Query

Details at a glance 
NRO  NRE  RFC  FCNR 
What are the currencies in which I can open an account?  Only in Indian Rupees  Only in Indian Rupees  In three currencies namely USD, GBP, and EURO  In nine currencies namely USD, GBP, EURO, AUD CAD ,JPY , CHK , DKK and SEK  
Can I open an account with any convertible currency?  Yes. Amount will be converted to rupees at spot exchange rate  Yes. Amount will be converted to rupees at spot exchange rate  Yes. Currencies other than the above three will be converted to any of the above three at spot rate Yes. Currencies other than the above NINE will be converted to any of the above three at spot rate
What are the type of accounts and permitted periods?  Current, Saving and Fixed deposit for periods of 15 days and above (Minimum 7 days for single deposits exceeding Rs.15.00 lakhs). 

Current, Savings and Fixed Deposits for a period of 1 year to 5 years.  

Current, Savings and Fixed Deposits for a period of 1 year to 5 years.  

 

Only fixed deposits for a period of 1 year to 5 years. 
Can I have a cheque book facility?  Yes, for NRO savings account cheque book will be provided.  Yes, for NRE savings account cheque book will be provided.  Not applicable  Not applicable 
At what minimum frequency can I receive interest if I choose?  At 3 months for Fixed deposit and 6 months for Savings Bank.  At 3 months for Fixed deposit and 6 months for Savings Bank.  At monthly intervals.  At 6 monthly intervals. 
What are the rates of interest offered by your bank?  Competitive rates as given in Bank's Website Competitive rates as given in Bank's Website Competitive rates as given in Bank's Website Competitive rates as given in Bank's Website
Am I exposed to exchange risk in maintaining accounts?  Loss of exchange if rupee depreciates. Yes, loss in exchange in case rupee depreciates.  No, the amount is held in the same currency totally insulated against exchange risk.  No, the amount is held in the same currency totally insulated against exchange risk. 
8 Can I open a joint account?  Yes, joint accounts are permitted. Yes, joint accounts are permitted. If joint holder is resident , it will be under Former or Survivor  basis only.  Yes, joint accounts are permitted. But all account holders have to be eligible for RFC account.  Yes, joint accounts are permitted. But all account holders have to be non residents. 
9 Can I register nomination in the account?  Yes, nominations are permitted. Yes, but nominees to receive  settlement in non convertible rupees.  Yes, nominations are permitted. Yes, but nominees entitled to receive settlement in non convertible rupees. 
10  Am I to pay tax on deposit and interest?  Yes. Deposit subject to wealth tax and interest subject to Indian income tax at source if interest exceeds Rs.5000/-  No. Deposit and interest is exempted from Indian tax.  Interest earned subject to Indian tax.  No. Deposit and interest earned are exempted from Indian tax. 
11  Can I take loans against my deposit in case of need?  Loan is available against the deposit as per extant RBI guidelines from time to time. Currently loans are available to the extent of Balance available subject to margin requirements . The facility of premature withdrawal shall not be available where loan against such deposits are to be availed of.  Loan is available against the deposit as per extant RBI guidelines from time to time. Currently loans are available to the extent of Balance available subject to margin requirements . The facility of premature withdrawal shall not be available where loan against such deposits are to be availed of. 

 

No, RBI regulations does not permit loans against RFC deposits.  Loan is available against the deposit as per extant RBI guidelines from time to time. Currently loans are available to the extent of Balance available subject to margin requirements . The facility of premature withdrawal shall not be available where loan against such deposits are to be availed of. 
12  Can I authorise any resident to operate the account?  Yes, through a power of attorney. Yes, through a power of
attorney except for repatriation.

Power of Attorney holder is permitted to remit through normal banking channel to the Non-Resident account holder, provided specific powers for the purpose are given.
Yes, through power of attorney except for repatriation.  Yes, through a power of attorney except for repatriation. 

Power of Attorney holder is permitted to remit through normal banking channel to the Non-Resident account holder, provided specific powers for the purpose are given.
13  Can I leave instructions with you to renew deposits automatically?  Yes, deposits will be renewed automatically based on your one time instructions 
14  How can I open an account with your bank?  By completing the common application form and sending to any of our branches along with initial remittance by way of draft/ cheque/TT.  By completing the common application form and sending to any of our branches along with initial remittance by way of draft/ cheque/TT.  By completing the common application form and sending to any of our FX authorised branches along with initial remittance by way of draft/ cheque/TT.  By completing the common application form and sending to any of our FX authorised branches along with initial remittance by way of draft/ cheque/TT. 
15  Is deposit and interest repatriable freely?  Repatriation upto USD 1 million for any purpose per financial year from the balance in NRO account subject to payment of applicable taxes. Necessary application under section 195 of Income Tax Act and a certificate from a Chartered Accountant detailing the computation of tax liability and date of payment must be submitted. Principal and interest earned are fully repatriable.  Outward remittance from out of RFC balances including interest is permitted for bonafide purposes of account holder or for dependents.  Principal and interest fully repatriable. 
16  How can I remit funds to open an account with you  Remittance can be made by cheque/ draft directly or by transfer to our Nostro accounts held abroad.
17  Can I close fixed deposit accounts prematurely?  Yes. Fixed deposit accounts can be closed before due date. But interest rate payable will be the rate applicable for the period for which it has  run Yes. Fixed deposit accounts can be closed before due date. But interest rate payable will be rate applicable for the period for which it has  run.  Deposit should have run for a minimum period of 1 year to be eligible for interest Yes. Fixed deposit accounts can be closed before due date. But interest rate payable will be rate applicable for the period for which it has  run.   Yes. Fixed deposit accounts can be closed before due date. But interest rate payable will be the rate applicable for period for which it has run. Deposit should have run for a minimum period of 
1 Year to be eligible for receipt of interest.