Following categories of Indians are eligible to be called Non Resident Indians
a) A person resident outside India who is a citizen of India i.e.
  • Indian citizens who proceed abroad for employment or for carrying on any business or vocation or for any other purpose in circumstances indicating indefinite period of stay outside India.
  • Indian citizens working abroad on assignments with Foreign Governments, Government Agencies or International / Multinational Agencies like United Nations Organisation(UNO), International Monetary Fund (IMF), World Bank.
  • Officials of Central and State Governments and Public Sector Undertakings deputed abroad on assignments with Foreign Government Agencies / Organisations or posted to their own offices including Indian Diplomatic Missions abroad.
b) A person of Indian origin who is a citizen of any other country other than Bangladesh or Pakistan, if
  • He, at any time, held an Indian passport or
  • He or either of his parents or any of his grand parents was a citizen of India by virtue of Constitution of India or Citizenship Act 1955 (57 of 1955)
  • The person is a spouse of an Indian Citizen or a person referred to in sub clause b (i) or (ii) above.
c) Students going abroad for studies are treated as Non Resident Indians (NRIs) and are eligible for all the facilities available to NRIs under FEMA


Non Resident Indians (NRIs) and person of Indian Origin have two schemes for depositing their savings with Bank of India .
These are: -
Repatriable accounts

  • Foreign Currency Non Resident (FCNR) accounts
  • Non-Resident External (NRE) accounts, and,

The brief comparative features of the two schemes are :

PARTICULARS FCNR NRE
Who can open accounts NRIs NRIs
Joint accounts of two or more NRIs Permitted Permitted
Joint account with Residents Not permitted Not permitted
Nomination facility Available Available
Currency of account USD, GBP, EUR, JPY,AUD,CAD Indian Rupees
Repatriability Principal and interest repatriable Principal and interest repatriable
Type of account Term deposits Savings, Current and Term deposits
Period 12 months to 5 years 12 months to 10 years
Minimum amount USD 1,500 GBP 1,000 EUR 2,000 JPY 50,000 AUD 1,000 CAD 1,000
Taxation (Indian taxes) Exempt from income and wealth tax Exempt from income and wealth tax
Liquidity Easy pre-mature encashment facility Easy pre-mature encashment facility
Automatic renewal facility (ARS) Available on signing of ARS agreement Available on signing of ARS agreement
Safe custody facility Available on request; compulsory with ARS Available on request; compulsory with ARSnt
Renewals Deposit receipt to be submitted duly discharged within 14 days from date of maturity for retrospective renewal – alternatively renewal will be with simple interest from maturity date to renewal date Deposit receipt to be submitted duly discharged within 14 days from date of maturity for retrospective renewal – alternatively renewal will be with simple interest from maturity date to renewal date

SALIENT FEATURES OF NON-RESIDENT (ORDINARY) DEPOSITS

NRO accounts can be opened by any person resident outside India for routing bonafide transactions in Indian Rupees not involving any violations of the provisions of FEMA guidelines.

NRO accounts can be opened in the form of current, savings, recurring and term deposits. The rate of interest on these deposits are at par with domestic deposits in our Bank.

The accounts may be held jointly with Residents and/or Non-Residents.
Power of Attorney may be given in favour of the Residents by the NRI provided such operations are restricted to -

  • All local payments in rupees including payments for eligible investments subject to compliance with relevant RBI Regulations.
  • Remittance outside India of current income in India net of taxes.
  • The Resident Power of Attorney holder is not permitted to repatriate funds outside India other than to Non-Resident individual account holder not to make gifts or transfer funds to another NRO account.

The tax on interest earned from NRO accounts is deducted at source. However, the TDS is applicable as per Double Taxation Avoidance Agreement (DTAA) entered with 71 countries by Govt. of India.

NRIs / PIOs may remit USD 1 million per financial year from NRO accounts subject to compliance with certain conditions.

Non-Resident Indian can make nomination in favour of a Resident as well as Non-Resident individual in respect of NRO accounts..

Loan and overdraft facilities can be availed of by NRIs against NRI deposits -

You may please visit RBI website www.rbi.org.in

We will provide a WELCOME KIT having following facilities when a request for opening a NRE/NRO saving accounts is made:

Internet banking facility:
We will provide you the User-id and password to login to Internet Banking facility to view your account online. You may apply for transaction password afterword.
ATM cum Debit card:
We will provide you the ATM cum Debit Card and password The card will enable you to use ATMs in India and International card enables you to use in ATMs both in India and abroad.
TeleBanking PIN:
You may access your account through Telephone
Cheque Book Facility:
We will provide We will provide 5 Leaves cheque Book. The normal pass book and cheque book will be issued by the branch in India in due course.

 
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