Gifts made out of these accounts are free from Gift Tax in India. Deposits will be accepted for maturities of six months to three years. Interest offered at competitive rates higher than those offered on NRE accounts. Joint accounts permitted with Resident Non-Resident Indians. Interest paid on maturity or quarter intervals as per customer's request Term Deposits.
Interest earned is fully repatriable w.e.f.
Loans against deposits are available in India. Nomination facility available. Interest earned on these accounts is free from Income Tax in India. When a resident acquires the status of NRI all existing Domestic Accounts become NRO Accounts. NRO Account can also be opened by remittances from abroad wherein legitimate dues in Rupees of the Account holder in India can also be credited.