NRE, NRO and FCNR(B) Accounts Under FEMA: The Regulatory Mechanics Behind the Three Labels

By Subhradip Roy, Partner, S&S Co. Advocates & Solicitors and Adv. Anupam, Senior Associate, S&S Co. Advocates & Solicitors

Published 30 October 2026 · Law stated as on 29 October 2026 · Informational content, not legal advice: see our disclaimer

Every bank's website explains that an NRE account is fully repatriable rupees and an NRO account is for Indian income, but the more consequential questions sit one level below that: which FEMA provision decides who may open each account, what exactly may be credited to it, what it costs in tax to move money out, and what happens the day a person's residential status changes without anyone telling the bank.

The Question Behind the Question

Bank websites answer "NRE or NRO or FCNR" as if it were a product-selection question, and for a depositor with simple finances it mostly is. The question that actually drives the answer, though, is not which account pays a better rate this quarter but which FEMA rules attach to each label: who is permitted to open it, what money is permitted into it, how much of that money can leave India again and on what notice, and what tax follows the interest it earns. Those rules come from the Foreign Exchange Management Act, 1999 and the regulations made under it, not from any bank's product brochure, and they do not move when a bank changes its interest rate.

This matters because the three accounts are not interchangeable conveniences; each is a distinct regulatory creature built around a different problem. NRE accounts solve the problem of converting foreign earnings into spendable Indian rupees without losing the ability to take the money back out. NRO accounts solve the problem of what to do with money that is Indian in origin, such as rent, dividends or a pension, which was never meant to leave India freely in the first place. FCNR(B) accounts solve a narrower problem still: how to earn interest in India without taking on the risk that the rupee moves against the depositor's home currency before the deposit matures. Understanding which problem a person actually has is what decides which account, or combination of accounts, fits.

This article goes past the comparison that most guides on this subject offer and sets out the regulatory mechanics underneath each account: the FEMA definitions that decide eligibility, the specific permitted credits and debits for each account type, the tax and repatriation consequences that attach to the money inside them, and the compliance traps that arise when a person's residential status changes without the accounts changing with it.

Who May Hold One: FEMA's Residency Test, Not a Passport Test

FEMA does not ask about citizenship to decide who counts as a person resident outside India; it asks about physical presence. Section 2(v) of the Act defines a person resident in India, for an individual, as someone who has been in India for more than 182 days during the preceding financial year, subject to exceptions for a person who has left India for employment, for carrying on business or vocation outside India, or for any other purpose that indicates an intention to stay outside India for an uncertain period, and for a person who has come to India for the opposite reasons. Section 2(w) then defines a person resident outside India simply as a person who is not resident in India under Section 2(v). Everything in this article about who may open which account traces back to this one definitional pair.

Two consequences follow immediately. First, citizenship is irrelevant to this test; a foreign citizen who has lived in India for most of the preceding year is a person resident in India for FEMA purposes regardless of passport, and an Indian citizen who has lived abroad for most of the preceding year is a person resident outside India regardless of never having given up citizenship. Second, the terms "NRI" and "OCI" that banks print on their account-opening forms are not themselves FEMA definitions; they are categories drawn from RBI regulations and from the Citizenship Act, 1955 respectively, applied on top of the underlying residency test, and a bank's own eligibility criteria for a given account can be narrower than what FEMA alone would permit.

The detail that trips up the largest number of account holders is that this FEMA test is not the same test the Income-tax Act uses to decide tax residence, and the two can and regularly do point in different directions for the same person in the same year. A returning professional who has been back in India for seven months of the current financial year, for instance, may already be a tax resident under the Income-tax Act's rules while still counting as a person resident outside India under FEMA, because FEMA looks to the preceding financial year's presence rather than the current one. The reverse mismatch, a person treated as an Indian tax resident while still FEMA-non-resident, or the other way round, is just as common. Nothing in either statute reconciles the two tests, and a person has to track both separately rather than assuming one answer settles both questions.

NRE Accounts: Converting Foreign Earnings Without Losing Access to Them

A Non-Resident External Rupee account, universally called an NRE account, is a rupee-denominated account that a person resident outside India may open and fund from income earned outside India. The defining feature is full repatriability: the principal and the interest accrued on an NRE account may be sent back outside India at any time without needing the Reserve Bank's prior approval, and there is no annual ceiling on how much can go out. This repatriability is also precisely why the money permitted into the account is restricted to foreign-sourced funds; an account that can be emptied abroad on demand cannot also be allowed to launder Indian-sourced income out of the country through the same door.

