IST,
Content Type:
Accounts in India by Non-residents
| Particulars | Non-Resident (External) Rupee Account Scheme [NRE Account] |
Foreign Currency (Non-Resident) Account (Banks) Scheme [FCNR (B) Account] | Non-Resident Ordinary Rupee Account Scheme [NRO Account] | |
| (1) | (2) | (3) | (4) | |
| Who can open an account | NRIs and PIOs Individual/entities of Pakistan and Bangladesh shall requires prior approval of the Reserve Bank of India |
Any person resident outside India for putting through bonafide transactions in rupees. Individuals/ entities of Pakistan nationality/ origin and entities of Bangladesh origin require the prior approval of the Reserve Bank of India. A Citizen of Bangladesh/Pakistan belonging to minority communities in those countries i.e. Hindus, Sikhs, Buddhists, Jains, Parsis and Christians residing in India and who has been granted LTV or whose application for LTV is under consideration, can open only one NRO account with an AD bank subject to the conditions mentioned in Notification No. FEMA 5(R)/2016-RB dated April 01, 2016, as updated from time to time. Post Offices in India may maintain savings bank accounts in the names of persons resident outside India and allow operations on these accounts subject to the same terms and conditions as are applicable to NRO accounts maintained with an authorised dealer/ authorised bank. |
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| Joint account | May be held jointly in the names of two or more NRIs/ PIOs. NRIs/ PIOs can hold jointly with a resident relative on ‘former or survivor’ basis (relative as defined in Companies Act, 2013). The resident relative can operate the account as a Power of Attorney holder during the life time of the NRI/ PIO account holder. |
May be held jointly in the names of two or more NRIs/ PIOs. May be held jointly with residents on ‘former or survivor’ basis. |
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| Currency | Indian Rupees | Any permitted currency i.e. a foreign currency which is freely convertible | Indian Rupees | |
| Type of Account | Savings, Current, Recurring, Fixed Deposit | Term Deposit only | Savings, Current, Recurring, Fixed Deposit | |
| Period for fixed deposits | From one to three years, However, banks are allowed to accept NRE deposits above three years from their Asset-Liability point of view | For terms not less than 1 year and not more than 5 years | As applicable to resident accounts. | |
| Permissible Credits | Credits permitted to this account are inward remittance from outside India, interest accruing on the account, interest on investment, transfer from other NRE/ FCNR(B) accounts, maturity proceeds of investments (if such investments were made from this account or through inward remittance). Current income like rent, dividend, pension, interest etc. will be construed as a permissible credit to the NRE account. Care: Only those credits which have not lost repatriable character |
Inward remittances from outside India, legitimate dues in India and transfers from other NRO accounts are permissible credits to NRO account. Rupee gift/ loan made by a resident to a NRI/ PIO relative within the limits prescribed under the Liberalised Remittance Scheme may be credited to the latter’s NRO account. |
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| Permissible Debits | Permissible debits are local disbursements, remittance outside India, transfer to other NRE/ FCNR(B) accounts and investments in India. | The account can be debited for the purpose of local payments, transfers to other NRO accounts or remittance of current income abroad. Apart from these, balances in the NRO account cannot be repatriated abroad except by NRIs and PIOs up to USD 1 million, subject to conditions specified in Foreign Exchange Management (Remittance of Assets) Regulations, 2016. Funds can be transferred to NRE account within this USD 1 Million facility. |
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| Repatriablity | Repatriable | Not repatriable except for all current income. Balances in an NRO account of NRIs/ PIOs are remittable up to USD 1 (one) million per financial year (April-March) along with their other eligible assets. |
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| Taxabilty | Income earned in the accounts is exempt from income tax and balances exempt from wealth tax | Taxable | ||
| Loans in India | AD can sanction loans in India to the account holder/ third parties without any limit, subject to usual margin requirements. These loans cannot be repatriated outside India and can be used in India only for the purposes specified in the regulations. In case of loans sanctioned to a third party, there should be no direct or indirect foreign exchange consideration for the non-resident depositor agreeing to pledge his deposits to enable the resident individual/ firm/ company to obtain such facilities. In case of the loan sanctioned to the account holder, it can be repaid either by adjusting the deposits or through inward remittances from outside India through banking channels or out of balances held in the NRO account of the account holder. The facility for premature withdrawal of deposits will not be available where loans against such deposits are availed of. The term “loan” shall include all types of fund based/ non-fund based facilities. |
