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Thursday, January 16, 2014

First thing NRI should know about their Bank accounts

 Types of Bank Accounts and Comparison Table

Features
NRO
NRO Fixed
NRE
NRE Fixed
FCNR(B)
Resident Foreign Currency(RFC)
Account Type
Savings & Current
Fixed
Savings and Current
Fixed
Fixed
Fixed
Currency
 Indian Rupee
 Indian Rupee
Indian Rupee
Indian Rupee
US Dollars, British 
Pounds, Euros, Japanese Yen, Canadian 
Dollars, Australian 
Dollars, Danish Krone, Swiss Francs, Swedish Krona
US Dollars, British
Pounds, Euros, Japanese
Yen
Minimum Monthly balance
Both Savings & Current INR 75000
First deposit minimum INR 75000
Both Savings & Current INR 75000
First deposit minimum INR 75000
UDS 1000
Euro 750
GBP 500
USD 5000
Euro 5000
GBP 3500
Joint Account
With resident Indians and other NRIs
With resident Indians and other NRIs
With resident Indians and other NRIs
With resident Indians and other NRIs
With resident Indians and other NRIs
Only with other returning 
Non-Resident Indians
Tax
Taxes applicable in India
Taxes applicable in India
Tax free in India
Tax free in India
Tax free in India
Taxes applicable in India
Repatriation
Restricted repatriation
(Post Deduction of
applicable tax)
Restricted repatriation
(Post Deduction of
applicable tax
Free Repatriation
Free Repatriation
Free Repatriation
Free Repatriation
Deposit of Rupee funds generated in India
Permitted
Permitted
Not Permitted
Not Permitted
Not Permitted
Not Permitted
Suitable For
You need an account for
making INR payments / investments in India from your India earnings

You need an account for depositing your income in India from sources such as rent, dividends, etc.

You wish to open the
account jointly with a person resident in India
You want to earn higher returns compared to a
savings/current account on your Rupee income earned in India
You need an account for making INR payments /investments in India from your overseas earnings

You want to maintain your savings in INR but keep them liquid

You wish to open an INR account jointly with another NRI

You want your Rupee
savings to be freely
repatriable.
You want to earn higher returns on your overseas savings as compared to a savings/current
account in India

You want tax free*
returns in India on your INR fixed deposits
You want tax free*
returns in India on your foreign currency fixed deposits

You wish to keep your
overseas savings in
India but do not want to convert them into INR
You wish to maintain
your overseas savings
or NRE/FCNR (B)
account balances in
foreign currency even
after you return to India and convert them into INR at a more favourable exchange rate at a later date.
Note: As per current local regulations the permissible remittance from the balances in NRO accounts is up to USD 1 million, per financial year. The remittances (net of applicable taxes) will be allowed to be made on production of an undertaking by the remitter and a Certificate from a Chartered Accountant in the prescribed format.

These are general information and author is not responsible for any changes take place in RBI rules and in turn banking channels in India.

2 comments:

  1. Interesting piece. I think sometimes, financials, documentation etc if not dealt with well, can become a serious issue. NRI services Bangalore

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  2. This comment has been removed by the author.

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