The permitted credits to an NRE account are correspondingly narrow: fresh remittances from outside India, transfers from another NRE account or from an FCNR(B) account, and the maturity proceeds or interest earned on investments that were themselves made using NRE or FCNR(B) funds. An RBI circular from 2002 widened this slightly by allowing an authorised dealer bank to credit certain current income of the account holder, such as rent, dividend, pension or interest, directly to an NRE account, but only on condition that the income tax due on that income has already been deducted, paid or otherwise provided for, and generally only where the account holder furnishes a chartered accountant's certificate confirming the tax position if they do not separately hold an NRO account through which that income could otherwise flow. Indian-sourced capital receipts, such as rent from a let-out flat or the sale proceeds of shares held before the person became a non-resident, are not permitted direct credits to an NRE account outside this narrow current-income carve-out, and have to be routed through an NRO account instead.

Interest earned on an NRE account is exempt from income tax under clause (ii) of Section 10(4) of the Income-tax Act, 1961, provided the account holder is a person resident outside India under FEMA, and the exemption is specifically for individual NRIs rather than for overseas corporate bodies or trusts holding such accounts. The combination of full repatriability and tax-free interest is what makes the NRE account the default choice for genuinely foreign earnings a person wants to be able to move freely, and the cost of that convenience is that every rupee sitting in the account is exposed to the rupee's movement against the depositor's home currency for as long as it stays there, since the deposit itself, not merely its eventual use, is in rupees.

NRO Accounts: Where Indian Income Has to Live, and What It Costs to Take It Out

A Non-Resident Ordinary Rupee account, the NRO account, exists for exactly the money an NRE account is not allowed to hold: rental income from Indian property, dividends from Indian shares, a pension drawn from an Indian employer, maturity proceeds from investments made while the account holder was still a resident, and any other income or capital receipt that originates in India. It can also receive remittances from abroad, so in practice an NRO account can hold a mix of Indian-sourced and foreign-sourced money, unlike the NRE account's foreign-only credits. This flexibility on the credit side is matched by tighter rules on the way out.

Repatriation of NRO balances outside India is capped, under what practitioners call the USD 1 million scheme, at the equivalent of one million US dollars per financial year, running from April to March, inclusive of all other remittances already made during that year under the same facility. Funds that originated as a fresh inward remittance from abroad and were simply routed through the NRO account for convenience are generally not meant to be repatriated back out under this capped facility at all, since they never needed to come in through the NRO route in the first place; this distinction between genuinely Indian-sourced balances and foreign money that merely passed through the account is one banks scrutinise closely before clearing an outward remittance.

Interest on NRO balances is not exempt; it is subject to tax deducted at source, historically under Section 195 of the Income-tax Act, 1961 for payments to non-residents, at a rate that works out, after the applicable surcharge and health and education cess, to a figure practitioners commonly describe as being in the region of 30 to just under 40 percent depending on the size of the payment and the account holder's other circumstances, and higher still if the account holder has not furnished a PAN. From 1 April 2026, this withholding obligation is understood to move under the restructured Income-tax Act, 2025, with the non-resident payment provisions now consolidated into Section 393 of that Act rather than scattered across the old 194-series and Section 195; commentary on the transition describes Section 195's successor as sitting within sub-section (2) of Section 393, though the final form of the consolidated provision and its accompanying forms should be checked against the Act's text and the Central Board of Direct Taxes' own transition guidance before being relied on for a specific deduction.

A lower withholding rate is available where the account holder's country of residence has a double taxation avoidance agreement with India that caps the tax on interest income, commonly somewhere between 10 and 15 percent depending on the treaty, but the bank will apply that lower rate only on production of a valid tax residency certificate from the foreign tax authority for the relevant financial year together with Form 10F, now filed electronically on the income-tax portal, along with a self-declaration of beneficial ownership and the absence of a permanent establishment in India. Where these documents are not furnished, the bank withholds at the full domestic rate regardless of the treaty position, leaving the account holder to claim the difference back only by filing an Indian income-tax return. Separately, any outward remittance from an NRO account above a modest threshold, commonly cited as five lakh rupees in aggregate for the financial year, requires a chartered accountant's certificate in Form 15CB alongside the remitter's own online declaration in Form 15CA before the bank will process it, with certain categories of genuinely non-taxable remittances exempted from this requirement under the specified list in the income-tax rules.

