• Accounts can be opened by remittances from abroad deposit of foreign Exchange brought into India transfer from existing self NRE/FCNR accounts.
• Accounts can be opened jointly with any other Non-Resident Indian.
• Non-Resident Indians can appoint Residents to operate their NRE accounts for local payments through a power of attorney/letter of authority.
• Withdrawals for local payments or payments abroad in any convertible currency are allowed without Reserve Bank of India’s approval.
• The maturity proceeds of deposits as well as interest are freely repatriable at the prevailing rate of exchange.
• Loan/overdraft facilities are available against the deposit.
• Nomination facility is available.

TAX BENEFITS

• Interest on the deposit is free of Indian Income Tax.
• Balances held in the account as well as interest accrued on the deposit are exempt from Wealth Tax in India.
• Gifts made out of the deposit are free from Gift Tax in India.

CORPORATE BODIES:

• Overseas Corporate Bodies in which atleast 60% of the ownership of the entity is with Non-Residents of Indian Nationality/Origin can also maintain NRE/FCNR accounts. All facilities other than tax concessions are available to them.
• Use of NRE/FCNR accounts is obligatory for channelising funds for all repatriable investments in India (including investments in shares and securities).

• Accounts can be opened by remittances from abroad deposit of foreign exchange brought into India transfer from existing self NRE/FCNR accounts.
• Accounts can be opened jointly with any other Resident Indian.
• Non-Resident Indians can appoint Residents to operate their NRO accounts for local payments through a power of attorney/letter of authority.
• Withdrawals for local payments allowed without Reserve Bank of India’s approval.
• Standing instructions can be undertaken for periodic payments of insurance premia, school fees, etc.
• Loan/overdraft facilities are available against the deposit.
• Nomination facility is available.
• Interest on the deposit is taxable under Indian Income Tax

• Deposits can be opened for a specified in any five designated currencies viz. Pd. Stg, USD,DM,Jap.Yen, Euro
• Deposits can be made by remittances from abroad or by funds held in existing NRE accounts.
• Accounts can be opened jointly with other Non-Resident Indians.
• No Exchange loss, as interest and principal amounts are payable in US Dollars or Pounds Sterling.
• Loan Facility is available.
• Nomination facility is available.

TAX BENEFITS:

• Interest earned on these accounts is free from income tax.
• Funds invested in NRE and FCNR accounts by Non-Residents are free from Wealth Tax.
• Gifts made out of these accounts are free from gift tax.

• Resident Foreign Currency Account (RFC) for returning Indians who have been outside India for a continuous period of one year are permitted to open Resident Foreign Currency Account (RFC) in India in US Dollar or any other permitted currency either in the form of Savings Bank Account or Term Deposits singly in their name.
• Account can be opened after return to India for permanent settlement.
• The amount can be held in foreign currency for indefinite period by renewals.
• Withdrawals are permitted for any bonafide purpose outside through normal banking channels.
• Transfer of funds from one RFC account to another RFC account of the same NRI is permitted.
• Interest is payable half yearly in Foreign Currency
• No loans or overdrafts are allowed against RFC.
• Nomination facility is available.