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Notice

  NRE Current Account NRO Current Account
     
Who can open an account
A Non-Resident External Current Account can be opened by an Individual NRI (other than Individuals of Bangladesh/Pakistan nationality/ownership) and is used for purpose where you do not wish to take Interest Benefit on the foreign income earned outside India.
A Non-Resident Ordinary Current Account can be opened by an Individual NRI (other than a person resident in Nepal and Bhutan) and is used for purpose where you do not wish to take Interest Benefit on the income earned in India.
Who can be a joint holder
Account can be held jointly by a Non-Resident Indian (persons of Indian nationality or origin)
Account can be held jointly by a Non-Resident Indian (persons of Indian nationality or origin) / by a Resident Indian.
Currency in which
account is denominated
Indian Rupees (INR)
Indian Rupees (INR)
Repatriation
Principal is fully repatriable
RBI allows repatriation only for i) current income ii) up to USD 1 (one) million per financial year (April-March), for any bonafide purpose after payment of applicable taxes.
Mandate Holder
An Indian resident can be authorised to operate the account and provided with an ATM card for the account
An Indian resident can be authorised to operate the account and provided with an ATM card for the account
Average Monthly Balance
INR 10,000
INR 10,000
Interest Rate
Not applicable
Not applicable
Sweep-in Facility
Link NRE Fixed Deposit to NRE Current Account to take care of deficits, if any without losing out on the interest
Link NRO Fixed Deposit to NRO Current Account to take care of deficits, if any without losing out on the interest
Taxation
Funds in NRE Account are exempted from income tax in India
Funds in NRO Account are taxable under Indian Income Tax Act
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