FCNR(B) Accounts: Taking the Exchange Rate Out of the Equation

A Foreign Currency Non-Resident (Bank) account, FCNR(B), is structurally the odd one out: unlike NRE and NRO accounts, which are always rupee-denominated regardless of which currency funded them, an FCNR(B) deposit is held in the foreign currency itself, commonly the US dollar, pound sterling, euro, Canadian dollar, Australian dollar or another currency an authorised dealer bank chooses to offer. Because the deposit never converts into rupees at all until the depositor chooses to bring the proceeds into India, the depositor carries no exchange-rate exposure on the deposit itself for the life of the term; the bank, not the depositor, manages whatever currency risk its own balance sheet takes on in return.

This protection against currency movement comes with a structural limitation: FCNR(B) deposits are available only as term deposits, with tenors running from one year to five years, and the scheme does not permit a recurring or savings-style FCNR(B) account. Like NRE accounts, FCNR(B) deposits and the interest earned on them are freely repatriable without any annual ceiling, and the interest enjoys the same tax-exempt treatment under Section 10(4) of the Income-tax Act as NRE interest does, for as long as the account holder remains a person resident outside India.

The interest rate a bank may offer on an FCNR(B) deposit is not left to the bank entirely; the Reserve Bank caps it with reference to a benchmark rate for the relevant currency plus a permitted spread, reviewed and occasionally adjusted. Through the middle of 2026 the Reserve Bank temporarily relaxed the usual ceiling for new FCNR(B) deposits of three-to-five-year tenors and for long-tenor NRE deposits, as part of a broader effort to draw in foreign-currency deposits, but that relaxation was time-limited and is reported to have lapsed by the end of September 2026. Anyone relying on a specific relaxed ceiling after that date should confirm directly with the Reserve Bank's current circular or their bank's quoted rate rather than assume the mid-2026 relaxation still applies, since this article found no confirmed extension beyond that date.

Joint Holders and Operation Through a Power of Attorney

A resident close relative, a category the Reserve Bank's circulars define by reference to the relatives listed under the company law provision on relatives of a director, may be added as a joint holder on an NRE, NRO or FCNR(B) account, but only on a former-or-survivor basis and not on an either-or-survivor basis. Practically, this means the non-resident account holder remains the operating signatory during their lifetime, and the resident relative's name on the account exists only to allow the account to pass to them on the non-resident holder's death, at which point it is to be redesignated as an NRO account under the applicable rules. The resident relative cannot deposit their own money into the account, cannot treat it as a source of funds for their own purposes, and does not acquire any right to operate it while the non-resident holder is alive, except in one specific capacity.

That one exception is where the resident relative is separately appointed as the power of attorney holder for the account. A power of attorney does let the resident relative operate the account for the non-resident holder's purposes during the holder's lifetime, such as making routine payments, renewing a deposit or handling day-to-day transactions, but it does not convert the account into the resident relative's own money, does not entitle the attorney to make fresh investments beyond what the specific power authorises, and does not survive the death of the person who granted it. The scope of what an NRI should and should not authorise a power of attorney holder to do with these accounts, particularly the safeguards against misuse that have become standard practice in recent years, is covered in depth elsewhere on this site and is not repeated here.

What Happens to the Account on Death

Nomination under the Banking Regulation Act, 1949 applies to NRE, NRO and FCNR(B) accounts in the same way it applies to any other bank account or deposit, letting the account holder name a person who will receive the balance on death without the bank insisting on a succession certificate or probate before releasing the funds, though the nominee receives the money as a trustee for whoever is actually entitled to it under succession law rather than as an outright beneficiary in their own right if a will or the intestate succession rules say otherwise. Where there is no nomination, the bank will generally insist on the full set of succession documents before releasing any balance, a process that takes materially longer when the legal heirs themselves live outside India.

A death does not, by itself, change the FEMA character of the account for repatriation purposes, but it does trigger a redesignation: an NRE or FCNR(B) account held jointly with a resident close relative on a former-or-survivor basis becomes an NRO account once the resident relative becomes the sole surviving holder, since a resident is not permitted to hold an NRE or FCNR(B) account in their own right. The practicalities of repatriating a deceased NRI's balances to heirs who are themselves non-resident, including the interaction with the same USD 1 million scheme that governs ordinary NRO repatriation, are addressed at length in this publication's separate guide on liquidating and repatriating an NRI's assets in India, and are not repeated in full here.

