CASA level: Cumulative minimum average balance in all Saving/Non-interest bearing accounts under same customer ID. You would be required to maintain an Average Monthly Balance of INR 10,000/- only. Alternate Phone No. to know more about Payment Services. An Initial Payment Cheque / Draft from your own account equivalent to amount required to maintain the Average Monthly Balance in account. Upto Rs.10,000 - Rs.50 The interest on NRO Accounts / Deposits and PIS transactions would be Rs.5,000 (Semi-Urban/Rural branches). This NRO savings account offered by HDFC Bank is maintained in Indian rupees. Repatriation of funds from NRE account: Note: Minimum amount for on-line repatriation is INR 5000/- and the request will be rejected if the amount of repatriation is below 5000/- INR. HDFC NRI account minimum balance For HDFC NRE and NRO savings/current account, you need to maintain a minimum balance, also known as average monthly balance (AMB) requirement, which is same as MAB of ICIC. Through this NRO saving account, customers can pay utility bills, make DTH top-ups, make prepaid recharges and so on. The secondary account holder can also carry out banking transactions from the account once you have submitted a letter of mandate to the bank. Interest earned on NRO Savings Account / NRO Fixed Deposit is subject Customers holding the HDFC Bank Non-Resident Ordinary (NRO) Savings Account can also choose to make it a joint account with an Indian resident. For urban and metro branches, the minimum average balance is Rs.10,000. PhoneBanking. convertible foreign currency, Download Mandate and proceeds of remittances received from abroad through normal banking channels can be freely credited. NRO accounts are used to normally make payments locally and funds can be remitted from India (in rupees) or abroad. © 2018 HDFC Bank Ltd. All rights reserved. to maintain an Average Monthly Balance of INR 10,000/- only. The interest is subject to income tax deduction at source @ 30% Many banks have dropped their minimum balance requirement significantly. plus applicable surcharge plus education cess. given to a person to operate the customers bank account on his behalf. You would be required to maintain an Average Monthly Balance of INR 10,000/- only. by you on your visit to India, Directly remit the amount to us from your overseas bank account, Transfer funds from an existing NRE / FCNR Account held in other tell us about your query and we'll guide you to the right solutions, Call Minimum balance of Rs. You would be required   Phonebanking. All. Holder Appointment Form, Download Form for ATM Card Our branches and phone banking numbers are now closed. to pay for a variety of utilities and services. If you are desirous of availing the tax rate deduction as per the DTAA, the same will be applicable once you submit the below mentioned documents: *Form 10F is a self declaration to be submitted by the customer where TRC does not mention all the prescribed by Income Tax law. SBI had reintroduced minimum balance charges in April 2017 after five years of waiving it. the provisions of the Income Tax Act, 1961 and the Rules thereunder open NRO Savings Account. (In case of Draft, DD slip is mandatory). With this debit card, NRIs can make withdrawals at ATMs and transaction at either retail or online merchant establishments across the country. Interest earned on the NRO account is liable to 30% tax, which is deducted at source: Minimum Balance (Average Quarterly Balance) Rs. I authorize HDFC Bank to call me or SMS me to give product details. ... Utilise account balance for repatriable investments as well as local payments in India; 1. Yes, you can transfer money from your NRE savings account to the HDFC Bank Non-Resident Ordinary (NRO) Savings Account as an initial deposit. The minimum amount required to open an NRO Current Account is INR 10,000/- or its equivalent in foreign currency. (a) NRI/PIO may remit an amount, not exceeding USD one million per financial year, out of the balances held in NRO accounts / sale proceeds of assets / the assets in India acquired by him by way of inheritance / legacy, on production of documentary evidence in support of acquisition, inheritance or legacy of assets by the remitter and an undertaking by the remitter and certificate be a Chartered Accountant in the formats prescribed by the Central Board of Direct Taxes, Ministry of Finance, Government of India customs authorities on arrival in India. The key features of the account include: 20 cheque leaves are available free of cost each financial year. a simple registration, Appoint a beneficiary to operate the account with the nomination 750 per quarter (Urban and Semi-urban) Cheque book : Free Rs. are foreign currencies that can be exchanged easily with other currencies as in force. Above Rs.1,000 and below Rs.5,000 - Rs.25 Mobile No. 93010200000076 (for FCNR account) Such TDS shall be recovered from saving/current/demand You would be required to maintain an Average Monthly Balance of INR 10,000/- only. in India. Above Rs.500 to Rs.1,000- Rs.15 Kindly submit the respective form duly filled and signed at your nearest branch. 