Banking and Account Management for NRIs
An NRI can have multiple types of accounts in rupees based on the currency he/she is depositing in and the purpose of holding that account.
When can I open an NRO account? (NRO: Non-Resident Ordinary Rupee Account)
You can open an NRO account when you want to transfer money from your overseas bank account to Indian account in Indian Rupees. This cannot be repatriated.
Eligibility: Any person/entity resident outside India may open an NRO account with an authorized dealer or an authorized bank for the purpose of putting through bonafide transactions denominated in Rupees.
When to open an NRE account? (NRE: Non-Resident External Rupee Account)
You can open an NRE account when you want to transfer money from your overseas bank account to Indian account in Indian Rupees. This can be repatriated.
Eligibility: Persons of Indian nationality or origin resident abroad may open, with authorized banks in India, NRE Accounts, designated in rupees. These accounts can be maintained in the form of savings, current or term deposit accounts.
How long can I hold an SB account if I am moving to another country? (SB: Savings Bank Account)
There is no specified time period, but we suggest this to be closed (or converted to an NRO Account) at the earliest and open an NRO account.
How long can I hold my NRE account if I have just moved to India?
There is no specified time period, but we suggest this to be closed at the earliest, if there is no intention of going abroad in the near future.
Different Bank Accounts & Deposits:
1. Rupee Savings Account
NRE Savings Account:
- Route investments on repatriable basis
- Savings in rupee
- Can be held jointly with other NRIs
- No tax on funds or interest
- Interest @ 3.5% p.a. (note: interest rates vary so do get an updated accurate rate)
- Inflow can only be from other currencies and not in rupees
- Rupees can be deposited if premiums/ investments were earlier made from this account and proof of that investment is held.
NRO Savings Account
- Repatriate interest after payment of tax
- Route investments made out of Indian funds
- Interest @ 3.5% p.a. (note: interest rates vary so do get an updated accurate rate)
2. Rupee Fixed Deposits:
NRE Fixed Deposits
Source: HDFC Bank. Note: interest rates vary so do get an updated accurate rate.
NRO Fixed Deposits
The rate varies from: 3% to 10.5 % for various maturities ranging from 7-14 days to 5-10 years.
Foreign Currency Deposits
3. FCNR Deposits (FCNR: Foreign Currency Non-Resident Accounts)
- You can park your funds in US Dollars, Pounds, Euro, Japanese Yen and get protection from exchange risk
- No income tax is deducted on funds and interest
- Can be held jointly with other NRIs
- Funds are repatriable
- Deposits can be made only by Non-Resident individual of Indian nationality or of Indian origin
- Minimum tenure is 1 year
Source: HDFC Bank. Interest rates vary so do get an updated accurate rate.
4. Accounts for Returning Indians:
RFC Savings Account (RFC: Resident Foreign Currency)
- Hold your money in US Dollars, Pounds, Yen and the Euro
- Avail of the spot exchange rate on conversion of your foreign currency to Indian Rupees when you access your funds
RFC Fixed Deposits
- Hold your money in US Dollars, Pounds, Yen and the Euro
- Avail of the spot exchange rate on conversion of your foreign currency to Indian Rupees when you access your funds
Under the Liberalized Remittance scheme, a person can transfer $200,000 per year outside India. For more details and paperwork consult the bank branch.