The Deemed-Resident Trap Under the Income-tax Act

A person can satisfy every FEMA condition for being a person resident outside India, and still find their worldwide income taxable in India, because the Income-tax Act runs its own, separate residency test that does not defer to FEMA's answer. The ordinary income-tax test looks at physical presence in the current financial year, generally 182 days or more, or a combined test of 60 days in the current year together with 365 days across the preceding four years, subject to relaxations for people who have left India for employment. A separate provision added by the Finance Act, 2020, Section 6(1A) of the Income-tax Act, 1961, goes further still: an Indian citizen whose total income other than foreign-sourced income exceeds fifteen lakh rupees in a financial year is deemed to be resident in India if that person is not liable to tax in any other country or territory by reason of domicile, residence or a similar criterion, regardless of how few days they actually spent in India that year.

This deemed-residency rule is aimed squarely at Indian citizens who have structured their affairs to avoid tax residence anywhere at all, commonly by basing themselves in jurisdictions with no personal income tax. A subsequent clarification treats a person caught by this deemed-residency provision as resident but not ordinarily resident rather than as an ordinary resident, which limits the practical bite of the rule to Indian-sourced income and income from a business controlled from India, rather than exposing the person's entire global income to Indian tax. The point that matters for this article is narrower but easy to miss: this is purely a tax-residency label, with no effect whatsoever on the person's FEMA status, so a person caught by Section 6(1A) does not thereby lose access to NRE or FCNR(B) accounts or their tax-free interest, provided they remain a person resident outside India under FEMA's own, separate test. The two statutes run on parallel tracks, and a change in one does not automatically carry across to the other.

Coming Back: Redesignation When Residential Status Changes

The day a person's physical presence in India crosses into the FEMA definition of a person resident in India, their NRE and FCNR(B) accounts stop being accounts a non-resident is entitled to hold, and the obligation to have them redesignated arises immediately, not at some later date of the account holder's choosing. In practice, an NRE savings or current account is typically redesignated as an ordinary resident rupee account, while an NRE or FCNR(B) term deposit already running can usually continue to maturity at the original NRE or FCNR(B) terms, though some banks will cap the rate at the resident deposit rate if the deposit is converted before completing at least a year, and the depositor loses the Section 10(4) tax exemption on interest earned from the date residential status changes regardless of what happens to the deposit's label.

A returning person with genuine foreign-currency balances is not simply pushed back into rupees; the Resident Foreign Currency account, commonly called the RFC account, exists precisely to let a newly resident person continue holding foreign currency without converting it, carrying forward much of the flexibility an FCNR(B) account offered. What the RFC account does not carry forward automatically is the blanket repatriability and tax exemption that attached to the NRE or FCNR(B) predecessor; its own rules, and the account holder's Resident but Not Ordinarily Resident status for a transitional period under the Income-tax Act, govern what happens next, a subject this publication has addressed separately in detail.

Failing to redesignate on time is not a trivial paperwork lapse; continuing to operate an NRE or FCNR(B) account as though the holder were still a non-resident, after FEMA's own test says otherwise, is itself a contravention of the Deposit Regulations independent of whatever tax consequences follow, and FEMA contraventions carry their own penalty exposure under the Act's enforcement provisions. The safer course, on any return to India that looks likely to last beyond the short term, is to flag the change to the bank promptly rather than wait for a later audit or a tax notice to surface the gap.

FATCA, CRS and the Paperwork Banks Now Insist On

Opening or maintaining any of these three accounts today comes with a reporting layer that did not exist when the underlying FEMA rules were first written. Under India's commitments through the Foreign Account Tax Compliance Act framework with the United States and the Common Reporting Standard with most other countries, every bank is required to collect a self-certification of tax residency from each account holder and to report account details, including balances and interest credited, to tax authorities in the account holder's country or countries of tax residence where those countries participate in the exchange. An NRI who holds citizenship or tax residence in the United States faces the most demanding version of this, since FATCA reporting applies regardless of the size of the account, while CRS reporting for most other countries applies once balances cross thresholds the bank's own compliance policy sets.

The practical friction this creates is that a person's FATCA or CRS self-certification needs to track the same residency facts that determine their FEMA and Income-tax Act status, and banks have become noticeably stricter about refusing to process a transaction, or even to keep an account open, where the self-certification on file looks inconsistent with other information the bank holds, such as an address update or a large remittance from a jurisdiction the account holder never declared. A person who changes residence, takes up a second citizenship, or becomes a tax resident of a new country without updating this self-certification is not merely risking an administrative query; an inconsistency flagged during a periodic KYC refresh can freeze transactions on the account until the discrepancy is resolved.

