Who can open an account

NRIs
(Individuals/entities of Bangladesh/ Pakistan nationality /ownership require prior approval of RBI)

Joint account

In the names of two or more non-resident individuals with a maximum of 4 persons.

Nomination

Permitted

Permissible currencies

USD, GBP, EUR, AUD & CAD.

Repatriability

Repatriable

Type of Account

Term Deposit only

Period for fixed deposits

For terms not less than 1 year and not more than 5 years for GBP/USD and EURO and not more than 3 years for Australian Dollars and Canadian Dollars

Rate of Interest

Subject to RBI guidelines:

Interest rates are displayed on our web site

Loans

a) In India

(i) to the Account holder

Permitted (Up to Rs.100 lakhs)

(ii) to third parties

Permitted (Up to Rs.100 lakhs)

b) Abroad

(i) to the Account holder

Permitted (Up to Rs.100 lakhs)

(ii) to third parties

Permitted (Up to Rs.100 lakhs)

c) Foreign Currency Loans In India

(i) to the Account holder

Permitted

(ii) to third parties

Not Permitted

Purpose of loan

a. In India

(i) to the Account holder

i) Personal purposes or for carrying on business activities. *
ii) Direct investment in India on non-repatriation basis by way of contribution to the capital of Indian firms/ companies
iii) Acquisition of flat/ house in India for his own residential use

(ii) to third party

Fund based and/or non-fund based facilities for personal purposes or for carrying on business activities. *

b. Abroad

To the account holder and third party

Fund based and/or non-fund based facilities for bonafide purposes.