Who can open an account

Any person resident outside India (other than a person resident in Nepal and Bhutan)
(Individuals/entities of Bangladesh/ Pakistan nationality /ownership as well as erstwhile OCBs require prior approval of RBI)

Joint account

May be held jointly with residents

Nomination

Permitted

Currency in which account is denominated

Indian Rupees

Repatriability

Not repatriable except for the following in the account:-
1. Current income.
2. Upto US$ 1 million per financial year for any bonafide purpose out of the balances in NRO account/sales proceeds of assets, including immovable property.

Type of Account

Savings, Current, Recurring, Fixed Deposit

Period for fixed deposits

As applicable to resident accounts.

Rate of Interest

In tune with the domestic interest rates.

Interest rates are displayed on our web site

Loans

a) In India

(i) to the Account holder

Permitted

(ii) to third parties

Permitted

b) Abroad

(i) to the Account holder

Not Permitted

(ii) to third parties

Not Permitted

c) Foreign Currency Loans In India

(i) to the Account holder

Not Permitted

(ii) to third parties

Not Permitted

Purpose of Loan

a. In India

(i) to the Account holder

Personal requirement and /or business purpose . *

(ii) to third party

Personal requirement and / or business purpose. *

b. Abroad

To the account holder and third party

Not permitted.