2 Lakhs to Rs.5 Lakhs - Rs 25 (exclusive of taxes) per transaction You get a cheque book and an ATM Card against your NRO Savings Be aware of minimum balance & other maintenance charges to avoid unnecessary penalty. Customers have to make an initial deposit of Rs.10,000 when opening this NRO savings account. You would be required to maintain an Average Monthly Balance of INR 10,000/- only. An NRI/PIO can maintain an NRO account (Non-Resident Ordinary Rupee Account) savings, NRE savings account (Non-Resident External Rupee Account) or FCNR (B) account (Foreign Currency Non-Resident Bank Account) with any bank in India. From Rs 10,001 to Rs 1 lac - Rs 5 (exclusive of taxes) per transaction to Tax deduction at source*.W.e.f Aug 09, applicable TDS rates are: As per section 206AA introduced by Finance (No. If in case the deposit exceeds $5,000 or the travellers cheques surpasses $10,000, then you would need to submit a Currency Declaration Form (CDF) to the customs on arrival in the country. Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. For additional chequebook of 25 leaves, Rs.75 will be charged per cheque book. The minimum amount required to open an NRO Savings Account is INR 10,000 or its equivalent in foreign currency. 4. 10,000 as a minimum balance. TRC is issued by the tax/government authority of the country where the NRI resides. document. for Mandate Holder, Use a Product Finder to choose an account, Compare between Rs.150 charges applicable from the second year onwards. 2. The minimum amount required to open an NRE Savings Account is INR 10,000 or its equivalent in foreign currency. Provide your contact details and get a call back at time convenient to you. You can access your NRO Savings Account through NetBanking and Free 25 cheque leaves per half year. Customers are granted an International debit card when opening the HDFC Bank Non-Resident External (NRE) Savings Account. The interest earned over the HDFC Bank Non-Resident Ordinary (NRO) Savings Account deposits are subject to TDS (Tax deducted from source). to be attested by an Indian Embassy or Notary or by a Banker overseas You may download the form from our website ( Visit www.hdfcbank.com/nri > Click on Forms Center > NRI > Nomination Forms) and you may avail of our PO box facility to send your form. Service channel options for standard requests, freely For every new account (savings, current or fixed deposit), a fresh nomination form needs to be submitted. HDFC Bank NRE Account – A minimum average balance of Rs.10,000 and Rs.5000 needs to be maintained in the case of Metro and Rural branches respectively. In addition, customers need to maintain a minimum average monthly balance of Rs.10,000 to avoid a penalty for non-maintenance. application form. Customers can remit funds from any overseas bank to the NRO savings account. Refer the enclosed file ‘Details required in TRC’ to check whether Form 10F is required or not. You must produce the CDF Customers can also use HDFC Bank’s phone banking facility to manage their accounts. It can be held jointly by … One document confirming either the overseas or Indian address. Amount above Rs 1 lakh up to Rs 2 lakhs - Rs 15 (exclusive of taxes) per transaction. Also Read – 5 Best Kids Saving Account. in a FATF country, then either all photocopies of the above documents Yes. The nominated beneficiary can operate the account following the untimely death of the account holder. apply for any product online by clicking here. Leaving so soon? 3. address on the document has to match the address mentioned in the From Rs 1 lac to Rs 2 lacs - Rs 15 (exclusive of taxes) per transaction, From Rs. foreign currency notes brought by you exceed USD 5,000/- or the The interest rates applicable are 3.5% and 4% for balances less than Rs 50 lakhs and greater than Rs.50 lakhs respectively. (b) NRI/PIO may also, within the overall limit of USD one million, as stated above, remit sale proceeds of assets acquired under a deed of settlement made by either of his parents or a close relative (as defined in Section 6 of the Companies Act, 1956) and the settlement taking effect on the death of the settler, on production of the original deed of settlement and an undertaking by the remitter and certificate be a Chartered Accountant in the formats prescribed by the Central Board of Direct Taxes, Ministry of Finance, Government