Banking Beyond Borders with IOB

NRI Overview

Core service

NRI core services include account opening, remittances, currency exchange, investment facilities, taxation guidance, wealth management, and customer support.

• Global Accessibility
• Currency Flexibility
• Tax Benefits
• Investment Opportunities
• Seamless Repatriation

NRE Overview

• Accessibility: Open at any branch of your choice.
• Eligibility: NRIs, PIOs, and students studying abroad.
• Account Types: Savings, Current, Recurring Deposit, Time Deposit.
• Currency: All accounts are denominated in INR.
• Tax Benefits: Income and wealth tax exemptions.
• Repatriability: Funds in NRE accounts are fully repatriable.
• Loan Facilities: Avail loans against your deposits.
• Joint Account: Available for NRIs/PIOs and with resident relatives.
• Power of Attorney: Limited operations permitted.
• Term Deposit Period: Accepted for terms ranging from 1 to 10 years.
• Nomination: Nominate beneficiaries for all types of deposits.

Permissible Transactions

• Credits: Inward remittances, interest, returns on investments, transfers from other NRE/FCNR(B) accounts.
• Debits: Local payments, outward remittances, transfers to other NRE/FCNR(B) accounts, Indian investments/property, conversion to FCNR(B) deposits.

NRO Overview

• Accessibility: Open your NRO account effortlessly at any of our branches.
• Eligibility: NRIs, PIOs, or transitioning residents.
• Account Types: Savings, Current, Recurring Deposit, Time Deposit.
• Currency: All accounts are maintained in INR.
• Taxation: Income earned in NRO accounts is subject to income tax.
• Repatriability: Up to USD 1M repatriable annually with 15CA/CB.
• Loan Facilities: Access loans against your deposits.
• Joint Account: Possible with NRIs/PIOs or resident relatives.
• Power of Attorney: Limited operations for local payments or remittances.
• Term Deposits: Accepted for terms ranging from 1 to 10 years.
• Nomination: Allowed for all deposit types.

Permissible Transactions:

• Credits: Inward remittances, Indian dues, transfers from other NRO accounts, rupee gifts/loans.
• Debits: Local payments, transfers to other NRO accounts, up to USD 1M repatriation annually.