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Notice

SAVINGS ACCOUNTS

  NRE Savings Account NRO Savings Account RFC Savings Account for Returning NRIs
Who can open an account A Non-Resident External Savings Account can be opened by an Individual NRI (other than Individuals of Bangladesh/Pakistan nationality) and is maintained for your foreign income earned outside India to earn tax-free interest. A Non-Resident Ordinary Savings Account can be opened by an Individual NRI (other than a person resident in Nepal and Bhutan) and is maintained to manage your income earned in India such as rent, dividends, pension etc. 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.
Who can be a
joint holder
Account can be held jointly by a Non-Resident Indian (persons of Indian nationality or origin) / by a Resident Indian (Former or Survivor basis). A Resident Indian can operate the account only as a Mandate / POA holder. Account can be held jointly by a Non-Resident Indian (persons of Indian nationality or origin) / by a Resident Indian. Account can be held jointly by eligible Returning NRI
Currency in which
account is denominated
Indian Rupees (INR) Indian Rupees (INR) US Dollar (USD), Great Britain Pound (GBP), Euro (EUR)
Repatriation Principal and interest are 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. Funds are repatriable for bonafide purposes
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 N.A.
Average Monthly Balance INR 10,000 (Urban)
INR 5,000 (Semi-Urban)
INR 10,000 (Urban)
INR 5,000 (Semi-Urban)
N.A.
Interest Rate 4% p.a. 4% p.a. Click here
Sweep-in Facility Link NRE Fixed Deposit to NRE Savings Account to take care of deficits, if any without losing out on the interest. Link NRO Fixed Deposit to NRO Savings Account to take care of deficits, if any without losing out on the interest. Not available
Taxation Interest earned is exempted from Tax in India Interest is taxable under Indian Income Tax Act Interest earned is exempted from Tax in India provided Resident but Not Ordinarily Resident (RNOR) status is held as per the Income Tax Act
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