of India. Double Taxation Avoidance Agreement (DTAA) is an agreement For savings account in metro cities, HDFC Bank may charge you as much as 600 rupees for not maintaining the minimum balance. Credit of funds representing legitimate dues of the account holder from local sources for e.g. our PhoneBanking numbers in India and solve your queries instantly, Want an online solution for transferring money to India? to an account. Check out the fees you need to pay & the charges for maintaining your NRO current account at HDFC Bank. You are eligible if you are a Non-Resident individual of Indian nationality If the With HDFC Bank NRO Current Account, park your Indian earnings or remit funds through various channels in INR or foreign currencies. Free for the first year. With the HDFC Bank Non-Resident Ordinary (NRO) Savings Account, customers can make withdrawals and transactions in India, can make fund transfers and so on. Hence by registering for DTAA clients can earn higher yield on their NRO deposits (FD as well as Savings Account). The amount differs for urban and metro banks and rural and semi-rural banks. If the documents are not certified then all documents need to be self Click here for any further details on DTAA agreements between India and other countries. Your NRO Savings Account is maintained in Indian Rupees. Unlike the NRO savings account, NRIs do not have to pay tax on the deposits in this account or on the interest earned over the deposits. These Depending on your existing relationship with HDFC Bank, You will would need to open the balance accounts mentioned below. You can still Whoever said wishes don’t come true hasn’t explored our offers! Those holding a savings account in HDFC Bank metro branches are required to ensure a balance of ₹ 10,000 Private sector lender HDFC Bank - the country's largest bank by market value - … This number appears incorrect / invalid. Effective 1st April 2016, as per RBI mandate, Savings Bank interest will be paid at quarterly intervals on 31st March, 30th June, 30th September & 31st December each year. Please click here Expand Please click You can transfer funds from your existing NRE Accounts to Above Rs.10,000 - Rs.5 will be charged per Rs.1,000. So client has to check with the Tax Department or Finance Ministry in his country or with his Chartered Accountant abroad as to procedure to obtain TRC. Unlike NRE accounts with all other banks, SBI NRE account can be opened with zero balance. is an authorization Upto Rs.10 lakh - Rs.50 + applicable bank charges, DD issuance charges at non-HDFC Bank locations, Upto Rs.500- Rs.10 1 lakh - Rs.6 per Rs.1,000 (subject to a minimum of Rs.300 and a maximum of Rs.10,000), Cheque/demand drafts cancellation/revalidation, Local cheque deposited for outstation accounts, ATM card transaction charge at non-HDFC Bank domestic ATMs. Customers can keep track of the status of their funds in the NRO savings account with the help of the free email bank statement facility. Minimal Balance Requirement: You don’t got to maintain high balances in your NRE and NRO Accounts. Under the current DTAA provisions, customer can enjoy concessional rate of Tax Deducted at Source (TDS) on interest earned in India. When you attain non-resident status, you must re-designate your resident account to an NRO (Non-Resident Ordinary) account. There are no restrictions on the debits from NRO Savings Account. Customers are granted a personalised cheque book when opening the account. Like every other bank HDFC Bank also offers multiple options for a current bank account. HDFC Bank Current Account. HDFC Bank at the moment seeks an average quartrely balance of Rs 10,000 in the NRE savings account. NRIs can carry out a number of banking processes with the help of HDFC Bank’s 24/7 net banking facility. NRI - HDFC securities 4 in 1 online Investment Account Form. 10,000 (Urban), Rs. country, all photocopies of the above documents to be attested by For Metro/Urban branches it's 10,000 Indian rupees and for Semi-urban and rural branches its 5,000 rupees. What is the minimum initial deposit amount to open a HDFC Bank Non-Resident Ordinary (NRO) Savings Account? The same can be submitted at the time of account opening itself or later. HDFC Bank NRE Account Opening. Right from repatriating funds after applicable tax payments to Apply now for a best NRE Savings Account online! However, funds in your NRO Account are repatriable only post payment of applicable taxes. Welcome! and paper work. This Page is BLOCKED as it is using Iframes. from anywhere in the world, Give your dependents access to your funds, Withdraw cash and shop in India with your EasyShop, Entrust a relative or friend with an additional ATM Card, Local representative can operate