Compare NRI Accounts

Features NRE Account NRO Account NRE Fixed Deposits NRO Fixed Deposits FCNR (B) Account Resident Foreign Currency (RFC) Account Type Saving Account Saving Account Fixed Deposit Fixed Deposit Fixed Deposit Fixed Deposit Current Account Current Account 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- INR 1,50,000 Savings account- INR 1,50,000 Minimum First Deposit INR 25000 Minimum First Deposit INR 25000 USD 1000 GBP 500 JPY 125000 EUR 750 CAD 1500 AUD 1500 DKK 1000 CHF 1000 SEK 1000 USD 5000 GBP 3500 JPY 500000 EUR 5000 Current Account- INR 1,50,000 Current Account- INR 1,50,000 Repatriation Freely Repatriable Restricted repatriability^ (Post Deduction of applicable tax) Freely Repatriable Restricted repatriability^ (Post Deduction of applicable tax) Freely Repatriable Freely Repatriable Tax Tax free* in India Taxes* applicable in India Tax free* in India Taxes* applicable in India Tax free* in India Taxes* applicable in India Joint Account With Resident Indians^^ as well as other NRIs Resident Indians as well as other NRIs With Resident Indians^^ as well as other NRIs With Resident Indians as well as other NRIs With Resident Indians^^ as well as other NRIs Only with other returning Non-Resident Indians Deposit of Rupee funds generated in India Not permitted 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 need an account for making INR payments / investments in India from your India earnings You want to earn higher returns on your overseas savings as compared to a savings/current account in India You want to earn higher returns compared to a savings/current account on your Rupee income earned in India You want tax free* returns in India on your foreign currency fixed deposits 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 You want to maintain your savings in INR but keep them liquid You need an account for depositing your income in India from sources such as rent, dividends, etc. You want tax free* returns in India on your INR fixed deposits You wish to keep your overseas savings in India but do not want to convert them into INR You wish to open an INR account jointly with another NRI You wish to open the account jointly with a person resident in India You want your Rupee savings to be freely repatriable Apply now Apply now Interest Rates Interest Rates Interest Rates Interest Rates Apply now Apply now Apply now Apply now

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. ^^ NRE / 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. *Indian 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. ^As 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.