NRI Banking - NRI Banking Account Details Sheet

Question		NRI Account Details Sheet
Question		NRO	NRE	NRNR	RFC	FCNR
1	What are the currencies in which I can open an account ?	Only in Indian Rupees	Only in Indian Rupees	Only in Indian Rupees	In four currencies namely USD, GBP, DEM and Yen	In four currencies namely USD, GBP, DEM and Yen
2	Can I open an account with any convertible currency ?	Yes. Amount will be converted to rupees at spot exchange rate	Yes. Amount will be converted to rupees at spot exchange rate	Yes. Amount will be converted to rupees at spot exchange rate	Yes. Currencies other than the above four will be converted to any of the above four at spot rate	Yes. Currencies other than the above four will be converted to any of the above four at spot rate
3	What are the type of accounts and permitted periods ?	Saving and fixed deposit for periods of 46 days and above.	Savings and fixed deposits for periods of 6 months and above.	Only fixed deposit for periods of 6 months to 36 months	Savings and fixed deposit for flexible periods.	Only fixed deposits for a period of 6 months to 36 months.
4	Can I have a cheque book facility ?	Yes, for NRO savings account cheque book will be provided.	Yes, for NRE savings account cheque book will be provided.	No, cheque book facility will be available.	No, cheque book facility will be available.	No, cheque book facility will be available.
5	At what minimum frequency can I receive interest if I choose ?	At 3 months.	At 3 months.	At 3 months.	At monthly intervals.	At 6 monthly intervals.
6	What are the rates of interest offered by your bank ?	Competitive rates as attached.	Competitive rates as attached.	Competitive rates as attached.	Competitive rates as attached.	Interest rates as per RBI directives as attached.
7	Am I exposed to exchange risk in maintaining accounts ?	Loss of exchange if rupee depreciates.	Yes, loss in exchange in case rupee depreciates.	Yes, loss in exchange in case rupee depreciates.	No, the amount is held in the same currency totally insulated against exchange risk.	No, the amount is held in the same currency totally insulated against exchange risk.
8	Can I open a joint account ?	Yes, joint accounts are permitted.	Yes, joint accounts are permitted. But all the account holders have to be non residents.	Yes, joint accounts are permitted with other non residents or close resident relatives.	Yes, joint accounts are permitted. But all account holders shave to be eligible for RFC account.	Yes, joint accounts are permitted. But all account holders have to be non residents.
9	Can I register nomination in the account ?	Yes, nominations are permitted.	Yes, but nominees to initiate reverse settlement in non convertible rupees.	Yes, nominations are permitted.	Yes, nominations are permitted.	Yes, but nominees entitled to receive settlement in non convertible rupees.
10	Am I to pay tax on deposit and interest ?	Yes. Deposit subject to wealth tax and interest subject to Indian income tax at source.	No. Deposit and interest is exempted from Indian tax.	No. Deposit and interest earned is exempted from Indian tax.	Interest earned subject to Indian tax.	No. Deposit and interest earned are exempted from Indian tax.
11	Can I take loans against my deposit in case of need ?	Yes, loans are promptly available upto 90% of deposit.	Yes, loans are promptly available upto 90% of deposit.	Yes, loans are promptly available upto 90% of deposit.	No, RBI regulations does not permit loans against RFC deposits.	Yes, loans are promptly available in the currency of deposit or in rupees upto 75% to depositors and in rupees to third parties.
12	Can I authorise any resident to operate the account ?	Yes, through a power of attorney.	Yes, through a power of attorney except for repatriation.	Yes, through a power of attorney.	Yes, through power of attorney except for repatriation.	Yes, through power of attorney except for repatriation.
13	Can I leave instructions with you to renew deposits automatically ?	Yes, deposits will be renewed automatic- ally based on your one time instructions	Yes, deposits will be renewed automatic- ally based on your one time instructions	Yes, deposits will be renewed automatic- ally based on your one time instructions	Yes, deposits will be renewed automatic- ally based on your one time instructions	Yes, deposits will be renewed automatic- ally based on your one time instructions
14	How can I open an account with your bank ?	By completing the common application form and sending to any of our branches along with initial remittance by way of draft/ cheque/TT.	By completing the common application form and sending to any of our branches along with initial remittance by way of draft/ cheque/TT.	By completing the common application form and sending to any of our branches along with initial remittance by way of draft/ cheque/TT.	By completing the common application form and sending to any of our FX authorised branches along with initial remittance by way of draft/ cheque/TT.	By completing the common application form and sending to any of our FX authorised branches along with initial remittance by way of draft/ cheque/TT.
15	Is deposit and interest repatriable freely ?	Principal amount is not repatriable. Interest earned is repatriable subject to limits prescribed by RBI	Principal and interest earned are fully repatriable.	Principal amount is not repatriable. Interest earned is fully repatriable with effect from 1.10.94.	Outward remittance from out of RFC balances including interest is permitted for bonafide purposes of account holder or for dependents.	Principal and interest fully repatriable.
16	How can I remit funds to open an account with you	Remittance can be made by cheque/ draft directly or by transfer to our Nostro accounts held abroad.	Remittance can be made by cheque/ draft directly or by transfer to our Nostro accounts held abroad	Remittance can be made by cheque/ draft directly or by transfer to our Nostro accounts held abroad .	Remittance can be made by cheque/ draft directly or by transfer to our Nostro accounts held abroad .	Remittance can be made by cheque/ draft directly or by transfer to our Nostro accounts held abroad
17	Can I close fixed deposit accounts prematurely ?	Yes. Fixed deposit accounts can be closed before due date. But interest rate payable will be subject to a penalty of 1%.	Yes. Fixed deposit accounts can be closed before due date. But interest rate payable will be subject to a penalty of 1%.	Yes. Fixed deposit accounts can be closed before due date. But interest rate payable will be subject to a penalty of 1%.	Yes. Fixed deposit accounts can be closed before due date. But interest rate payable will be subject to a penalty of 1%.	Yes. Fixed deposit accounts can be closed before due date. But interest rate payable will be subject to a penalty of 1% (on the date of deposit) over the rate applicable for period for which it has run. Deposit should have run for a minimum period of six months to be eligible for receipt of interest.