SAILENT FEATURES
• NRIs, overseas companies firm societies etc can open.
• No redesignation of an existing resident account.
• Account to be opened out of foreign inward remittance or transfer from other eligible accounts. All types of accounts can be opened.
• Entire outstanding balance is repatriable.
• All outstanding balance and income derived are exempt from tax laws.(No tax exemption for OCBs.)
• No Tds applicable.
• Free transfer from one AD to another AD or other accounts with the same AD.
• No duty is cart with AD to observe any abnormality as the credits are only through foreign inward remittances or transfer from other eligible account.
• Cannot be held jointly with a resident.
• Penal interest is applicable  for preclosure of NRO/NRE/NRNR deposits.
• Loan/ODs to both NRI and residents for approved purposes.
• Housing loans rank as priority sector advance.
• Facilities to be extended on the requirement of exchange control on repatriation and non repatriation.
• Operations (not opening) by power of attorney may be allowed. No request for repatriation by PA holders is entertained.
• Account holders can avail both funded/non funded facilities abroad against the security of deposits held in India.
• TOD in savings account only up to 20000/- be allowed and to be liquidated within two weeks.
• Closure of facilities through local rupee source attract commercial rate of interest.
• Form A4 as stated in NRO is to be obtained.
• For repatriation of funds in NRE/FCNR/and eligible funds in NRO account form A 2 should be obtained. No A4 is necessary.
• Special series of cheque books should be issued (suggested)
Nomination in favour of both resident and non-resident is available.