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How To Choose Right Type Of Nri Account In India?

By Expert Author: Neha Sharma

There are various NRI accounts like the NRI savings account, foreign currency accounts, premium accounts, specials accounts and fixed rupee accounts that are available to NRI’s. In this article, we give you information on the different types of NRI accounts in India, and which is the best account that can be chosen to suit your needs.
Ordinary Non-Resident Rupee Accounts (NRO Accounts)

This rupee denominated non repatriable account especially the NRO savings account can be jointly held with residents in India. The deposits in this type of NRI savings account can be withdrawn by the local resident joint account holder for any payments in rupees. However, the interest from this account especially in the NRO savings account is deductable for income tax.

Non-Resident (External) Rupee Accounts (NRE Accounts)
This rupee denominated account can be easily opened by remitted funds that are free in foreign exchange. Deposits in this type of NRI savings account can be done in the form of legal foreign exchange or repatriable income, especially for the NRE savings account. Other NRI’s can be a joint account holder with this account, and local residents have the ‘power of attorney’ for the operations of this account. Interest from this account is exempted from income tax deductions especially in the NRE Savings Account. The following transactions can be done for the NRE account.
• Foreign exchange remittance from banks that are abroad
• Depositing foreign currency notes and travelers cheques brought into India by the NRI
• By transfer from an existing NRE Account of the same person
• Funds can be transferred from a FCNR account to an NRE account and vice versa
(Foreign Currency Non –Resident Accounts) FCNR Accounts

This account can be opened only in the form of term deposits for a minimum of 1 year and maximum of 5 years. The interest on the income tax is not charged.Deposits in this account can be made in the form of rupee currency converted at the current buying rate or even foreign currency in which the account is maintained. Nonresident account holders can be granted the status of “power of attorney”.The following transactions can be done for the FCNR account:

• Transfer of funds from overseas bank account to a FCNR account
• Transfer funds from an existing NRE account and vice versa
• Deposit of foreign currency notes or travelers cheques on a short trip to India.


Author Bio :- Neha Sharma; a finance student, is an avid learner of NRI accounts. She has gathered a lot of information and knowledge about NRI savings account, NRE savings account and NRO Savings Account which she would like to share to the public.

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