1. However a joint account with Resident Indian (RI) who is a close relative can be opened subject to following conditions :
Mode of operation permitted is 'Either or Survivor' only
The RI will be the primary/first account holder in the joint account and NRI (PIO / OCI) will be the second applicant
2. A joint account with Resident Indian (RI) who is a close relative can also be opened subject to following conditions:
Mode of operation permitted is 'Former (NRI) or Survivor' only
The NRI (PIO / OCI) will be the primary/first account holder in the joint account and RI will be the second applicant
3. Following conditions applicable:
Pakistani National will require a prior approval from RBI before opening the account.
Bangladesh National to have a valid visa and residential permit issued by Foreigner Registration Office (FRO) / Foreigner Regional Registration Office (FRRO) concerned.
4. Foreign nationals who come to India on employment and on leaving the India can convert their Domestic account to NRO account, to enable them to receive their legitimate dues subject to certain conditions. But, continuation of account beyond 6 months will require RBI's approval.
5. NRO account be opened for Foreign Students studying in India on the basis of his/her passport (with appropriate visa & immigration endorsement) which contains the proof of identity and address in the home country along with a photograph and a letter offering admission from the educational institution, subject to following:
Within a period of 30 days of opening the account, the foreign student should submit to the branch where the account is opened, a valid address proof giving local address, in the form of a rent agreement or a letter from the educational institution as a proof of living in a facility provided by the educational institution. Banks should not insist on the landlord visiting the branch for verification of rent documents and alternative means of verification of local address may be adopted by banks.
During the 30 days period, the account should be operated with a condition of allowing foreign remittances not exceeding USD 1,000 into the account and a cap of monthly withdrawal to Rs. 50,000/-, pending verification of address.
On submission of the proof of current address, the account would be treated as a normal NRO account, and will be operated in terms of extant instructions.
6. Continuation of account beyond 6 months will require RBI's approval.
7. NRIs (including PIO / OCI) residing in Nepal or Bhutan are not permitted to open NRO account.
Fixed Deposits -:
Interest frequency cycle of 180 days
Foreign Currency deposits of fixed tenure
Min. Deposit of USD 1000, GBP 1000, EURO 1000, CAD 1000, JPY 1000 or AUD 1000
Principal & interest amount are fully repatriable
Nomination facility available
Loan/overdraft against deposit
Premature withdrawal permissible
Automatic renewal on maturity for the same period
Tenor between 1 year & 5 years
Special Fixed Deposits -:
Higher returns, with compounded interest on deposit as well as interest accrued
Foreign Currency deposits of fixed tenure
Min. Deposit of USD 1000, GBP 1000, EURO 1000, CAD 1000, JPY 1000 or AUD 1000
Principal & interest amount are fully repatriable
Nomination facility available
Loan/overdraft against deposit
Premature withdrawal permissible
Automatic renewal on maturity for the same period
Tenor between 1 year & 5 years
Terms & Conditions
For foreign Currency Notes / Travelers cheques tendered while visiting India, amounts in excess of USD 5000 (or equivalent) in currency or USD 10,000/- (or equivalent) in Travelers cheques should be accompanied by a Currency Declaration Form\
No interest is payable, if the deposit is withdrawn before one year
If the deposit is withdrawn after one year, interest shall be paid at the rate available on the date of deposit for the period deposit has remained with the Bank.
Interest income is exempted from Indian income tax.
In case of relocation to India, tax is payable subject to person's tax status.
NRI/PIO/OCI customers are permitted to open and maintain their FCNR (B) accounts with their resident relative(s) as a joint holder on "Former or Survivor" basis;
They are members of a Hindu Undivided Family;
They are husband and wife; or
one person is related to the other in such manner as may be prescribed;
Father (Provided that the term "Father" includes step-father)
Mother (Provided that the term "Mother" includes step-mother)
Son (Provided that the term "Son" includes step-son)
Son's wife
Daughter
Daughter's husband
Brother (Provided that the term "Brother" includes step-brother)
Sister (Provided that the term "Sister" includes step-sister)
You can place a request for creating FCNR (B) deposit as per any of the following mode
By sending fresh remittance from overseas: Please mention the following message in the remittance message section along with the required details of creation of deposit:
Please create FCNR (B) deposit as per following details:
Please mention the currency in which deposit has to be created
Please mention the amount of deposit to be created
Please mention the tenor of deposit to be created
Through Internet Banking (INB)
Please login to your INB account
Click on 'e-Services' tab
Click on 'NRI Services' on left hand side column
Click on 'Inward Remittance Disposal Request'
Please select / enter request details and click on Submit
