Compare NRI Accounts: Types of NRI Accounts

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Features	Non-resident Rupee (NRE) Account	Non-resident Ordinary (NRO) Account	Non-resident Rupee (NRE) Fixed Deposits	Non-resident Ordinary (NRO) Fixed Deposits	Foreign Currency Non-resident (Bank) (FCNR(B)) Account	Resident Foreign Currency (RFC)
Account type	Saving Account Current Account	Saving Account Current Account	Fixed Deposit	Fixed Deposit	Fixed Deposit	Fixed Deposit
Currency	Indian Rupees	Indian Rupees	Indian Rupees	Indian Rupees	US Dollars, British Pounds, Euros, Japanese Yen, Canadian Dollars, Australian Dollars, Danish Krone, Swiss Francs, Swedish Krona	US Dollars, British Pounds, Euros, Japanese Yen
Average monthly balance	Savings Account- INR150,000 Current Account- INR150,000	Savings Account- INR150,000 Current Account- INR150,000	Minimum First Deposit INR25,000	Minimum First Deposit INR25,000	Varies based on foreign currency. Click here for details	Varies based on foreign currency. Click here for details
Repatriation	Freely Repatriable	Restricted repatriability³ (Post Deduction of applicable tax)	Freely Repatriable	Restricted repatriability³ (Post Deduction of applicable tax)	Freely Repatriable	Freely Repatriable
Tax	Tax free² in India	Taxes² applicable in India	Tax free² in India	Taxes² applicable in India	Tax free² in India	Taxes² applicable in India
Joint account	With Resident Indians¹ as well as other NRIs	Resident Indians¹ as well as other NRIs	With Resident Indians¹ as well as other NRIs	With Resident Indians¹ as well as other NRIs	With Resident Indians¹ as well as other NRIs	Only with other returning NRIs
Deposit of Rupee funds generated in India	Permitted⁴	Permitted	Not permitted	Permitted	Not permitted	Not permitted
Choose this account if…	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 account jointly with another NRI You want your INR savings to be freely repatriable	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 on your overseas savings as compared to a savings/current account in India You want tax free² returns in India on your INR fixed deposits	You want to earn higher returns compared to a savings/current account on your INR income earned in India	You want tax free² 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
Apply Links	Apply now	Apply now	Apply now	Apply now	Apply now	Apply now
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Compare NRI Services
Features	Account type
Non-resident Rupee (NRE) Account	Saving Account Current Account
Non-resident Ordinary (NRO) Account	Saving Account Current Account
Non-resident Rupee (NRE) Fixed Deposits	Fixed Deposit
Non-resident Ordinary (NRO) Fixed Deposits	Fixed Deposit
Foreign Currency Non-resident (Bank) (FCNR(B)) Account	Fixed Deposit
Resident Foreign Currency (RFC)	Fixed Deposit

Features	Currency
Non-resident Rupee (NRE) Account	Indian Rupees
Non-resident Ordinary (NRO) Account	Indian Rupees
Non-resident Rupee (NRE) Fixed Deposits	Indian Rupees
Non-resident Ordinary (NRO) Fixed Deposits	Indian Rupees
Foreign Currency Non-resident (Bank) (FCNR(B)) Account	US Dollars, British Pounds, Euros, Japanese Yen, Canadian Dollars, Australian Dollars, Danish Krone, Swiss Francs, Swedish Krona
Resident Foreign Currency (RFC)	US Dollars, British Pounds, Euros, Japanese Yen

Features	Average monthly balance
Non-resident Rupee (NRE) Account	Savings Account- INR150,000 Current Account- INR150,000
Non-resident Ordinary (NRO) Account	Savings Account- INR150,000 Current Account- INR150,000
Non-resident Rupee (NRE) Fixed Deposits	Minimum First Deposit INR25,000
Non-resident Ordinary (NRO) Fixed Deposits	Minimum First Deposit INR25,000
Foreign Currency Non-resident (Bank) (FCNR(B)) Account	Varies based on foreign currency. Click here for details
Resident Foreign Currency (RFC)	Varies based on foreign currency. Click here for details

Features	Repatriation
Non-resident Rupee (NRE) Account	Freely Repatriable
Non-resident Ordinary (NRO) Account	Restricted repatriability³ (Post Deduction of applicable tax)
Non-resident Rupee (NRE) Fixed Deposits	Freely Repatriable
Non-resident Ordinary (NRO) Fixed Deposits	Restricted repatriability³ (Post Deduction of applicable tax)
Foreign Currency Non-resident (Bank) (FCNR(B)) Account	Freely Repatriable
Resident Foreign Currency (RFC)	Freely Repatriable

