NRIs/PIOs can open, hold or maintain certain bank accounts in India with an Authorised Dealer Bank. The account can be in Indian Currency (INR) or Foreign Currency. Following are the type of bank accounts, which NRIs/PIOs can maintain in India.
- Non-Resident Ordinary (NRO)
- Non-Resident External (NRE)
- Foreign Currency Non Resident (FCNR)
- Resident Foreign Currency (RFC)
- NRIs/PIOs (other than the citizen of Bangladesh and Pakistan) can open and maintain these accounts without any prior approval of Reserve Bank of India.
- NRO and NRE can be in the form of current, saving, term deposit, recurring deposit.
- FCNR account can be in the form of term deposit only.
- RFC account is opened by NRI on returning back to India, with the funds he has remitted back from abroad.