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A Close Look At the Dollar Bill
| | 200 MILLION ZIMBABWE DOLLARS x 5 BANK NOTES ♦ALMOST UNC $7.75 |
| | 500 MILLION ZIMBABWE DOLLARS x 30 BANK NOTES ♥CURRENCY♥ $23.99 |
| | Australia 2 Dollars 1974 “F” Crispy Banknote P-43a $10.99 |
| | New Zealand 1 Dollar 1975-77 UNC CRISP Banknote P-163c $24.99 |
| | 10 TRILLION ZIMBABWE DOLLARS x 50 BANK NOTES – ½ BUNDLE ♥ XF $34.99 |
| | Fiji 2 Dollars 1974 “F” Barnes/Earland P-72b Banknote $24.99 |
| | Fiji 1 Dollar 1969 VF CRISP Banknote QEII P-59 $34.99 |
| | Canada 2 Dollars 1954 (1961-72) VF++ Banknote P-76b $11.99 |
| | British Caribbean 1 Dollar 1958 “VG+” Banknote P-7c $33.00 |
| | Bahamas 1 Dollar 1974 VF Crisp Banknote P-35a $5.99 |
| | Singapore1 Dollar USED bank note Paper Money ship $2.99 |
| | LOUISIANA – NEW ORLEANS 10 DOLLARS XF BANKNOTE 1860? $1,570.00 |
| | ZIMBABWE 500 DOLLARS BANKNOTE 2007 UNC $2.50 |
| | 20 BILLION ZIMBABWE DOLLARS x 50 BANK NOTES ½ BUNDLE UNC $49.99 |
| | Bermuda 1 Dollar 1978 VF CRISP Banknote P-28b $10.99 |
| | Bahamas 1 Dollar 1974 VF Crisp Banknote P-35a $5.99 |
| | Singapore 10 Dollars Plastic Banknote,UNC $11.95 |
| | Fiji 10 Dollars 1974 VF CRISP Banknote P-74b $90.00 |
| | Cayman Islands 1 Dollar 1996 VF++ CRISP Banknote P-16b $4.99 |
| | Barbados 5 Dollars ND 2000 XF CRISP Banknote P-61 $5.99 |
| | Barbados 2 Dollars ND 1980 VF+ CRISP Banknote P-30 $9.99 |
| | Hong Kong 50 Dollars 1967 “aF” RARE Banknote P-184a $24.99 |
| | Hong Kong 5 Dollars 1967 “VG” Banknote P-181c $11.99 |
| | Hong Kong 10 Dollars 1986 aXF CRISP Banknote $3.90 |
| | China 1 Dollar 1928 “G” Banknote P-195c $11.99 |
| | Australia 1 Dollar 1966 VF+ CRISP Banknote P-42a $24.99 |
| | Bermuda 1 Dollar 1978 “VG” Banknote P-28b $7.50 |
| | 3 x 1$ U.S. SILVER CERTIFICATES VF + 1 x 100 TRILLION ZIMBABWE DOLLARS BANK NOTE $19.99 |
| | TWO 1973 BANK OF CANADA ONE DOLLAR BANKNOTES CIRCULATED $3.49 |
| | 50 TRILLION ZIMBABWE DOLLARS x 20 BANK NOTES + 500 MILLION $28.89 |
| | 2 x 500 MILLION ZIMBABWE DOLLARS & 2 x 1$ BANK NOTES AU $7.99 |
| | Trinidad & Tobago 1 Dollar 1943 “VG” Banknote P-5 $22.50 |
| | Australia 10 Dollars 1993 XF CRISP Banknote P-52a $24.99 |
| | 2005 $5 GOOFY 2ND SERIES A0005 DISNEY DOLLAR BANK NOTE CURRENCY BILL $88.00 |
| | Cayman Islands 1 Dollar 2003 aUNC CRISP Banknote P-30 $5.50 |
| | East Caribbean 5 Dollars 1965 aXF CRISP Banknote P-14h $29.99 |
| | 1929 10$ TEN DOLLAR NATIONAL BANK NOTE -CHICAGO- $40.00 |
| | l Bank of CANADA One Dollar BANK NOTE Ottawa 1954 COYNE Beattie $18.00 |
| | (6)banknotes-Zimbabwe1&100 dollar,200 million,10,50&100 Trillion-currency A $11.99 |
| | ZIMBABWE- 100 x 500 -MILLION DOLLARS BANKNOTE,AB UNC $100.00 |
| | 1861 TWO DOLLARS OBSOLETE BANK NOTE, LARGE SIZE ***RARE*** $89.99 |
