India’s NRI Deposit Accounts. Nonresident Indians (NRIs) have the option of holding their savings in foreign currency or in rupee- denominated accounts in India. As of March 2010, NRIs held an estimated $ million in foreign-currency-denominated accounts and $ million in rupee-denominated accounts. 399 The Foreign Currency (Non-Resident) Account (Banks) scheme can be denominated in British pounds, US dollars, Japanese yen, euros, Canadian dollars, and Australian dollars. The accounts are available for fixed terms of not less than one year and not more than five years. The accounts can also be used to obtain loans in India and abroad, both in domestic.
