Interest income is subject to deduction of tax at source 30.90%.Account can be withdrawn for making local payments in Rupees. Account can be opened with resident Indians on "former or survivor" basis.Funds deposited in the account will be in the form of transfer from NRE / NRO / FCNR (B) accounts or fresh remittance from overseas.Account can be opened either individually or jointly with other NRIs / PIOs / OCIs.To park India based current income in Rupees in India.
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