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NRI Newsletter  |  Useful Tools for NRIs

REQUIREMENTS TO OPEN NRI ACCOUNT :

  • Draft / Cheque

  • Xerox Copy of PASSPORT

  • Passport size Photo

FOREX FACILITIES FOR NRIs/PIOs:

If you are a Non-Resident Indian (NRI) or a Person of Indian Origin (PIO), you can avail of the following facilities without permission from the Reserve Bank

Deposits
  • You can open, hold and maintain following types of accounts with an authorised dealer in India i.e. a bank authorised to deal in foreign exchange.
    Non-Resident (Ordinary) Rupee Account - NRO Account
    Non-Resident (External) Rupee Account - NRE Account
    Foreign Currency Non Resident (Bank) Account - FCNR (B) Account

  • Salient features of the above accounts are as under :
    Particulars FCNR (B) Account NRE Account NRO Account
    Joint account of two or more NRIs Permitted Permitted Permitted
    Joint account with another person resident in India Not permitted Not permitted Permitted
    Currency in which account is denominated Pound Sterling/ US Dollar/Jap.Yen/Euro Indian Rupees Indian Rupees
    Repatriability - Principal Freely repatriable Freely repatriable Not repatriable
    (except current income like rent, dividend, pension etc. and remittances indicated under "Repatriation of NRO Funds")
    Interest Freely repatriable Freely repatriable Freely repatriable
    Interest Freely repatriable Freely repatriable Freely repatriable
    Foreign currency risk Account holder is protected against changes in INR value vis-à-vis the currency in which the account is denominated Account holder is exposed to the fluctuations in the value of INR Account holder is exposed to the fluctuations, in the value of INR to the extent of interest amount
    Type of accounts Term deposits only Current, Savings, Recurring, Fixed Deposits Current, Savings, Recurring, Fixed Deposits
    Period of fixed deposits For terms not less than 1 year and not exceeding 3 years For the periods as announced by the deposit taking bank For the periods as announced by the deposit taking bank
    Rate of interest Banks are free to determine interest rates within the ceiling, if any, prescribed by the Reserve Bank Banks are free to determine interest rates Banks are free to determine interest rates
    Rupee Loans in India against Security of the funds held in the account to :
    Account holder
    Third Party




    Permitted
    Permitted




    Permitted
    Permitted




    Permitted
    Permitted
    Foreign currency loans outside India against security of the funds held in the account to :
    Account holder
    Third Party




    Permitted
    Permitted




    Permitted
    Permitted




    Not Permitted
    Not Permitted

  • Only account holders can avail of foreign currency loans in India against the security held in FCNR(B) Deposit Account.

Repatriation of NRO funds
  • Authorised Dealers can allow remittance/s up to USD 1 million, of balances in NRO accounts/of sale proceeds of assets on production of an undertaking by the remitter together with a certificate issued by a Chartered Accountant in Annexure A and B as prescribed by the Central Board of Direct axes (CBDT). In the case of repatriation of sale proceeds of immovable property by NRIs/PIOs, ADs can allow repatriation thereof even if the immovable property was held by the NRIs/PIOs for less than 10 years provided the cumulative period of holding of the immovable property in India and retention of the sale proceeds of the property in the NRO Account is not less than 10 years.