash Deposit |
Cannot be deposited |
Can be deposited |
Cannot be deposited |
|
Mode of funding |
Remittance from outside India, foreign currency cash or cheque, transfer from other NRE/FCNR (B) Deposits |
Cash (rupees) / transfer from resident account / resident account cheque in addition to NRE funding methods |
Remittance from outside India, foreign currency cash or cheque, transfer from other NRE/FCNR (B) Deposits |
|
Advantages |
Rupee account with full repatriation benefits |
Account for local funds |
No exchange risk |
|
Period for Fixed Deposit |
Min: 1 yr, Max: 10 yrs |
Min: 7 days, Max: 10 yrs |
Min:1 yr, Max: 5 yrs |
|
Cheque book |
Available |
Available |
Not applicable |
|
Debit/ATM card |
International Debit card |
Domestic Debit Card |
Not applicable |