• Accounts can be opened by remittances from abroad deposit of foreign Exchange brought into India transfer from existing self NRE/FCNR accounts.
• Accounts can be opened jointly with any other Non-Resident Indian.
• Non-Resident Indians can appoint Residents to operate their NRE accounts for local payments through a power of attorney/letter of authority.
• Withdrawals for local payments or payments abroad in any convertible currency are allowed without Reserve Bank of India’s approval.
• The maturity proceeds of deposits as well as interest are freely repatriable at the prevailing rate of exchange.
• Loan/overdraft facilities are available against the deposit.
• Nomination facility is available.

TAX BENEFITS

• Interest on the deposit is free of Indian Income Tax.
• Balances held in the account as well as interest accrued on the deposit are exempt from Wealth Tax in India.
• Gifts made out of the deposit are free from Gift Tax in India.

CORPORATE BODIES:

• Overseas Corporate Bodies in which atleast 60% of the ownership of the entity is with Non-Residents of Indian Nationality/Origin can also maintain NRE/FCNR accounts. All facilities other than tax concessions are available to them.
• Use of NRE/FCNR accounts is obligatory for channelising funds for all repatriable investments in India (including investments in shares and securities).

• Accounts can be opened by remittances from abroad deposit of foreign exchange brought into India transfer from existing self NRE/FCNR accounts.
• Accounts can be opened jointly with any other Resident Indian.
• Non-Resident Indians can appoint Residents to operate their NRO accounts for local payments through a power of attorney/letter of authority.
• Withdrawals for local payments allowed without Reserve Bank of India’s approval.
• Standing instructions can be undertaken for periodic payments of insurance premia, school fees, etc.
• Loan/overdraft facilities are available against the deposit.
• Nomination facility is available.
• Interest on the deposit is taxable under Indian Income Tax

• The scheme is open to all non-residents including all foreign citizens.
• Deposits can be opened either out of fresh funds from abroad or by transfer from existing NR/NRE accounts
• Deposits can be held jointly with other non-residents or resident relatives.
• Deposits can be renewed on the same interest terms. However, once withdrawn or invested in other schemes, it will not qualify for renewal of deposits.
• Interest on the NR-NR-RDS are permitted to be repatriated.
• Loan/Overdraft facilities are available against the deposits.
• Nomination facility is available.

• Interest on the deposits is free of Indian Income Tax.
• Balances held in the account as well as interest accrued on the deposit are exempt from Wealth Tax in India.
• Gifts made out of the deposit are free from Gift Tax in India.

CORPORATE BODIES :

• Overseas Corporate Bodies in which atleast 60% of the ownership of the entity is with Non-Residents of Indian Nationality/Origin can also maintain NRE/FCNR accounts. All facilities other than tax concessions are available to them.

PERSONS OF INDIAN ORIGIN:

• A foreign citizen is deemed to be a person of Indian origin if he held an Indian passport at any time. he or either of his parents/grandparents was an India and a permanent resident of undivided India at any time.

Tax Benefits:

• Income from NR-NR-RDS will be free of Indian Income Tax.
• NR-NR-RDS and income accrued thereon are exempt from Wealth Tax in India
• Gifts made out of NR-NR-RDS are free of Gift tax in India