(#) Non-Resident Ordinary (NRO) Accounts

• An existing rupee account, opened prior to one's departure from India will be designated as NRO A/C, or one can also open NRO A/C by fresh remittance from abroad or by transfer of funds from own NRE/FCNR (B) Accounts.

• All legitimate dues arising in India can be credited to this account. Proceeds of remittances received from abroad in any permitted currency can be credited to this account.

• Debits for all local payments in rupees are freely permitted.

• Interest earn on NRO balances is subject to deduction of Income Tax at source.

• Repatriation of funds abroad would require prior permission of the RBI.

(#) Non-Resident External (NRE) Rupee Account :

• Account is opened with initial deposit of remittance from place of stay abroad.

• NRE accounts can be opened in any of the bank's deposits schemes.

• Funds are fully repatriable

• No Income Tax is applicable on interest earned.

• Balance is exempt from Wealth Tax.

• Debits for local payments are freely permissible.

• Gifts, out of balance in NRE accounts, to close relatives in India are free of gift tax.

(#) Foreign Currency(Non-Resident) Accounts( Banks) Schemes(FCNR-B).

• Accounts is opened with initial deposit by remittance from place of stay abroad.

• Funds earn competitve interest rates

• Funds are fully repartiable, whenever desired.

• No Income Tax is payable on interest earned by individuals

• Accounts can be opened under term deposits scheme only.

• Accounts can be opened in four currency viz.Stg. Pound, US dollor, DM, Jap. Yen.

• Exchange risk on funds kept under the scheme is borne by the bank.

• Interest on deposits is payable in currencies in which the account is maintained.

• Inter Changeability of funds between NRE& FCNR(B) accounts is permitted.

• Gifts to close relatives in India out of balance in FCNR(B) accounts are free from gift tax.

(#) Bank Accounts for Non Resident Indians Returning to India.

Resident Foreign Currency (RFC) Accounts Scheme.

• Scheme is available for NRIs returning to India, who have been resident outside India for a continuous period of not less than one year and who became resident in India on or after 18-4-1992.

• Accounts can be opened with remittance from outside India out of the NRI's eligible assets aboard or transfer of funds from his NRE/FCNR(B) accounts without penal provisions of premature withdrawal.

• Accounts can be opened in any foreign currency and in any scheme i.e Saving/current/Time Deposits.

• Exchange risk is borne by the Bank.

• The Deposit earns higher interest than what is earned abroad.

• Funds are repatriable outside India for bonafide needs of the depositors and their close relatives.