None of this paperwork changes the substantive FEMA or tax position described elsewhere in this article, but it has become the mechanism through which banks now police that position in practice. A bank that notices, through a CRS data match or an address change, that an account holder has become a resident of India again is increasingly likely to flag the account for redesignation on its own initiative rather than wait for the account holder to report the change, which is one more reason to treat the self-certification form as something to revisit annually rather than as a one-time formality completed at account opening.

Where the Liberalised Remittance Scheme Does, and Does Not, Apply

A point of recurring confusion is whether the Liberalised Remittance Scheme, the facility that lets a resident individual remit up to a specified amount abroad each financial year for permitted purposes, has anything to do with an NRI's own NRE, NRO or FCNR(B) accounts. It does not, directly: the Liberalised Remittance Scheme is a facility for persons resident in India sending their own resident rupee funds abroad, and an NRI remitting money out of their own NRO account under the USD 1 million scheme is operating under an entirely separate facility with its own ceiling, documentation and purpose test. The two schemes are easy to conflate because both involve a yearly dollar-denominated ceiling and both eventually require a chartered accountant's certificate for larger amounts, but they apply to different categories of remitter and do not share a combined limit.

Where the two genuinely intersect is in family transactions that cross both categories in the same year, most commonly where a resident parent in India wants to send money to a non-resident child, or where a returning NRI, now resident again, wants to send money abroad to settle affairs in their former country of residence. In the first case, the resident parent's remittance is governed by the Liberalised Remittance Scheme ceiling, regardless of how the money is used by the recipient abroad. In the second, once the returning person has become a person resident in India under FEMA, any further outward remittance of their own money is now governed by the Liberalised Remittance Scheme rather than by the NRO repatriation rules that applied before their status changed, which is yet another practical consequence of the redesignation point discussed earlier in this article. Treating the two schemes as a single combined entitlement, or assuming yesterday's NRO rules still apply after a status change, is a mistake this publication's separate guide on the Liberalised Remittance Scheme addresses in more detail.

The Compliance Mistakes That Recur Most Often

A handful of errors account for most of the disputes and penalty exposure this publication sees in practice, and nearly all of them trace back to someone treating an account's label as fixed rather than as something that has to track the underlying facts. The most common is continuing to operate what was originally a resident savings account after moving abroad, rather than having it redesignated to NRO, on the mistaken belief that leaving the account untouched avoids drawing attention to the change; FEMA treats the continued operation of a resident account by a person who has become non-resident as a contravention in its own right, independent of whether any tax was actually evaded.

A second recurring error is crediting Indian-sourced income, most often rental income from a property still owned in India, directly into an NRE account rather than into an NRO account, on the assumption that any money belonging to the account holder can go into whichever account is more convenient. Because NRE accounts are meant to hold only foreign-sourced funds subject to the narrow current-income exception described earlier, this kind of credit can require unwinding once a bank's compliance team notices it, and in the meantime exposes the account holder to questions about why income tax was not deducted or accounted for before the credit was made.

A third error, less common but more costly when it occurs, is assuming that a joint resident holder on a former-or-survivor NRE or NRO account can use the account for their own transactions because their name appears on it, when FEMA's rules are explicit that the resident joint holder acquires no beneficial interest and no operating right during the non-resident holder's lifetime beyond what a separately executed power of attorney grants. Families that add a resident relative to simplify banking, without understanding this restriction, sometimes discover only years later, often at the point the primary holder dies, that the arrangement never worked the way everyone assumed it did.

Where the Rules Still Leave Room for Dispute

Several points in this area remain genuinely unsettled rather than merely under-explained in commercial guidance. The precise final form of the Income-tax Act, 2025's consolidated TDS provisions for payments to non-residents, including the exact successor provision to Section 195 and its accompanying forms, had not, at the time of writing, been confirmed from two independent official sources, and this article has deliberately avoided stating a specific section number as settled; readers relying on the exact text for a filing after 1 April 2026 should check the Act and the Board's own transition guidance directly rather than secondary commentary.

