Compare NRI Services
Features
Non-resident Rupee (NRE) Account
Non-resident Ordinary (NRO) Account
Non-resident Rupee (NRE)  Fixed Deposits
Non-resident Ordinary (NRO) Fixed Deposits
Foreign Currency Non-resident (Bank) (FCNR(B)) Account
Resident Foreign Currency (RFC)

Account type

Saving Account

 

Current Account

Saving Account

 

Current Account

Fixed Deposit

Fixed Deposit

Fixed Deposit

Fixed Deposit

Currency

Indian Rupees

Indian Rupees

Indian Rupees

Indian Rupees

US Dollars, British
Pounds, Euros, Japanese Yen, Canadian
Dollars, Australian
Dollars, Danish Krone, Swiss Francs, Swedish Krona

US Dollars, British
Pounds, Euros, Japanese
Yen

Average monthly
balance

Savings Account-

INR150,000

 

Current Account-
INR150,000

Savings Account-
INR150,000

 

Current Account-
INR150,000

Minimum First Deposit
INR25,000

Minimum First Deposit
INR25,000

Varies based on foreign currency.

Click here for details

Varies based on

foreign currency. 

Click here for details

Repatriation

Freely Repatriable

Restricted repatriability3
(Post Deduction of
applicable tax)

Freely Repatriable

Restricted repatriability3
(Post Deduction of
applicable tax)

Freely Repatriable

Freely Repatriable

Tax

Tax free2 in India

Taxes2 applicable
in India

Tax free2 in India

Taxes2 applicable
in India

Tax free2 in India

Taxes2 applicable
in India

Joint account

With Resident Indians1 as well as other NRIs

Resident Indians1
as well
as other NRIs

With Resident Indians1 as well as other NRIs

With Resident Indians1 as
well as other NRIs

With Resident Indians1 as well as other NRIs

Only with other returning NRIs

Deposit of Rupee
funds generated
in India

Permitted4

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 want to maintain your

savings in INR
but keep them liquid

You wish to open an account jointly with another NRI

You want your INR savings to be freely repatriable

You need an account for
making INR
payments /
investments in India from your India earnings


You need an account for

depositing your income in India from sources such as rent, dividends, etc

You wish to open the account jointly with a person resident in India

You want to earn higher returns on your overseas
savings as compared to a savings/current
account in India



You want tax free2 returns in India on your INR fixed deposits

You want to earn higher returns compared to a
savings/current account on your INR income
earned in India

You want tax free2 returns in India on your foreign currency fixed deposits



You wish to keep your overseas savings in India but do not want to convert them into INR

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

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Compare NRI Services
Features

Account type

Non-resident Rupee (NRE) Account

Saving Account

 

Current Account

Non-resident Ordinary (NRO) Account

Saving Account

 

Current Account

Non-resident Rupee (NRE)  Fixed Deposits

Fixed Deposit

Non-resident Ordinary (NRO) Fixed Deposits

Fixed Deposit

Foreign Currency Non-resident (Bank) (FCNR(B)) Account

Fixed Deposit

Resident Foreign Currency (RFC)

Fixed Deposit

Features

Currency

Non-resident Rupee (NRE) Account

Indian Rupees

Non-resident Ordinary (NRO) Account

Indian Rupees

Non-resident Rupee (NRE)  Fixed Deposits

Indian Rupees

Non-resident Ordinary (NRO) Fixed Deposits

Indian Rupees

Foreign Currency Non-resident (Bank) (FCNR(B)) Account

US Dollars, British
Pounds, Euros, Japanese Yen, Canadian
Dollars, Australian
Dollars, Danish Krone, Swiss Francs, Swedish Krona

Resident Foreign Currency (RFC)

US Dollars, British
Pounds, Euros, Japanese
Yen

Features

Average monthly
balance

Non-resident Rupee (NRE) Account

Savings Account-

INR150,000

 

Current Account-
INR150,000

Non-resident Ordinary (NRO) Account

Savings Account-
INR150,000

 

Current Account-
INR150,000

Non-resident Rupee (NRE)  Fixed Deposits

Minimum First Deposit
INR25,000

Non-resident Ordinary (NRO) Fixed Deposits

Minimum First Deposit
INR25,000

Foreign Currency Non-resident (Bank) (FCNR(B)) Account

Varies based on foreign currency.

Click here for details

Resident Foreign Currency (RFC)

Varies based on

foreign currency. 

