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NRI Banking


In order to meet specific needs of NRIs and with a view to attract their savings and other remittances the government of India in 1970 introduced Non-Resident (External) Account Rules which are governed by the Exchange Control Regulations.

Banking Laws for NRIs allow for accounts with authorized dealers to be maintained in Indian Rupees and in foreign currency. NRI accounts are maintained by banks which hold authorized dealers' licenses from the Reserve Bank of India. Some cooperative and commercial banks have also been specifically permitted to maintain NRI accounts in rupees even though they are not authorized dealers.

The Foreign Exchange Management Act, 1999 enlists various deposit schemes available to NRIs. The types of deposit schemes include:

  • NRE Account: Non- Resident (External) Rupee Account for all NRIs: It can be maintained in current/savings/fixed deposit form. The funds in this account are totally repatriable.
  • NRO account: It can be in the form of Savings, Current or Fixed Deposits in Indian Rupees. The funds in this account are not repatriable (only interest accrued is repatriable).
  • FCNR [Foreign Currency (Non-Resident) Account (Banks)]: It is maintained only in fixed deposit form in the five major currencies namely US Dollars, GBP, DM, Euro, and Japanese Yen. The funds in this account are fully repatriable.
  • For interest rates, FCNR and NRE should not exceed the LIBOR/SWAP rates. In the case of NRO accounts, rates are determined by the banks. The interest rates apply to a period of 1 to 3 years.

    *Disclaimer- Data provided above is strictly for informational purposes only. We do not make any claims on accuracy of information.


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