FEATURES OF VARIOUS DEPOSIT SCHEMES AVAILABLE TO NON-RESIDENT INDIANS (NRIs)
Particular	FCNR account(Foreign Currency Non-Resident account)	NRE account (Non- Resident External Rupee account	NRNR account (Non- Resident Non - Repatriable account)**	NRO account (Non Resident Ordinary account)	NRSR account (Non Resident (Special) Rupee Account)**
·Who can open an account	NRIs or OCBs	NRIs or OCBs outside India	Any person resident outside India	Any person resident Outside India	NRIs
·Joint account of two or more NRIs	Permitted	Permitted	Permitted	Permitted	Permitted
·Joint account with resident person in India	not permitted	not permitted	Permitted	Permitted	Permitted
·Currency in which account is denominated	Pound Sterling US Dollar, Jap Yen or Euro	Indian Rupees	Indian Rupees	Indian Rupees	Indian Rupees
*Repatriability Principal	Freely repatriable	Freely repatriable	Not repartiable	Not repatriable	Not repatriable
Interest	Freely repatriable	Freely repatriable	Freely repatriable	Freely repatriable	Not repatriable
·Foreign Currency Risk	Account holder is protected against changes in INR value vis-à-vis the currency in which the account is denominated	Account holder is exposed to the fluctuations in the value of INR	Account holder is exposed to the fluctuations, in the value of INR to the extent of interest amount	Account holder is exposed to the fluctuations, in the value of INR to the extent of interest amount	No exposure to foreign exchange risk as no part of the balances are repatriable
·Type of accounts	Term deposits only	Current ,Savings Fixed Deposits	Term Deposits only	Current, Savings Fixed Deposits	Current,Savings Fixed Deposits
·Period for fixed deposits	For terms not less than 1 year and not exceeding 3 years	For minimum 6 months and maximum of 3 yrs deposit taking bank	For minimum 6 months and maximum 3 yrs	For a minimum 7 days and a maximum of 5 yrs	For a minimum of 7 days and a maximum of 3 yrs
·Rate of Interest	Subject to ceiling of LIBOR / SWAP rates for Corresponding maturity	Banks are free to determine interest rates.	Banks are free to determine interest rates.	Banks are free to determine interest rates.	Banks are free to determine interest rates.
*Interest Rate	please refer the rate table	please refer rate table	please refer rate table	please refer rate table	please refer rate table
*Nominations	available	available	available	available	available
*Tax Liability	Principal and interest are Tax free	Principal and interest Are Tax free	Principal and interest are Tax free	Principal amount is tax Free, interest earned is Subject to applicable tax	Principal amount is tax Free, interest earned is Subject to applicable tax
Power of Attorney	Power of Attorney can be granted in favour of a Resident Indian to operate the A/c with the exception of repatriation of money	POA can be granted in favour of a Resident Indian to operate the A/c with the execption of repatriation of money	POA can be granted in favour of a Resident Indian to operate the A/c	POA can be granted in favour of a Resident Indian to operate the A/c	POA can be granted in favour of a Resident Indian to operate the A/c.
·Rupee Loans in India against Security of the funds held in the account to:
1) a/c holders	Permitted	Permitted	Permitted	Permitted	Permitted
2) third party	Permitted	Permitted	Permitted	Permitted	Permitted
·Foreign currency loans outside India against Security of the funds held in the account to:
1) a/c holders	Permitted	Permitted	not permitted	not permitted	not permitted
2) third party	Permitted	Permitted	not permitted	not permitted	not permitted
Correspondent Banks	Your money would have to be Remitted to our Authorised Correspondent Bank (CLICK FOR LIST)	Your money would have to be Remitted to our Authorised Correspondent Bank (CLICK FOR LIST)	Your money would have to be Remitted to our Authorised Correspondent Bank (CLICK FOR LIST)	Your money would have to be Remitted to our Authorised Correspondent Bank (CLICK FOR LIST)	Your money would have to be Remitted to our Authorised Correspondent Bank (CLICK FOR LIST)
Minimum balance / Deposit	Equivalent of US$ 2000/-	Rs.5000/- for a Savings A/c	Rs.50,000/- for Fixed Deposits	Rs.2500/- for Savings A/cs	Rs.2500/- for Savings A/cs and

** IN TERMS OF DIRECTIVES RECEIVED FROM RESERVE BANK OF INDIA THE NON-RESIDENT (NON-REPATRIABLE) RUPEE ACCOUNT SCHEME [NRNR ACCOUNT] AND NON-RESIDENT (SPECIAL) RUPEE ACCOUNT SCHEME [NRSR ACCOUNT] HAS BEEN DISCONTINUED WITH EFFECT FROM 1ST APRIL 2002.

Details of RBI Directives