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NRI Deposit Scheme

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NRI Deposit Scheme

 

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.

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 month to 10 years
Minimum amount USD 1,500
GBP 1,000
EURO 2,000
JPY 50,000
AUD 1,000
CAD 1,000		  
PARTICULARS FCNR/ NRE
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 ARS
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

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Coronavirus (Covid-19): support for our customers

We are closely monitoring the coronavirus (Covid-19) situation in U.K. and taking sensible precautions to make sure our customers are not inconvenienced while dealing with our Bank of India, U.K. branches.

Read our advice below on the steps you can take to stay aware of any possible impact on your finances.