An OCB includes overseas companies, partnership firms, societies and other corporate
bodies owned predominantly by non-resident persons of Indian nationality or origin
Non-Resident (External) Rupee (NRE). This is a Rupee account from which funds are
freely repatriable. It can be opened with either funds remitted from abroad or local
funds which can be remitted abroad.
Non-Resident Ordinary Rupee (NRO). This is a Rupee account and can be opened with
funds either remitted from abroad or generated in India. These funds are non- repatriable.
However, under certain circumstances, these are allowed to be repatriated.
Fully Convertible Non-Resident Rupee (FCNR). This account is similar to the NRE
account except that the funds are held in foreign currencies and can be maintained
in Pound Sterling, U.S. Dollar, Euro and Japanese Yen. FCNR accounts can be maintained
only in the form of term deposits, i.e. a deposit kept for fixed periods ranging
from 6 months to 3 years.