NRIs (individuals/entities of Bangladesh/Pakistan nationality/ownership require prior approval of RBI).
NRO Current Account
Any person resident outside India (other than a person resident in Nepal and Bhutan).
Individuals/entities of Pakistan Nationality/ownership, entities of Bangladesh ownership and erstwhile Overseas Corporate Bodies require prior approval of Reserve Bank of India.
Joint Account of 2 or more NRIs
NRE Current Account
Account can be held jointly by a Non-Resident Indian (persons of Indian nationality or origin) / with a Resident Indian (Former or Survivor basis). A Resident Indian can operate the account only as a Mandate / POA holder. The Resident Indian must be a close relative as defined in Section 6 of the Companies act, 1956.
NRO Current Account
Account can be held jointly by a Non-Resident Indian (persons of Indian nationality or origin) / with a Resident Indian.
Currency in which Account is denominated
NRE Current Account
Indian Rupees (INR)
NRO Current Account
Indian Rupees (INR
Repatriability
NRE Current Account
Freely Repatriable
NRO Current Account
Principal upto USD 1 Million. Subject to FEMA 2000 guidelines from time to time.
Interest Rate
NRE Current Account
Not applicable
NRO Current Account
Not applicable
Sweep-in Facility
NRE Current Account
Available
NRO Current Account
Available
Taxation
NRE Current Account
Funds in NRE Account are exempted from income tax in India
NRO Current Account
Funds in NRO Account are taxable under Indian Income Tax Act
Fund Transfer
NRE Current Account
Free Funds Transfer within the bank (Self A/c or Third party A/c).
Collection of Cheques and payments across Bank of India locations all over the country
NRO Current Account
Free Funds Transfer within the bank (Self A/c or Third party A/c)
Collection of Cheques and payments across Bank of India locations all over the country
