NRI Deposits

AccountsNRENROFCNR (B)RFC
Purpose of accountTo park overseas earnings remitted to IndiaTo park current Indian earnings and overseas earnings remitted to IndiaTo park overseas earnings remitted to IndiaTo park funds for returning Indians (for permanent settlement)
CurrencyRupeesRupeesUSD, GBP, EURO, CAD, JPY, AUDUSD, GBP, EURO
Types of accountSavings, Current, Fixed Deposits (TDR/STDR) and RDSavings, Current, Fixed Deposits (TDR/ STDR) and RDFixed Deposits (TDR/STDR)Fixed Deposits (TDR/ STDR)
Investment TermMin: 1 Year
Max: 10 Years		Min: 7 Days
Max: 10 Years		Min: 1 Year
Max: 5 Years		Min: 1 Year
Max: 3 Years
Initial funding for opening
  • Savings, Current: Nil
  • RD: Rs. 100
  • TDR, STDR: Rs. 1000
  • USD 1000
  • GBP 1000
  • EURO 1000
  • CAD 1000
  • JPY 1000
  • AUD 1000
  • USD 1000
  • GBP 1000
  • EURO 1000
Minimum Balance
  • Savings, Current: Nil
  • RD: Rs. 100
  • TDR, STDR:
    • For Personal Banking Branches in:
      • Metro / Urban centres: Rs. 1 lakh
      • Semi-Urban / Rural centres: Rs. 50,000
    • For all other Branches: Rs. 1000
Joint Holding with
  • NRIs
  • Resident Indians on Former or Survivor basis
  • NRIs
  • Resident Indians
  • NRIs
  • Resident Indians on Former or Survivor basis
Only with any person who is eligible to open an RFC
Repatriability of PrincipalFreely RepatriableCurrent income up to USD 1 million (Conditional)Freely RepatriableFreely Repatriable
Repatriability of InterestFreely RepatriableFreely Repatriable subject to deduction of taxFreely RepatriableFreely Repatriable
Taxability in IndiaInterest income tax free in IndiaInterest income is taxed as per India Income Tax Rules. Reduced tax under Double Tax Avoidance AgreementInterest income tax free in IndiaInterest income tax free in India till  account holders status changes

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