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Nri > Account > Comparison of nri accounts

Comparison of nri accounts


 

NRE Account

FCNR (B)

NRO Account

RFC Account

Purpose of Account

To maintain overseas savings remitted to India in INR

To maintain overseas savings in foreign currency

To maintain Indian earnings like rent, Indian salary, dividend and also to meet local expense.

To maintain savings in foreign currency by NRIs returning to India

Eligibility

NRI, PIO

NRI, PIO

NRI, PIO

Ex-NRI / Resident Indian

Type of Accounts

SB, CA, FD, RD

FD

SB, CA, FD, RD

SB, CA, FD

Currency

Indian Rupees (INR)

USD, GBP, EUR, JPY, AUD, SGD, CAD, HKD, CHF

Indian Rupees (INR)

USD, GBP, EUR and JPY

Minimum Balance Required

SB- Flexible balance requirement
FD – Rs 10,000

USD 1000 or equivalent

SB- Flexible balance requirement
FD – Rs 10,000

USD 1000 or equivalent

Period

FD: 1 to 10 years
RD: 1 Year to 5 Years

1 to 5 years

FD: 15 days to 10 years
RD: 1 Year to 10 Years

Up to 3 Years

Joint Holding

With NRIs / Resident Indians#1

With NRIs  / Resident Indians

Permitted with another returning Indian / resident Indian

Repatriation

Principal and interest both fully repatriable

Up to USD 1 million per Financial Year.
Interest freely repatriable after TDS

Fully Repatriable

Risk on Exchange Rate Fluctuation

Will be effected by Exchange Rate fluctuation

Maintained in foreign currency, hence carries no exchange rate risk

Will be effected by Exchange Rate fluctuation

Maintained in foreign currency, hence carries no exchange rate risk

#1.In case the co-applicant is Resident Indian in NRE / FCNR (B) deposit, the mode of operations should be mandatory “Former or Survivor”
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