Regulation 5 - Acceptance of deposits by an authorised dealer/ authorised bank from persons resident outside India - Foreign Exchange Management (Deposit) Regulations, 2016

5. Acceptance of deposits by an authorised dealer/ authorised bank from persons resident outside India:- 1) An authorised dealer in India may accept deposit i) under the Non-Resident (External) Account Scheme (NRE account), specified in Schedule 1 , from a nonresident Indian; ii) under the Foreign Currency (Non-Resident) Account Banks Scheme, (FCNR(B) account), specified in Schedule 2 , from a non-resident Indian; iii) under the Non-Resident (Ordinary) Account Scheme, (NRO account), specified in Schedule 3 , from any person resident outside India; 2) Without prejudice to sub-regulation (1), deposits under NRE and NRO Account Schemes referred to in clauses (i) and (iii) of that sub-regulation, may also be accepted by an authorised bank, in accordance with the provisions contained in the respective Schedules, subject to the conditions prescribed by Reserve Bank in this regard. 3) Without prejudice to sub-regulation (1), deposits under FCNR(B) Account Schemes referred to in clause (ii) of that sub-regulation, may also be accepted by a Regional Rural Bank, in accordance with the provisions contained in the Schedule, subject to the conditions prescribed by Reserve Bank in this regard. 4) Any person resident outside India having a business interest in India may open, hold and maintain with an authorised dealer in India, a Special Non-Resident Rupee Account (SNRR account), specified in Schedule 4 . 5) Resident or non-resident acquirers may, subject to the terms and conditions specified in Schedule 5 , open, hold and maintain Escrow Account with Authorised Dealers in India