Click here for details

Features
Repatriation
Non-resident Rupee (NRE) Account

Freely Repatriable

Non-resident Ordinary (NRO) Account

Restricted repatriability3
(Post Deduction of
applicable tax)

Non-resident Rupee (NRE)  Fixed Deposits

Freely Repatriable

Non-resident Ordinary (NRO) Fixed Deposits

Restricted repatriability3
(Post Deduction of
applicable tax)

Foreign Currency Non-resident (Bank) (FCNR(B)) Account

Freely Repatriable

Resident Foreign Currency (RFC)

Freely Repatriable

Features

Tax

Non-resident Rupee (NRE) Account

Tax free2 in India

Non-resident Ordinary (NRO) Account

Taxes2 applicable
in India

Non-resident Rupee (NRE)  Fixed Deposits

Tax free2 in India

Non-resident Ordinary (NRO) Fixed Deposits

Taxes2 applicable
in India

Foreign Currency Non-resident (Bank) (FCNR(B)) Account

Tax free2 in India

Resident Foreign Currency (RFC)

Taxes2 applicable
in India

Features

Joint account

Non-resident Rupee (NRE) Account

With Resident Indians1 as well as other NRIs

Non-resident Ordinary (NRO) Account

Resident Indians1
as well
as other NRIs

Non-resident Rupee (NRE)  Fixed Deposits

With Resident Indians1 as well as other NRIs

Non-resident Ordinary (NRO) Fixed Deposits

With Resident Indians1 as
well as other NRIs

Foreign Currency Non-resident (Bank) (FCNR(B)) Account

With Resident Indians1 as well as other NRIs

Resident Foreign Currency (RFC)

Only with other returning NRIs

Features

Deposit of Rupee
funds generated
in India

Non-resident Rupee (NRE) Account

Permitted4

Non-resident Ordinary (NRO) Account

Permitted

Non-resident Rupee (NRE)  Fixed Deposits

Not permitted

Non-resident Ordinary (NRO) Fixed Deposits

Permitted

Foreign Currency Non-resident (Bank) (FCNR(B)) Account

Not permitted

Resident Foreign Currency (RFC)

Not permitted

Features

Choose this
account if…

Non-resident Rupee (NRE) Account

You need an account for
making INR
payments /
investments in India from your overseas earnings

You want to maintain your

savings in INR
but keep them liquid

You wish to open an account jointly with another NRI

You want your INR savings to be freely repatriable

Non-resident Ordinary (NRO) Account

You need an account for
making INR
payments /
investments in India from your India earnings


You need an account for

depositing your income in India from sources such as rent, dividends, etc

You wish to open the account jointly with a person resident in India

Non-resident Rupee (NRE)  Fixed Deposits

You want to earn higher returns on your overseas
savings as compared to a savings/current
account in India



You want tax free2 returns in India on your INR fixed deposits

Non-resident Ordinary (NRO) Fixed Deposits

You want to earn higher returns compared to a
savings/current account on your INR income
earned in India

Foreign Currency Non-resident (Bank) (FCNR(B)) Account

You want tax free2 returns in India on your foreign currency fixed deposits



You wish to keep your overseas savings in India but do not want to convert them into INR

Resident Foreign Currency (RFC)

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

Features

Apply Links

Non-resident Rupee (NRE) Account

Apply now

Non-resident Ordinary (NRO) Account

Apply now

Non-resident Rupee (NRE)  Fixed Deposits

Apply now

Non-resident Ordinary (NRO) Fixed Deposits

Apply now

Foreign Currency Non-resident (Bank) (FCNR(B)) Account

Apply now

Resident Foreign Currency (RFC)

Apply now

Features

Find Out
More Links

Non-resident Rupee (NRE) Account

Find out more

Non-resident Ordinary (NRO) Account

Find out more

Non-resident Rupee (NRE)  Fixed Deposits

Find out more

Non-resident Ordinary (NRO) Fixed Deposits

Find out more

Foreign Currency Non-resident (Bank) (FCNR(B)) Account

Find out more

Resident Foreign Currency (RFC)

Find out more

Browse through our various NRI Banking products and services.

Important Information

Other Terms & Conditions

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.

1NRE / 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.

2Indian 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.

3As 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.

4Current income like rent, dividend, pension, interest etc. will be construed as a permissible credit to the NRE account.