NRI

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

NRO Savings Account

RFC Savings Account for Returning NRIs