NRIs/PIOs can open the following Non-Resident deposit Account:
NON-RESIDENT (EXTERNAL) RUPEE ACCOUNT SCHEME [NR (E) RA]
This account is maintained in Indian Rupees. Amount held and interest is freely repatriable in any convertible currency.
Salient features:
Account can be maintained in any form as a Saving, Current, Recurring and Term Deposit account. Term Deposits in Dena Bank can be maintained for 1 Year to 3 Years.
No income tax on interest earned.
Balances held in the account are free from Wealth tax/Gift tax.
Nomination facility is available.
Joint account with NRIs is permitted.
Loans against deposits are permitted.
Resident can operate the account under Letter of Authority or Power of Attorney.
Conversion of foreign currency is done at market rate for full amount.
Click here to view NRE FAQ
FOREIGN CURRENCY NON-RESIDENT ACCOUNTS (BANKS) SCHEME (FCNR-B)
This account is maintained in foreign currency and thus provides full cover against fluctuations in foreign exchange rates.
Salient features:
The amount held is repatriable.
It can be opened in Dena Bank in five currencies viz. US Dollars, Pound Sterling, Euro, Australian Dollar, and Canadian Dollar.
The interest earned in this account is not subject to Income Tax and amount held is exempted from Gift tax/ Wealth tax.
This is maintained as a term deposit for not less than 1 year and not exceeding 5 years.
Nomination facility is available.
Joint account with NRIs is permitted.
A loan against deposit is permitted.
A loan to depositor in foreign currency is permitted.
Resident can operate the account under Letter of Authority or Power of Attorney.
Click here to view FCNR (B) FAQ
NON-RESIDENT ORDINARY RUPEE ACCOUNT SCHEME (NRO)
This account is maintained in Indian Rupees and normally operated for crediting rupee earnings/income such as dividend, interest etc in India.
Salient features:
This is maintained as Saving, Current, Term Deposits, Recurring Deposits.
Nomination facility is available.
The interest earned on this account is taxable under Indian Income Tax.
Repatriation allowed up to USD 1 million, per calendar year subject to payment of applicable taxes.
Nomination facility is available.
Joint account with NRIs and Residents is permitted.
A loan in India is permitted.
This can be used for local disbursements and local receipts can be credited to this account.
Resident can operate the account under Letter of Authority or Power of Attorney.
Click here to view NRO FAQ
