NRI Deposit Scheme

Brief comparative features between FCNR & NRE

Foreign Currency Non Resident (FCNR) accounts vs Non-Resident External (NRE) accounts.
PARTICULARS FCNR NRE
Who can open accounts NRIs NRIs
Joint accounts of two or more NRIs Permitted Permitted
Joint account with Residents Permitted ( Former or Survivor basis ). Resident Indian can operate the account only as a Mandate/POA holder and must be a close relative of the NRI account holder as defined under Section 6 of the Companies act, 1956 Permitted ( Former or Survivor basis ). Resident Indian can operate the account only as a Mandate/POA holder and must be a close relative of the NRI account holder as defined under Section 6 of the Companies act, 1956
Nomination facility Available Available
Currency of account USD, GBP, EUR, JPY,AUD,CAD Indian Rupees
Repatriability Principal and interest repatriable Principal and interest repatriable
Type of account Term deposits Savings, Current and Term deposits
Period 12 months to 5 years 12 month to 10 years
Minimum amount USD 1,500
GBP 1,000
EURO 2,000
JPY 50,000
AUD 1,000
CAD 1,000
Taxation (Indian taxes) Exempt from income and wealth tax Exempt from income and wealth tax
Liquidity Easy pre-mature encashment facility Easy pre-mature encashment facility
Automatic renewal facility (ARS) Available on signing of ARS agreement Available on signing of ARS agreement
Safe custody facility Available on request; compulsory with ARS Available on request; compulsory with ARS
Renewals Deposit receipt to be submitted duly discharged within 14 days from date of maturity for retrospective renewal – alternatively renewal will be with simple interest from maturity date to renewal date Deposit receipt to be submitted duly discharged within 14 days from date of maturity for retrospective renewal – alternatively renewal will be with simple interest from maturity date to renewal date
  • For more details you can visit - https://www.bankofindia.co.in/
 
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