13C.2
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Opening of Accounts
The Scheme is open to all non-residents including foreign citizens of non-Indian origin (except Pakistani and Bangladeshi nationals) and overseas entities. Accounts under theNon-resident (Non-repatriable) Rupee Deposit Scheme may be opened in Indian rupees by authorised dealers out of the funds in freely convertible currency transferred for the purpose to India in an approved manner. Accounts may also be opened by transfer of funds from the existing NRE/FCNR Accounts of the non-resident account holder. No penal interest is chargeable for premature withdrawal of NRE/FCNR deposits for the purpose of making investment in the Scheme. Balances held in the accounts will not be allowed to be remitted abroad under any circumstances.
NOTE: Premature withdrawal of NRE/FCNR deposits for the purpose of opening NRNR Rupee Deposit accounts with a different authorised dealer will attract penalty as per the directions issued by Reserve Bank from time to time.