Brief comparative features between FCNR & NRE
| Foreign Currency Non Resident (FCNR) accounts vs Non-Resident External (NRE) accounts. | ||
|---|---|---|
| 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 |
|
| 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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