Reserve Bank of India vide A.P.(DIR Series) Circular No 28 dt March
4, 2002 have notified the closure of NRNR and NRSR schemes w.e.f. 1st April, 2002
Eligibility
Any Non-Resident Indian (NRI) may open NRSR
A/c.
Opening and maintenance of Account in the name of
individuals of Bangladesh / Pakistan nationality is not permitted.
The depositors have to voluntarily
undertake not to seek repatriation of funds held in such accounts. The principal amount
and the interest earned thereon are not repatriable.
Types of Accounts
Accounts can be:
- Savings Account ;
- Current Account;
- Recurring Deposit (RD) Account; or
- Fixed Deposit (FD) Account.
Permitted Credits
All local dues like rent, interest,
dividend, etc., can be credited to this Account.
Permitted Debits
Funds in the Account can be used for any of
the local payments.
Opening of Account
Accounts can be opened with authorised dealer by
submitting an application in Form NRSR.
The operations of the account may be freely
allowed as in the case of domestic accounts in India.
Rate of Interest
The interest rates as applicable to
resident accounts shall apply to these accounts.
The rates of interest offered by various
Banks in India differ.
It is beneficial to ascertain the best of
the rates offered by various banks before investing with any particular Bank.
Click Here for Interest Rates offered by various Banks and an
analysis of the same.
Overdraft facility in the account
Banks may allow overdraft facility to the
account holders as per their discretion.
Nomination / Cancellation
Nomination can be in favour of residents or
non-residents.
Non-resident nominees will not have the
facility of remittance of funds lying in the NRSR Account, on the death of an account
holder.
Joint Accounts
Non-Residents can also open joint accounts
with residents in India.
Change of Residential status
The existing accounts of a person resident
in India going abroad and gaining non-resident status are designated as Ordinary
Non-Resident Accounts (NRO A/c) or as NRSR accounts as per the option of the account
holder.
For any information regarding the Non -Resident Special Rupee Account Scheme (NRSR A/c),
please visit the FAQ section |