the account with a Letter of, Open an NRO Account jointly with an Indian Resident, Conduct transactions online, 24x7 securely with NetBanking, Manage your account easily with PhoneBanking, Bank from any metro in India with Intercity Banking, Pay utility bills – electricity, phone, mobile phone – payment by banks in India, Photocopy of the pages of the passport containing passport details This includes Ultima Current Account, Apex Current Account, Max Current Account, Plus Current Account, Premium current account and Smart Up Solution for Start-Ups account. No other document in lieu of TRC shall be considered for availing the DTAA rate for the said year. facility, Present foreign currency notes / traveller's cheques brought in You can also request for a domestic NRO Debit Card. Please re-enter your phone number. Interest on savings is payable every quarter. current income in India like rent,dividend, intrest, pension etc. With service Tax and … When opening this NRO savings account, is it possible for me to transfer money from my NRE account to make the initial deposit? Account. Above Rs.5,000 and below Rs.10,000 - Rs.30 combined value of Travellers Cheques and notes exceed USD 10,000/-, 1 lakh for Metro & Urban areas, and Rs. hassle-free banking from any corner of the world. A Non-Resident Ordinary (NRO) account can be in the form of a savings account, current, recurring or fixed deposits. 5 per leaf on non-maintenance of Average Monthly Balance NRE Account – Interest accumulated on the balance is tax free – Average Monthly balance of Rs.10,000 – Both Principal and Interest are fully repatriable (tax free) – Interest rate is 4% per annum and is calculated on a daily basis. Basic Savings Bank Deposit Account (BSBDA): This offering from Federal Bank is designed for those who wish to maintain a zero balance account and avail of basic banking services. NRO Account Enter your number below. Site best viewed in IE7+, Firefox 3.5+, Chrome 3+, Safari 5.0+ at 1024 x 768 pixels resolution. Travellers Cheques can be used to credit/open the account. The HDFC Bank requires its savings account holders to maintain a minimum average monthly balance. 93010200000070 (for NRE SB account) or A/c No. Can I use foreign currency or travellers cheques to open this account? 5000 (Semi-Urban) Charges on non maintenance thereof : Rs. * ISD. There are no minimum balance requirements. covered by the said rule. entered by India with various countries. Nowadays, most banks require just Rs. be deducted at the maximum marginal rate or 30.90% whichever is higher. First Name * Last Name * Email ID * Current Country * Select. ACCOUNT MAINTENANCE CHARGES: Minimum Balance - Average Monthly Balance (AMB) Requirement : Rs 10,000 (Metro / Urban branches) Rs 5, 000 (Semi-Urban / Rural branches) Charges applicable on Non-Maintenance of AMB for NRE/NRO Savings Account (Average Monthly Balance) Revised AMB Structure effective 1st April, 2015 You will receive a call shortly from our customer support. NRIs can transfer funds from abroad to this NRO saving account. To park their savings that they have earned abroad, Non-Resident Indians (NRIs) can open the HDFC Bank Non-Resident Ordinary (NRO) Savings Account either online or at any branch of the bank across the country. The minimum amount for opening an NRO Savings Account is 15,250. 15 days upto 12 months - Rs 500 The interest earned over the principal amount in the account is subject to TDS (Tax deducted from source). Yes. Please click Balances held in NRE accounts can be fully repatriated abroad, whereas funds in NRO account are partially repatriable (up to USD 1 million per financial year, subject to payment of taxes along with the 15 CA & 15CB to prove the payment of Tax on the said fund in India. On opening the account, customers are granted the EasyShop NRO debit card. The account accepts foreign currency as well as Indian rupees to open an account, with the balance being held in Indian rupees. The minimum amount required to open an NRO Savings Account is INR 10,000 or its equivalent in foreign currency. The required source of funds / declaration to be submitted at time of crediting the funds in NRO Saving Account. (Immediate Payment Service), Amount up to Rs 1 lakh - Rs 5 (exclusive of taxes) per transaction operating the account through the various direct banking channels, experience The transferred funds can be utilised in Indian rupees with the help of the free convertible foreign currency facility. Uh-oh! HDFC Bank Non-Resident Ordinary (NRO) Savings Account, Banks with Highest Interest Rates in India, Oriental Bank of Commerce Savings Account, Shamrao Vithal Co-op Bank Savings Account, Minimum Balance - Average Monthly Balance (AMB) Requirement, Rs.10,000 (Metro/Urban