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Deposit Accounts

Non Resident Indians can open accounts under Repatriable and Non-Repatriable deposit schemes.

In respect of Repatriable scheme the NRIs have the choice of following schemes for depositing their savings with Our Bank :

Non Resident External Rupee Account (NRE):

NRIs and PIOs can open account. Individual/entities of Pakistan and Bangladesh shall require prior approval of the Reserve Bank of India.

Joint Accounts: Account can be opened jointly in the names of two or more NRIs/ PIOs. NRIs/ PIOs can hold jointly with a resident relative on ‘former or survivor’ basis. (Relative as defined in Companies Act, 2013)

Types of Account: Savings, Current, Recurring, Fixed Deposit accounts.

Currency: Indian Rupees (INR).

Period: As applicable to other resident accounts.

Taxability: Income earned in the accounts is exempt from income tax and balances exempt from wealth tax.


Foreign Currency (Non-Resident) Account (FCNR):

NRIs and PIOs can open account. Individual/entities of Pakistan and Bangladesh shall require prior approval of the Reserve Bank of India.

Joint Accounts: Account can be opened jointly in the names of two or more NRIs/ PIOs. NRIs/ PIOs can hold jointly with a resident relative on ‘former or survivor’ basis (Relative as defined in Companies Act, 2013 )

Currency: Account can be opened in any permitted currency i.e. a foreign currency which is freely convertible USD, GBP, EUR, AUD, CAD.

Types of Account: Term Deposit only.

Period: For terms not less than 1 year and not more than 5 years

Taxability: Income earned in the accounts is exempt from income tax and balances exempt from wealth tax.

In respect of Non-Repatriable scheme the NRIs have the choice of following schemes for depositing their savings with Our Bank:


Non Resident Ordinary Rupee Account (NRO):


Any person resident outside India may open NRO account for the purpose of putting through bona fide transactions in Rupees. Individual/entities of Pakistan and Bangladesh shall require prior approval of the Reserve Bank of India.


Joint Accounts: Account can be opened jointly in the names of two or more NRIs/ PIOs. NRIs/ PIOs can hold jointly with residents on ‘former or survivor’ basis.


Currency: Can be opened only in Indian Rupees (INR).

Types of Account: Savings, Current, Recurring, Fixed Deposit accounts.

Period: As applicable to other resident accounts

Taxability: Income earned in the account is Taxable.

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