Eligibility
NRE Savings Account
NRIs (individuals/entities of Bangladesh/Pakistan nationality/ownership require prior approval of RBI).
NRO Savings Account
- Any person resident outside India (other than a person resident in Nepal and Bhutan).
- Individuals/entities of Pakistan Nationality/ownership, entities of Bangladesh ownership and erstwhile Overseas Corporate Bodies require prior approval of Reserve Bank of India.
RFC Savings Account for Returning NRIs
A Resident Foreign Currency Savings Account can be opened by NRIs who have returned for permanent settlement after being resident outside India for a continuous period of not less than one year. These funds can be transferred to an NRE/FCNR account upon change of status to NRI again.
Joint Account facility
NRE Savings Account
Account can be held jointly by a NRI (persons of Indian nationality or origin) / with a Resident Indian (Former or Survivor basis). A Resident Indian can operate the account only as a Mandate / POA holder. The Resident Indian must be a close relative as defined in Section 6 of the Companies act, 1956.
NRO Savings Account
Account can be held jointly by a NRI (persons of Indian nationality or origin) / with a Resident Indian.
RFC Savings Account for Returning NRIs
Account can be held jointly by eligible Returning NRI with a Resident Indian (Former or Survivor basis). The Resident Indian must be a close relative as defined in Section 6 of the Companies act, 1956.
Currency in which account maintained
NRE Savings Account
Indian Rupees (INR)
NRO Savings Account
Indian Rupees (INR)
RFC Savings Account for Returning NRIs
US Dollar (USD), Great Britain Pound (GBP)
Repatriation
NRE Savings Account
Principal and interest are fully repatriable
NRO Savings Account
RBI allows repatriation only for i) current income ii) up to USD one million per financial year (April-March), for any bonafide purpose after payment of applicable taxes.
RFC Savings Account for Returning NRIs
Funds are repatriable for bonafide purposes
Mandate Holder
NRE Savings Account
An Indian resident can be authorized to operate the account and provided with an ATM card for the account
NRO Savings Account
An Indian resident can be authorized to operate the account and provided with an ATM card for the account
RFC Savings Account for Returning NRIs
N.A.
Interest Rate
NRE Savings Account
Rate as advised by Bank from time to time as per stipulated guidelines and will be displayed on the website
NRO Savings Account
Rate as advised by Bank from time to time as per stipulated guidelines and will be displayed on the website
RFC Savings Account for Returning NRIs
Rate as advised by Bank from time to time as per stipulated guidelines and will be displayed on the website
Taxation
NRE Savings Account
Interest earned is exempted from Tax in India
NRO Savings Account
Interest is taxable under Indian Income Tax Act
RFC Savings Account for Returning NRIs
Interest earned is exempted from Tax in India provided Resident but Not Ordinarily Resident (RNOR) status is held as per the Income Tax Act
Cheque Book
NRE Savings Account
Free 50 Cheque leaves per annum
NRO Savings Account
Free 50 Cheque leaves per annum
RFC Savings Account for Returning NRIs
Free 50 Cheque leaves per annum
Fund Transfer
NRE Savings Account
Free fund transfer within bank (Self A/c or Third Party) Free collection of NEFT/RTGS Free NEFT/RTGS through Net banking
NRO Savings Account
Free fund transfer within bank (Self A/c or Third Party) Free collection of NEFT/RTGS Free NEFT/RTGS through Net banking
RFC Savings Account for Returning NRIs
Free fund transfer within bank (Self A/c or Third Party) Free collection of NEFT/RTGS Free NEFT/RTGS through Net banking
Ancillary Services
NRE Savings Account
- Free Internet banking
- Missed Call alert facility for obtaining account balance
- Online Income Tax return filing facility
- Free utility bills payment facility through E-pay
- ATM cum International Debit Card (EMV chip based)
NRO Savings Account
- Free Internet banking
- Missed Call alert facility for obtaining account balance
- Online Income Tax return filing facility
- Free utility bills payment facility through E-pay
- ATM cum International Debit Card (EMV chip based)
RFC Savings Account for Returning NRIs
- Free Internet banking
- Missed Call alert facility for obtaining account balance
- Online Income Tax return filing facility
- Free utility bills payment facility through E-pay
- ATM cum International Debit Card (EMV chip based)
