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Canara Bank - Introduction
Types of Accounts - NRSR {Non-resident Special Rupee} Account
- Non Resident individuals of
Indian nationality/having Indian origin can open NRSR accounts.
- The depositors have to
voluntarily undertake not to seek repatriation of funds held in such accounts.
- NRSR Accounts are similar to
NRO accounts, the major difference being that procedures applicable to operation of these
accounts are simplified.
- NRSR accounts can be opened in
the form of current, savings or term deposits in Indian rupees.
- NRSR accounts of Non residents
can be held jointly with residents.
Balances held in NRSR accounts are not eligible for remittances abroad.
The amount and the interest earned thereon are not exempted from Indian Income Tax.
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