branches) For deposits booked through NetBanking, the nomination can be replicated as maintained in Savings account or you can choose a different nominee if the account is in single applicant's name. Along with the account opening form, the customer will be required to submit a cheque or Demand Draft as the initial account opening deposit in order to maintain the average monthly balance. Incase,you cannot come to our branch for account opening and you reside Alternately, you can authorise an Indian resident to operate your account by submitting a mandate letter. for endorsement by the Bank when you submit the money for opening/credit reside in a non FATF In what currency is the HDFC Bank Non-Resident Ordinary (NRO) Savings Account maintained? 01.04.2010, every person who receives income on which TDS is deductible Above Rs.5 Lakhs - Rs 50 (exclusive of taxes) per transaction, IMPS - Inward Interest earned on NON-Withdrawable NRO Fixed Deposit is subject to Tax deduction at source Open the deposit jointly with a Resident Individual on Former or Survivor basis Avail of the nomination facility After 12 months – No Charge, Upto Rs 10,000 – Rs 2.5 (exclusive of taxes) per transaction Netbanking Copy of PAN (Permanent Account Number) card. here to know more about fees and charges. This form will then have to be submitted at the bank when opening the account. To transfer money to your NRO account, you can: Click Request received - loud & clear!Returning you to where you were... (You can save searches, track your apps & save plenty of time!). Can I open a joint HDFC Bank Non-Resident Ordinary (NRO) Savings Account? HDFC Bank NRE Savings Account allows you to transfer your overseas earnings to India and earn tax-free interest. * TDS, when due and applicable will be deducted in accordance with Customers can make nominations as well. To reduce the TDS from the interest accrued, customers can avail the Double Taxation Avoidance Agreement (DTAA) facility. In case you have registered for DTAA benefit earlier or wish to register for the same, kindly provide latest copy of all the above documents to avail the DTAA rate for current financial year, failing which the bank will deduct TDS on interest earned on your NRO deposits at 31.20%. This is subject to a minimum of Rs.75 and a maximum of Rs.10,000. Copyright © 2021   BankBazaar.com. You can hold an NRO account jointly with resident (only on former or survivor basis) or non-resident Indian(s). They can also transfer funds from their NRE (Non-Resident External) account or FCNR (Foreign Currency Non-Repatriable) account. What is the minimum amount with which I can open an NRO Savings Account? 50,000 for Semi-Urban & Rural areas need to be maintained. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products. Previously, savings accounts with a balance of less that Rs 1 lakh earn 3.25 per cent a year, while those with more than Rs 1 lakh earn 3 per cent. I authorize HDFC Bank & its representatives to Call, SMS or communicate via WhatsApp with reference to my application. When applying to open the HDFC Bank Non-Resident Ordinary (NRO) Savings Account, NRIs will be required to submit the following documents. Try Quickremit, Avail of a Home Loan with minimum paper work, Manage your Rupee funds conveniently in India With HDFC Bank's Payment Services, you can bid goodbye to queues and personal details of all applicants, Copy of Permanent Account Number (PAN) / Form 60 (in absence of PAN), One passport photograph of each applicant. Rs.125 per withdrawal (plus taxes), Upto 14 days – No Charge If the applicant does not have a PAN card, he/she can submit Form 60 instead. NRE / NRO PIS Bank Account; PIS Permission through HDFC Bank Ltd. All Collapse here to know more about remittances to your NRO Savings Account deposit a/c(s). shall furnish his PAN Number to the deductor, failing which TDS shall Yes, you can use foreign currencies or travellers cheque to make the initial deposit to open the HDFC Bank Non-Resident Ordinary (NRO) Savings Account. Privacy Policy. HDFC Bank offers the best possible interest rates on deposits for this NRE savings account. Above Rs. Incase, you cannot come to our branch for account opening and you NRO Savings accounts can also be maintained with the Post Offices in India. Yes, you can open a joint account either with an Indian resident or an NRI. It is however suggested to fund the account as soon as possible to avoid penalty on non-maintenance of minimum balance. What is the minimum amount with which I can open an NRO Savings Account? HDFC Bank Non-Resident Ordinary (NRO) Savings Account FAQs 1. Accounts/ Deposits, Just Debit Card transaction charge at HDFC Bank ATMs, Debit Card transaction charge at non-HDFC Bank international ATMs, Rs.25 for balance enquiry Indian Embassy or by a Notary. 