Non residents Indian can open following three types of accounts:-

a) Foreign Currency Non-Resident Account (FCNR A/c)
b) Non-Resident External Rupee Account (NRE A/c)
c) Non-Resident Ordinary Account (NRO A/c)

Types of Deposit Schemes
Particulars	(Foreign Currency Non-Resident Account (FCNR A/c)	Non-Resident External Rupee Account (NRE A/c)	(Non-Resident Ordinary Account (NRO A/c)
Who can open an account	NRIs (Individuals/entities of Bangadesh/ Pakistan nationality /ownership require approval of RBI)	NRIs (Individuals/entities of Bangadesh/ Pakistan nationality /ownership require approval of RBI)	Any person resident outside India(Individuals/entities of Bangadesh/ Pakistan nationality /ownership require approval of RBI)
Joint account	In the names of two or more non-resident individuals	In the names of two or more non-resident individuals	May be held jointly with residents
Nomination	Permitted	Permitted	Permitted
Currency in which account denominated	Pound Sterling, US Dollar, Jap. Yen, or Euro.	Indian Rupees	Indian Rupees
Repatriability	Repatriable	Repatriable	Not repatriable except for the following in the account:- 1) Current income like rent , dividend, pension, interest etc. 2) Upto US$ 1 million per calendar year for any bonafide purposes out of NRO balances/ sales proceeds of assets.
Type of Account	Term Deposits only	Savings, Current, Recurring, Fixed Deposit	Savings, Current, Recurring, Fixed Deposit
Period for fixed deposits	For terms not less than 1 year and more than 3 years	No restriction	No restriction
Rate of Interest	Subject to cap: LIBOR - 250 basis points	Subject to cap: LIBOR/SWAP+ 100 basis points	Banks are free to determine interest rates.
Taxability in India	Non taxable	Taxable	Taxable

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