Difference Between Various NRI Accounts in India

Account opening
FCNRNRIs/PIOs/OCIs(Individuals/entities of Bangladesh/Pakistan require prior approval of RBI
NRENRIs/PIOs/OCIs(Individuals/entities of Bangladesh/Pakistan require prior approval of RBI
NROAny Individual resident outside India
Joint Account
FCNRIn the names of two or more non-resident individuals. With a local close relative on 'former or survivor basis'
NREIn the names of two or more non-resident individuals. With a local close relative on 'former or survivor basis'
NROIn the names of two or more non-resident individuals. With a local close relative on 'former or survivor basis'
Currency in which account is denominated
FCNRUS dollar, pound sterling, Yen, Euro, Australian dollar & Canadian dollar
NREIndian Rupees
NROIndian Rupees
Nomination
FCNRAllowable
NREAllowable
NROAllowable
Account Type
FCNRTerm Deposit only
NRESavings, Current, Fixed, Recurring deposit
NROSavings, Current, Fixed, Recurring deposit
Interest Rate
FCNRBanks are allowed to determine interest rates for Deposits
NREBanks are allowed to determine interest rates for Deposits
NROBanks are allowed to determine interest rates for Deposits
Fixed deposits-period
FCNRNot less than 1 year and not more than 5 years
NREMin- 1year Max- 10years
NROAs applicable to resident accounts
Income Tax
FCNRNot Taxable
NRENot Taxable
NROTDS on Interest received on NRO deposits to be deducted at 30.90%
Repatriability
FCNRRepatriable
NRERepatriable
NRONon- Repatriable
Loans in India
1)To account holder  2)To third parties
FCNRWithout any financial ceiling on the loan amount subject to standard margin requirements
NREWithout any financial ceiling on the loan amount subject to standard margin requirements
NRO
  1. Permitted
  2. Permitted
Loans in Abroad
1)To account holder 2)To third parties
FCNR1) Without any financial ceiling on the loan amount subject to standard margin requirements
2) Not Permitted
NREWithout any financial ceiling on the loan amount subject to standard margin requirements
NRO
  1. Not permitted
  2. 2) Not permitted

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