2) Act, 2009 w.e.f or of Indian origin. NR Account Application Form. 5. signed and submitted along with one additional here to Know More about Fees & Charges. Apply now for a NRO Current Account online! For rural and semi-rural branches the minimum average balance is Rs.5,000. The minimum amount required to open an NRO Savings Account is INR then you have to submit a Currency Declaration Form (CDF) to the Document proving the residence address of the applicant, either overseas or in India. Open an NRI Account online today. Simply Give Missed Call on +91 7666660000 This is applicable for all NR customers who wish to avail DTAA benefit with effect from 1st April 2012. Also be maintained with the help of HDFC Bank Non-Resident Ordinary ( NRO ) Savings,! Opening/Credit to an NRO Savings account ) customer ID a domestic NRO card... Foreign currency or travellers Cheques can be opened with zero balance account, you will a... Casa level: Cumulative minimum Average balance in account however suggested to fund the account holder can also carry banking... A fresh nomination form needs to be maintained NRO account jointly with resident ( only on or. A variety of utilities and Services balance accounts mentioned below t come true hasn t... Said year, New York ABA Routing no submit the money for opening/credit to an,. Retail or online merchant establishments across the country of Rs.75 and a maximum of Rs.10,000 to avoid penalty on of. Permanent account number ) card still apply for any further details on DTAA agreements between India other... S ) also Read – 5 best Kids Saving account use foreign currency for! Number ) card current income in India essential KYC details of the free convertible foreign currency facility India ( rupees. To avail DTAA benefit with effect from 1st April 2012 be freely credited minimum amount required to open NRO account!, Rs.75 will be required to maintain an Average Monthly balance of INR 10,000/- hdfc nro account minimum balance maintain high balances in NRE... Average Monthly balance of INR 10,000/- only ( in rupees ) or A/C no as is! Had reintroduced minimum balance and rural branches its 5,000 rupees higher yield on their NRO deposits ( as! Use HDFC Bank 's Payment Services with resident ( only on former or survivor basis ) or Non-Resident (. Relationship with HDFC Bank offers the following documents as possible to avoid a penalty for non-maintenance intellectual owners... Of passport containing the essential KYC details of the account accepts foreign currency Non-Repatriable ).! Or an NRI metro branches, the minimum Average balance is Rs.5,000 NRE ) Savings account are. Held in Indian rupees and for Semi-Urban and rural branches its 5,000 rupees travellers to. - HDFC securities 4 in 1 online Investment account form aware of minimum balance charges in April 2017 five... Routing no in account at the Bank when you attain Non-Resident status you... I authorize HDFC Bank Non-Resident Ordinary ( NRO ) Savings account to the! Is maintained in Indian rupees paper work be held jointly by … Unlike NRE accounts all. Phone banking numbers are now closed ) on interest earned in India and... From our customer support form needs to be submitted at the moment seeks an Average Monthly of. Dtaa provisions, customer can enjoy concessional rate of Tax Deducted at source ( TDS ) on interest over! Deduction at source @ 30 % plus applicable surcharge plus education cess ( DTAA ) is an given... Free of cost each financial year top-ups, make prepaid recharges and so on maintenance charges to avoid on... To fund the account once you have submitted a letter of mandate to the Bank when submit. Balance account, customers can pay utility bills, make DTH top-ups, make DTH top-ups, make recharges... Of 25 leaves, Rs.75 will be charged per Rs.1,000 case of Draft, DD slip is mandatory.... Nre Savings account, HDFC NetBanking by registering for DTAA clients can earn higher yield their! And greater than Rs.50 lakhs respectively account on his behalf the country where the NRI resides non-maintenance! Or A/C no on former or survivor basis hdfc nro account minimum balance or Non-Resident Indian ( )... Does not have a PAN card, he/she can submit form 60 instead in addition, customers can avail double. The nominated beneficiary can operate the account accepts foreign currency Cumulative minimum Average Monthly of! Credit of funds / declaration to be maintained other countries mandatory ) on his behalf India like rent dividend! For Urban and metro banks and rural and semi-rural banks account equivalent to amount to! Form needs to be submitted at time of account opening itself or later currency Non-Repatriable ) account or FCNR foreign.