| Accounts
and features |
NRO |
NRE |
FCNR |
RFC |
|
Purpose of Account
|
To park Indian earnings like rent, Indian
salary, dividend etc
|
To park overseas savings remitted to India
after converting to INR
|
To park overseas savings without converting
into INR
|
For NRIs who are returning to India. To
park savings in foreign currency
|
|
Currency
|
Rupees
|
Rupees
|
USD, GBP, EURO, JPY (You can give
any convertible currency)
|
USD, GBP, EURO, JPY (You can give any
convertible currency)
|
|
Deposit Type
|
Savings Bank Account
Fixed Deposit
Current Account
|
Savings Bank Account,
Fixed Deposit
Current Account
|
|
Savings Bank Account
Fixed Deposit
Current Account
|
|
Minimum Balance
|
SB: INR 10,000
FD: INR 25,000
|
SB: INR 10,000
FD: INR 25,000
|
USD 1000 (or its equivalent)
|
USD 1000 (or its equivalent)
|
| Period for Fixed
Deposit |
Min: 15 days
Max: 10 years
|
Min: 1 year
Max: 10 years
|
Min: 1 year
Max: 3 years
|
Min: 30 days
Max: 3 years
|
| Joint Holding |
Both with resident / non-resident
|
Only with NRIs
|
Only with NRIs
|
Only with NRIs
|
|
Interest Rate
(click interest rates for current figures)
|
Domestic Rupee rates. interest
rates...
|
NRE Rupee rates.interest
rates..
|
FCNR rates (changes every week). interest
rates...
|
RFC rates (changes every week). interest
rates...
|
| Tax deducted at
source |
Subject to tax deducted at source at 30.6%
|
Exempt from tax deducted at source
|
Exempt from tax deducted at source
|
Exempt from tax deducted at source (only
for 2 yrs)
|
| Frequency of Interest |
Quarterly
|
Quarterly
|
Semi-annually
|
Quarterly
|
| Repatriation of
Principal |
Not repatriable
|
Freely Repatriable
|
Freely Repatriable
|
Freely Repatriable
|
| Repatriation of
Interest |
Freely Repatriable
|
Freely Repatriable
|
Freely Repatriable
|
Freely Repatriable
|
| Loans |
Available against Fixed Deposits upto
85% of the loan amount
|
Available against Fixed Deposits upto
85% of the loan amount
|
Available against Fixed Deposits upto
85% of the loan amount
|
Not available
|
| Cheque Book |
Available
|
Available
|
Not available
|
Not available
|
| Debit/ ATM Card |
ATM card
|
International Debit cum ATM card
|
Not available
|
Not available
|
| For more on... |
NRO Savings
NRO Fixed Deposits
|
NRE Savings
NRE Fixed Deposits
|
|
RFC Savings
RFC Fixed Deposits
|