Type of Accounts for Resident and Non Resident

Account can be opened by Residents.

1. Residents Foreign Currency A/C
2. Residents Foreign Currency Domestic A/C
3. Exchange Earners Foreign Currency A/C

Account can be opened by Non Residents

1. Foreign Currency Non Resident A/C
2. Non Residents External Rupees A/C
3. Non Residents Ordinary A/C

Residents Foreign Currency A/c

• For Returning Indians
• Stay  period outside India -1 Year (It can be in part also)
• Joint (F/S) A/C with resident relative allowed.
• CA/SB/FD
• FD period - bank discretion.
• Rate of Interest an SB/FD - Bank discretion.
• Outward remittance - allowed 

RFC(D) - Resident Foreign Currency Domestic A/c

• Resident A/c can open (Any)
• No interest
• Amount credited during month will be converted into Indian currency up to last day of next month

EEFC A/c

• Current account interest free
• Opened by exporters
• 100% export earning A/C

Foreign Currency Non Resident (FCNR) A/c

• NRI & PIO can open 
• Can be opened any convertible currency
• FD only (1 to 5 Years)
• Interest - Ceiling fixed by RBI - LIBOR (London Interbank Rate) +2% for 1 Year to 3 Years
• Libor + 3% for 3 to 5 Years
• Loan - Rupee/FC loan to depositor or third party up to full value of FDR
• Bank has FC risk
• Repatriable - Full amount can be sent outward
• Interest not taxable
• Can be converted into Indian currency 

Non Residents External Rupees (NRE) A/c 

• SB/CA/FD
• Rate of interest /period bank discretion 
• FD (min period -1 yr)
• FC risk - customer
• A/C is opened in rupee by converting the FC at currency exchange rate.
• Interest - non taxable