The interaction between a person's FEMA residency and their Income-tax Act residency, including the deemed-residency rule under Section 6(1A), has never been addressed by a single reconciling provision, and practitioners continue to apply the two tests independently on a case-by-case basis, occasionally reaching results that feel inconsistent even though each test is being applied correctly on its own terms. The temporary 2026 relaxation of the FCNR(B) and long-tenor NRE interest-rate ceilings, and whether any further relaxation or a different scheme will follow its lapse at the end of September 2026, is a live regulatory question with no confirmed answer as this article was written. Finally, bank-level practice on documentation thresholds, particularly for Form 15CA and 15CB and for the chartered accountant's certificate required to credit certain current income directly to an NRE account, varies enough between banks that a figure confirmed at one bank should not be assumed to apply at another without checking.

A Practical Order of Steps

The first step for anyone opening or reviewing these accounts is establishing their own FEMA residential status under Section 2(v) by reference to actual days spent in India in the preceding financial year, rather than assuming that visa status, citizenship or the label on an existing account answers the question. The second step is separating income by source: foreign earnings that need full repatriability belong in an NRE account, Indian-sourced income and legacy Indian assets belong in an NRO account, and funds intended as a fixed-term deposit where currency risk is unacceptable belong in an FCNR(B) deposit, with many NRIs sensibly holding more than one type for different purposes rather than treating the choice as exclusive.

Where an NRO account will receive meaningful interest or other taxable income, the third step is putting the tax documentation in place before the first payment rather than after: a valid PAN, and, where a treaty rate is wanted, an annually renewed tax residency certificate and Form 10F filed through the income-tax portal, since a bank will not apply a treaty rate retroactively to past deductions without a fresh claim through an income-tax return. A fourth step, relevant to anyone planning succession, is deciding on nomination and, if a resident close relative is to be added as a joint holder, confirming with the bank that the former-or-survivor structure and its restrictions are properly recorded, since this is not a detail most account-opening forms explain in full.

Finally, anyone whose circumstances are changing, whether returning to India for what might become a longer stay, or taking up residence abroad for the first time, should treat the FEMA residency test as something to re-check at least once a year rather than something decided once at account opening, and should raise any change with their bank promptly rather than let an outdated account label persist. The cost of getting this wrong is rarely dramatic in the short term, but it compounds quietly through lost tax exemptions, blocked repatriation, and, in the more serious cases, exposure to FEMA's own contravention provisions.

NRE, NRO and FCNR(B) accounts look, on a bank's website, like three variations on the same product with different interest rates attached. Underneath that marketing, each is answering a different regulatory question: how foreign earnings may be converted and moved, how Indian-sourced income may be held and taxed, and how a depositor can avoid betting on the rupee while still banking in India. Getting the choice right, and keeping the account's label aligned with the holder's actual, current FEMA status, matters more than chasing the better rate between two accounts that were never really substitutes for each other.

The practical difficulty most account holders face is not any single rule in isolation but the fact that FEMA residency, Income-tax Act residency, and a bank's own internal eligibility criteria run on three separate clocks that rarely move in step. Treating all three as settled once, at the point an account is opened, is the single most common source of the compliance gaps this article has tried to map.

Frequently Asked Questions

References & Further Reading

The provisions, rulings and official documents below were relied on for this article, which states the law as on 29 October 2026. The position can change with amendments, rules and later decisions, so check the current text before acting on any of it.

1. Foreign Exchange Management Act, 1999, Sections 2(v) and 2(w)
2. Foreign Exchange Management (Deposit) Regulations, 2016 (FEMA 5(R)/2016-RB)
3. RBI A.P. (DIR Series) Circular No. 5, dated 15 July 2002, on credits to NRE accounts
4. RBI Circular on resident close relatives as joint holders on NRE/FCNR(B) accounts (September 2011)
5. RBI Master Direction on Deposits and accounts of persons resident outside India
6. RBI Commercial Banks (Interest Rate on Deposits) Directions, 2025
7. Income-tax Act, 1961, Section 10(4)
8. Income-tax Act, 1961, Section 6, including Section 6(1A) (inserted by the Finance Act, 2020)
9. Income-tax Act, 1961, Section 90(4) and Section 195
10. Income-tax Act, 2025, Section 393 (in force from 1 April 2026)
11. Income-tax Rules, 1962, Rule 37BB (Forms 15CA and 15CB)
12. Income-tax Rules, 1962, Rule 21AB (Form 10F)
13. Banking Regulation Act, 1949, Section 45ZA (nomination)
14. Citizenship Act, 1955 (Overseas Citizen of India status)

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