A foreign currency account maintained by a person resident in India with an authorized dealer in India can be opened, held, and maintained in the form of current, savings, or term deposit account in cases where the account holder is an individual, and in the form of current or term deposit account in all other cases, unless otherwise stated in the features of the account.
The account can be held in the name of a single person or a group of people who are eligible to open, hold, and maintain such an account.