Special Non-Resident Account - SNRR Account

A Special Non-Resident Rupee (SNRR) Account is a type of bank account available in India that allows non-residents to hold funds in Indian rupees. These accounts are primarily used by non-resident individuals, foreign institutional investors (FIIs), and foreign portfolio investors (FPIs) to facilitate investment in India.

• Any person resident outside India, having a business interest in India, may open a Special Non-Resident Rupee Account (SNRR account) with an authorized dealer for the purpose of putting through bona fide transactions in rupees, not involving any violation of the provisions of the Act, rules and regulations made thereunder.
• The tenure of the SNRR account should be concurrent to the tenure of the contract/ period of operation/ the business of the account holder and in no case should exceed seven years.
• SNRR account may be designated as resident rupee account on the account holder becoming a resident.
• Opening of SNRR accounts by Pakistan and Bangladesh nationals and entities incorporated in Pakistan and Bangladesh requires prior approval of Reserve Bank.