NRI Deposit Scheme

Non Resident Indians (NRIs) and person of Indian Origin have two schemes for depositing their savings with Bank of India.
These are:-
Repatriable accounts
1) Foreign Currency Non Resident (FCNR) accounts
2) Non-Resident External (NRE) accounts.

Brief comparative features between FCNR & NRE

Foreign Currency Non Resident (FCNR) accounts vs Non-Resident External (NRE) accounts.
PARTICULARS	FCNR	NRE
Who can open accounts	NRIs	NRIs
Joint accounts of two or more NRIs	Permitted	Permitted
Joint account with Residents	Not permitted	Not permitted
Nomination facility	Available	Available
Currency of account	USD, GBP, EUR, JPY,AUD,CAD	Indian Rupees
Repatriability	Principal and interest repatriable	Principal and interest repatriable
Type of account	Term deposits	Savings, Current and Term deposits
Period	12 months to 5 years	12 month to 10 years
Minimum amount	USD 1,500 GBP 1,000 EURO 2,000 JPY 50,000 AUD 1,000 CAD 1,000
Taxation (Indian taxes)	Exempt from income and wealth tax	Exempt from income and wealth tax
Liquidity	Easy pre-mature encashment facility	Easy pre-mature encashment facility
Automatic renewal facility (ARS)	Available on signing of ARS agreement	Available on signing of ARS agreement
Safe custody facility	Available on request; compulsory with ARS	Available on request; compulsory with ARS
Renewals	Deposit receipt to be submitted duly discharged within 14 days from date of maturity for retrospective renewal – alternatively renewal will be with simple interest from maturity date to renewal date	Deposit receipt to be submitted duly discharged within 14 days from date of maturity for retrospective renewal – alternatively renewal will be with simple interest from maturity date to renewal date

RemittanceAmount	INR
upto £ 999	105.20
From £ 1000- £ 4999	105.35
From £ 5000- £ 15000	105.40
upto $ 10000	82.70

NRI Deposit Scheme

Foreign Exchange Rate

Feel free to share your feedback with us.

Thank you!