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Comparison Table


Features NRE Account NRO Account NRE Fixed Deposits NRO Fixed Deposits FCNR (B) Account Resident Foreign Currency (RFC)
  • Account Type
 Saving Account Saving Account Fixed Deposit Fixed Deposit Fixed Deposit Fixed Deposit
Current Account Current Account
  • Currency
 Indian Rupees Indian Rupees Indian Rupees Indian Rupees US Dollars, British
Pounds, Euro, Japanese Yen, Canadian
Dollars, Australian
Dollars		 US Dollars, British
Pounds, Euro, Japanese
Yen
  • Average Monthly
    balance
 Savings account-
INR 75000		 Savings account-
INR 75000		 Minimum First Deposit
INR 25000		 Minimum First Deposit
INR 25000
USD 1000
GBP 500
JPY 125000
EUR 750
CAD 1500
AUD 1500
USD 5000
GBP 3500
JPY 500000
EUR 5000
Current Account-
INR 75000		 Current Account-
INR 75000
  • Repatriation
 Freely Repatriable Restricted repatriability^
(Post Deduction of
applicable tax)		 Freely Repatriable Restricted repatriability^
(Post Deduction of
applicable tax)		 Freely Repatriable Freely Repatriable
  • Tax
 Tax free* in
India		 Taxes* applicable
in India		 Tax free* in
India		 Taxes* applicable
in India		 Tax free* in
India		 Taxes* applicable
in India
  • Joint Account
 With Resident Indians^^ as well as other NRIs Resident Indians as well
as other NRIs		 With Resident Indians^^ as well as other NRIs With Resident Indians as
well as other NRIs		 With Resident Indians^^ as well as other NRIs Only with other returning
Non-Resident Indians
  • Deposit of Rupee
    funds generated
    in India
 Not permitted Permitted Not permitted Permitted Not permitted Not permitted
  • Choose this
    account if…
 You need an account for
making INR payments /
investments in India from
your overseas earnings		 You need an account for
making INR payments /
investments in India from
your India earnings		 You want to earn higher
returns on your overseas
savings as compared
to a savings/current
account in India		 You want to earn higher
returns compared to a
savings/current account
on your Rupee income
earned in India		 You want tax free*
returns in India on your
foreign currency fixed
deposits		 You wish to maintain
your overseas savings
or NRE/FCNR (B)
account balances in
foreign currency even
after you return to India
and convert them into
INR at a more
favourable exchange
rate at a later date
You want to maintain your
savings in INR but keep
them liquid		 You need an account for
depositing your income in
India from sources such
as rent, dividends, etc.		 You want tax free*
returns in India on your
INR fixed deposits		 You wish to keep your
overseas savings in
India but do not want to
convert them into INR
You wish to open an INR
account jointly with
another NRI		 You wish to open the
account jointly with a
person resident in India
You want your Rupee
savings to be freely
repatriable
Apply now Apply now Interest Rates Interest Rates Interest Rates Interest Rates
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NRI deposits are under the Reserve Bank of India programme for Non-Resident Indians and are governed by the rules in effect from time to time relating to such programmes, are subject to the sovereign risk arising from, and governed by the laws of, or any changes to the laws of India.

NR Accounts and NRI Services are offered by The Hongkong and Shanghai Banking Corporation Limited.

^^ NRE / FCNR Accounts opened / held jointly with resident close relative (relative as defined in Section 6 of the Companies Act 1956), can be operated only on 'Former or Survivor' basis.

*Indian tax information given herein is general and is not meant to constitute, and therefore should not be construed, as an advice. The tax consequences are also based on individual facts and circumstances. As such, prior professional tax advice should be sought to fully understand and appreciate the Indian tax implications. We assume no obligation or liability of any nature whatsoever by issuing this document.

^As per current local regulations the permissible remittance from the balances in NRO accounts is up to USD 1 million, per financial year for all bonafide purposes. The remittances (net of applicable taxes) will be allowed to be made on production of an undertaking by the remitter and a Certificate from a Chartered Accountant in the prescribed formats.

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