Bank Account By NRIs

Different types of rupee accounts that are permitted and can be maintained by NRI

NRIs have the option to maintain accounts not only in rupees but also in foreign currencies with authorized dealers. There are various types of accounts that can be opened and operated in India.

Non-resident external rupee account (NRE)

This account can be in the form of savings, current, recurring or fixed deposits. In case of a non-resident external account (NRE), the funds are easily repatriable. The account holder is permitted without any restrictions to send money outside India from this account. One can hold this account jointly with another NRI. One can also grant a power of attorney to residents to operate this account.

Non-resident (ordinary) rupee account

A non-resident (ordinary) rupee account (NRO) can be opened with funds either remitted from abroad or generated in India. If one earns rent, dividends, or other forms of income in India, he can open this account to credit the proceeds. It is a non-repatriable account. This account can be in the form of savings, current or term deposits. The account can be opened jointly with any close relative in India.

Non-resident (ordinary) rupee account

A non-resident (ordinary) rupee account (NRO) can be opened with funds either remitted from abroad or generated in India. If one earns rent, dividends, or other forms of income in India, he can open this account to credit the proceeds. It is a non-repatriable account. This account can be in the form of savings, current or term deposits. The account can be opened jointly with any close relative in India.

Foreign currency Non-Resident Account

This account can be opened in four currencies, which are US Dollar (USD), Euro (EUR), British Pound (GBP) and Japanese Yen (JPY). NRIs with convertible currencies other than the four mentioned here may still open accounts by converting the currency into US$ or GBP. When the deposit matures, the amount of the deposit along with interest will be converted to the original currency at the prevailing rate at the option of the account holder.

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