Features	Tax
Non-resident Rupee (NRE) Account	Tax free² in India
Non-resident Ordinary (NRO) Account	Taxes² applicable in India
Non-resident Rupee (NRE) Fixed Deposits	Tax free² in India
Non-resident Ordinary (NRO) Fixed Deposits	Taxes² applicable in India
Foreign Currency Non-resident (Bank) (FCNR(B)) Account	Tax free² in India
Resident Foreign Currency (RFC)	Taxes² applicable in India

Features	Joint account
Non-resident Rupee (NRE) Account	With Resident Indians¹ as well as other NRIs
Non-resident Ordinary (NRO) Account	Resident Indians¹ as well as other NRIs
Non-resident Rupee (NRE) Fixed Deposits	With Resident Indians¹ as well as other NRIs
Non-resident Ordinary (NRO) Fixed Deposits	With Resident Indians¹ as well as other NRIs
Foreign Currency Non-resident (Bank) (FCNR(B)) Account	With Resident Indians¹ as well as other NRIs
Resident Foreign Currency (RFC)	Only with other returning NRIs

Features	Deposit of Rupee funds generated in India
Non-resident Rupee (NRE) Account	Permitted⁴
Non-resident Ordinary (NRO) Account	Permitted
Non-resident Rupee (NRE) Fixed Deposits	Not permitted
Non-resident Ordinary (NRO) Fixed Deposits	Permitted
Foreign Currency Non-resident (Bank) (FCNR(B)) Account	Not permitted
Resident Foreign Currency (RFC)	Not permitted

Features	Choose this account if…
Non-resident Rupee (NRE) Account	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 account jointly with another NRI You want your INR savings to be freely repatriable
Non-resident Ordinary (NRO) Account	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
Non-resident Rupee (NRE) Fixed Deposits	You want to earn higher returns on your overseas savings as compared to a savings/current account in India You want tax free² returns in India on your INR fixed deposits
Non-resident Ordinary (NRO) Fixed Deposits	You want to earn higher returns compared to a savings/current account on your INR income earned in India
Foreign Currency Non-resident (Bank) (FCNR(B)) Account	You want tax free² 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
Resident Foreign Currency (RFC)	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

Features	Apply Links
Non-resident Rupee (NRE) Account	Apply now
Non-resident Ordinary (NRO) Account	Apply now
Non-resident Rupee (NRE) Fixed Deposits	Apply now
Non-resident Ordinary (NRO) Fixed Deposits	Apply now
Foreign Currency Non-resident (Bank) (FCNR(B)) Account	Apply now
Resident Foreign Currency (RFC)	Apply now

Features	Find Out More Links
Non-resident Rupee (NRE) Account	Find out more
Non-resident Ordinary (NRO) Account	Find out more
Non-resident Rupee (NRE) Fixed Deposits	Find out more
Non-resident Ordinary (NRO) Fixed Deposits	Find out more
Foreign Currency Non-resident (Bank) (FCNR(B)) Account	Find out more
Resident Foreign Currency (RFC)	Find out more

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Important Information

Other Terms & Conditions

NRI deposits are under the Reserve Bank of India programme for Non-Resident Indians and are governed by the rules in effect from time to time relating to such programmes, are subject to the sovereign risk arising from, and governed by the laws of, or any changes to the laws of India.

NR Accounts and NRI Services are offered by The Hongkong and Shanghai Banking Corporation Limited.

¹NRE / FCNR Accounts opened / held jointly with resident close relative (relative as defined in Section 6 of the Companies Act 1956), can be operated only on 'Former or Survivor' basis.

²Indian tax information given herein is general and is not meant to constitute, and therefore should not be construed, as an advice. The tax consequences are also based on individual facts and circumstances. As such, prior professional tax advice should be sought to fully understand and appreciate the Indian tax implications. We assume no obligation or liability of any nature whatsoever by issuing this document.

³As per current local regulations the permissible remittance from the balances in NRO accounts is up to USD 1 million, per financial year for all bonafide purposes. 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 formats.

⁴Current income like rent, dividend, pension, interest etc. will be construed as a permissible credit to the NRE account.

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Important Information

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