| | Hong Kong 1 Dollar 1936 “G-VG” Banknote P-312 $34.99 |
| | Hong Kong 5 Dollars 1967 “aVG” Banknote P-181c $8.99 |
| | US 5 Dollars 1953 Red Seal VF Crispy Banknote $19.99 |
| | 10 TRILLION ZIMBABWE DOLLARS x 15 BANK NOTES ALMOST UNC $16.99 |
| | 20 BILLION ZIMBABWE DOLLARS x 10 BANK NOTES + 10 TRILLION $16.99 |
| | Hong Kong Bank of China 1996 20 Dollars F Uncommon Note Pre-Handover Old Series $7.00 |
| | Hong Kong 1 Dollar 1952 “F+” Banknote P-324b $34.99 |
| | $10 TEN DOLLARS JAPANESE CURRENCY MONEY MALAYSIA OCC UNCIRCULATED BANKNOTE WWII $1.25 |
| | Straits Settlements 1 Dollar 1935 VG RARE Banknote P16 $80.00 |
| | Canada 2 Dollars 1986 VF++CRISP Banknote P94a Pref. AUK $19.99 |
| | Hong Kong 5 Dollars 1968 “F” Crispy Banknote P-181c $10.99 |
| | Hong Kong 1 Dollar 1940-41 “VG” Banknote P-316 $29.99 |
| | ► USA Banknote NM-359 Great Dane Dog Million Pet Note $1.49 |
| | ETHIOPIA 1 DOLLAR BANK NOTES $0.99 |
| | EAST CARIBBEAN ONE DOLLAR BANK NOTE F $0.99 |
| | 2 x Bermuda 1$ 1970 UNC Consecutive Pair P-23 Gem Uncirculated Dollar Banknote $79.00 |
| | Trinidad & Tobago 1 Dollar 1942 VF+ CRISP Banknote P-5c $45.00 |
| | Bahamas 1 Dollar 1974 (1984) “aVF” Banknote P-43a $6.99 |
| | 100 TRILLION + 1 MILLION ZIMBABWE DOLLARS ♦2 BANK NOTES $9.99 |
| | 1950 D $100 One Hundred Dollar Green Seal Federal Reserve Bank Note Bill $114.49 |
| | CHINA CANTON 1 DOLLAR P-S2278c VG 1933 x 2 banknotes different with/without seal $49.99 |
| | 1929 $5 Five Dollar Bill federal Reserve Bank Note Brown Seal $18.00 |
| | 1929 $20 Twenty Dollar Brown Seal Chicago Federal Reserve Bill Bank Note $40.00 |
| | BAHAMAS BANK-NOTE 1968 ONE DOLLAR EXTREMELY RARE ELIZABETH II BRITISH $13.83 |
| | 1934 $100 One Hundred Dollar Green Seal Federal Reserve Bank Note Bill $120.50 |
| | Bahamas “Sea Garden” 1974 One Dollar Bank Note $3.50 |
| | 1928 A $100 One Hundred Dollar Green Seal Federal Reserve Bank Note Bill $141.01 |
| | Bahamas “Paradise Beach” 1968 Three Dollar Bank Note $3.50 |
| | Bahamas “Government House” 1974 Five Dollar Bank Note $3.50 |
| | CANADA UN ONE DOLLAR NOTE BANK OF CANADA OTTAWA 1973 UNC $7.95 |
| | 1 MILLION ZIMBABWE DOLLARS x 3 BANK NOTES ◄UNCIRCULATED $13.99 |
| | 100 TRILLION ZIMBABWE DOLLARS x 15 BANK NOTES AA/UNC $74.99 |
| | 1929 20 DOLLAR NOTE FIRST NATIONAL BANK OF WACO TEXAS #2189 A001254A RED SEAL $170.00 |
| | 1 MILLION ZIMBABWE DOLLARS + 1 DOLLAR BANK NOTES ♦UNC♦ $8.99 |
| | ZIMBABWE 10 pcs 100 trillion dollar banknotes aUNC BULK BUNDLE LOT $28.27 |
| | 50 TRILLION ZIMBABWE DOLLARS X 200 BANK NOTES ♦ 2 BUNDLES ♦ UNC $155.00 |
| | $20 HELENA MONTANA NATIONAL BANK NOTE TWENTY DOLLAR $1,299.99 |
| | VINTAGE Set of (4) 1976 & 1987 Singapore $1 One Dollar Bank Notes G to AU Sealed $9.99 |
| | 100 TRILLION ZIMBABWE DOLLARS x 20 BANK NOTES ALMOST UNC $78.99 |
