What type of bank account/s can a NRI maintain in India ?
Basically, there are four types of bank accounts, you as an NRI can maintain in Indian banks. • Non Resident External (NRE): These can be in the form of Savings/Current Accounts (with cheque book facility) or Fixed Deposits for a minimum period of 6 months. The balances in these accounts and accretion thereof are fully repatriable and exempted from income-tax and wealth tax in India. These accounts are maintained in Indian Rupees. • Foreign Currency Non Resident (FCNR): These are necessarily fixed deposit accounts which can be maintained only in US Dollars, Pound Sterling, Deutsche Marks, Japanese Yen and Euro currency. The tenure of these deposits ranges from a minimum period of 1 year to a maximum period of 3 years. These deposits and the interest thereon are fully repatriable and exempt from income-tax and wealth tax. • Non Resident Ordinary Account (NRO): These can be maintained in the form of Savings/Current Accounts, with cheque book facility or as fixed deposit accounts. All the