Loans against the deposits can be granted in India to the account holder or third party subject to usual norms and margin requirement. The loan amount cannot be used for relending, carrying on agricultural/ plantation activities or investment in real estate. The term “loan” shall include all types of fund based/ non-fund based facilities. |
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| Loans outside India | Authorised Dealers may allow their branches/ correspondents outside India to grant loans to or in favour of non-resident depositor or to third parties at the request of depositor for bona fide purpose against the security of funds held in the NRE/ FCNR (B) accounts in India, subject to usual margin requirements. The term “loan” shall include all types of fund based/ non-fund based facilities |
Not permitted | ||
| Rate of Interest | As per guidelines issued by the Department of Regulation | |||
| Operations by Power of Attorney in favour of a resident | Operations in the account in terms of Power of Attorney is restricted to withdrawals for permissible local payments or remittance to the account holder himself through normal banking channels. | Operations in the account in terms of Power of Attorney is restricted to withdrawals for permissible local payments in rupees, remittance of current income to the account holder outside India or remittance to the account holder himself through normal banking channels. While making remittances, the limits and conditions of repatriability will apply. | ||
| Change in residential status from Non-resident to resident | NRE accounts should be designated as resident accounts or the funds held in these accounts may be transferred to the RFC accounts, at the option of the account holder, immediately upon the return of the account holder to India for taking up employment or on change in the residential status. | On change in residential status, FCNR (B) deposits may be allowed to continue till maturity at the contracted rate of interest, if so desired by the account holder. Authorised dealers should convert the FCNR(B) deposits on maturity into resident rupee deposit accounts or RFC account (if the depositor is eligible to open RFC account), at the option of the account holder. |
NRO accounts may be designated as resident accounts on the return of the account holder to India for any purpose indicating his intention to stay in India for an uncertain period. Likewise, when a resident Indian becomes a person resident outside India, his existing resident account should be designated as NRO account. |
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જવાબ. ગ્રાહક માટે ડબ્લ્યુએલએનો ઉપયોગ કોઈ અન્ય બેન્ક (કાર્ડ જારી કરતી બેન્ક સિવાયની બેન્ક)ના એટીએમનો ઉપયોગ જેવું જ છે, સિવાય કે ડબ્લ્યુએલએમાં રોકડ ઉપાડ અને અમુક મૂલ્યવર્ધિત સેવાઓનો સ્વીકાર મંજૂર નથી.
જવાબ. આરટીજીએસ ભંડોળના ટ્રાન્સફરના માધ્યમો પર ઘણા બધા લાભો આપે છે.
- તે ભંડોળ ટ્રાન્સફર કરવા માટે સુરક્ષિત અને સંરક્ષિત પ્રણાલી છે.
- આરટીજીએસ લેણદેણ / ટ્રાન્સફર્સમાં રકમની કોઈ કેપ હોતી નથી.
- પ્રણાલી શનિવાર સહિત મોટા ભાગની બેન્ક શાખાઓ કાર્યરત હોય તેવા આખા દિવસે ઉપલબ્ધ છે.
- લાભાર્થીના અકાઉન્ટમાં ભંડોળનું અસલ સમયનું ટ્રાન્સફર હોય છે.
- રેમિટરે પ્રત્યક્ષ ચેક કે ડિમાન્ડ ડ્રાફ્ટનો ઉપયોગ કરવાની જરૂર પડતી નથી.
- લાભાર્થીએ કાગળનાં સાધનો જમા કરવા બેન્કની શાખામાં જવું પડતું નથી.
- લાભાર્થીને પ્રત્યક્ષ સાધનો ગેરવલ્લે/ ચોરી થવાની કે તેને લઈ છેતરપિંડીથી રોકડી થવાની શક્યતાની ચિંતા કરવાની જરૂર રહેતી નથી.
- રેમિટર જો તેની/ તેણીની બેન્ક આવી સેવા ઓફર કરતી હોય તો ઈન્ટરનેટ બેન્કિંગનો ઉપયોગ કરીને તેના/ તેણીના ઘરે/ કાર્યસ્થળેથી પણ રેમિટન્સની પહેલ કરી શકે છે.
- લેણદેણ શુલ્ક આરબીઆઈ દ્વારા કેપ્ડ કરાયું છે.
- લેણદેણ કાનૂની આધાર ધરાવે છે.
The requirement of ICA in respect of the entity to which lending institutions have exposure is a basic feature of Prudential Framework for Resolution of Stressed Assets dated June 7, 2019, and consequently that of the Resolution Framework. There is sufficient flexibility to the lending institutions to formulate ICAs in respect of a legal entity to which they have exposure that address the specific requirements of each borrowers on a case to case basis, including designing different resolution approaches for different projects under the same borrower within an ICA. Similarly, apart from the escrow account required to be set up at the legal entity level as required by the Resolution Framework, there is no prohibition in setting up additional separate escrow accounts at each project level, if the lenders desire so. Only in respect of borrowers belonging to real estate sector, and have both residential and commercial real estate business, the prescribed thresholds for the financial parameters may be applied at the project level.
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