Types of NRI Account In India – Banking Awareness 2017

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Types of NRI Account In India - Banking Awareness 2017
To encourage Non Resident Indians (NRI’s) and Persons of Indian Origin (PIO’s) staying abroad to invest in India, the Govt has allowed these Individuals to open 3 types of NRI Accounts in India:-

  1. FCNR Account
  2. NRO Account
  3. NRE Account

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NRI bank AccountsDetails 

FCNR Account

FCNR (FOREIGN CURRENCY NON RESIDENT ACCOUNT)

  •  maintained in approved foreign currency
  • Tenure is one to five years
  • fixed deposit account only
  • no income tax
  • Ram can take full money to USA at any time
  • interest rate decided by RBI based on LIBOR (London interbank offered rate )

NRO Account

.NRO account (Non resident ordinary rupees account ) -Earning that ram get from his land and other property in India has to be deposited in NRO account .

india year book 2017
  • Opened in authorised banks as well as post office
  • maintained in indian rupees
  • they are income earned in India
  • he has to pay income tax
  • He can take maximum of 1 million dollar only to USA
  • he can open joint account with his brother Mohan also
  • can be opened as SA/CA/RD/FD

NRE Account

NRE (non resident external rupees account )

  • maintained in rupees
  • he can open joint account with mohan with some restriction that mohan will operate that account as an agent of ram only
  • income from USA
  • non taxable
  • he can take entire money bank at any time
  • Can be opened in SA/CA/RD/FD