|
Particulars |
Foreign
Currency (Non-Resident) Account (Banks) Scheme (FCNR(B)
Account) |
Non-Resident (External)Rupee Account Scheme (NRE
Account) |
Non-Resident Ordinary Rupee Account Scheme (NRO
Account) |
|
(1)
|
(2)
|
(3)
|
(4)
|
|
Who
can open an account |
NRIs
(individuals / entities of Bangladesh/ Pakistan
nationality/ownership require prior approval of RBI)
|
NRIs (individuals /
entities of Bangladesh / Pakistan
nationality/ownership require prior approval of RBI)
|
Any person resident
outside India (other than a person resident in Nepal
and Bhutan). (individuals / entities of Bangladesh /
Pakistan nationality / ownership as well as
erstwhile OCBs require prior approval of RBI
|
|
Joint
account |
In the names of two or
more non-resident individuals
|
In the names of two or
more non-resident individuals |
May
be held jointly with residents |
Nomination
|
Permitted |
Permitted |
Permitted |
|
Currency in which account is denominated
|
Pound Sterling, US
Dollar, Japanese Yen, Euro, Canadian Dollar and
Australian Dollar
|
Indian Rupees |
Indian Rupees |
|
Repatriable |
Repatriable |
Repatriable |
Not repatriable except
for the following in the account - 1) current income
2) up to USD 1 million per financial year (April-
March), for any bonafide purpose out of the balances
in the account / sale proceeds of assets in India
acquired by way of inheritance / legacy inclusive of
assets acquired out of settlement subject to certain
conditions.
|
|
Type
of Account |
Term
Deposit only |
Savings, Current,
Recurring, Fixed Deposit |
Savings, Current,
Recurring, Fixed Deposit
|
|
Period for fixed deposits |
For
terms not less than 1 year and not more than 5
years. |
At
the discretion of the bank |
As
applicable to resident accounts.
|
|
Rate
of Interest |
Subject to cap :
LIBOR / SWAP rates
minus 75 basis points for the respective currency /
corresponding maturities.
|
Subject to cap :
Fixed Deposits :
LIBOR / SWAP rates,
as on the last working day of the previous month,
for US Dollar of corresponding maturities with
effect from close of business on April 24, 2007.
Savings Bank Account
Interest rate shall be at the rate applicable to
domestic savings account with effect from close of
business in India on 17-11-2005
. |
Banks
are free to determine interest rates for term
deposits. |
|
Operations by Power of
Attorney in favour of a resident by the non-resident
account holder |
Operations on the
account in terms of Power of Attorney is restricted
to withdrawals for permissible local payments or
remittance to the account holder himself through
normal banking channels. |
Operations on the
account in terms of Power of Attorney is restricted
to withdrawals for permissible local payments or
remittance to the account holder himself through
normal banking channels. |
Operations on the
account in terms of Power of Attorney is restricted
to withdrawals for permissible local payments or
remittance to the account holder himself through
normal banking channels.
|
|
Loans
a. In India
i) to the Account holder
ii) to Third Parties |
Permitted up to Rs.20 lakhs
Permitted up to Rs.20 lakhs
|
Permitted up to Rs.20 lakhs
Permitted up to Rs.20 lakhs
|
Permitted
Permitted
|
|
b. Abroad
i) to the Account
holder
ii) to Third Parties
|
Permitted $
Permitted $ |
Permitted $
Permitted $ |
Not Permitted
Not Permitted
|
c. Foreign Currency
Loans in India
i) to the Account holder
ii) to Third Parties
|
Permitted up to Rs.20 lakhs
Not Permitted
|
Not Permitted
Not Permitted
|
Not Permitted
Not Permitted
|
|
Purpose of Loan
a. In
India
i) to
the Account holder
|
i)
Personal purposes or for carrying on business
activities. *
ii) Direct investment
in India on non-repatriation basis by way of
contribution to the capital of Indian firms /
companies
iii) Acquisition of
flat / house in India for his own residential use.
(Please refer to para 9 of Sch. 2 to FEMA 5)
|
i)
Personal purposes or for carrying on business
activities. *
ii) Direct investment
in India on non-repatriation basis by way of
contribution to the capital of Indian firms /
companies
iii) Acquisition of
flat / house in India for his own residential use.
(Please refer to para 6(a) of Sch.1 to FEMA 5)
|
Personal requirement
and / or business purpose * |
|
ii)
to Third Party |
Fund based and / or
non-fund based facilities for personal purposes or
for carrying on business activities *. (Please refer
to para 9 of Sch. 2 to FEMA 5). |
Fund based and / or
non-fund based facilities for personal purposes or
for carrying on business activities *. (Please refer
to para 6(b) of Sch. 1 to FEMA 5)
|
Personal requirement and / or business purpose *
|
|
b.
Abroad
To the account holder
and Third Party |
Fund based and / or
non-fund based facilities for bonafide purposes.
|
Fund based and / or
non-fund based facilities for bonafide purposes.
|
Not
permitted. |