Can NRIs make investments in National Savings certificates?

Question: Can NRIs make investments in National Savings Certificates issued by Post Offices in India?

Answer(s)

Raju Kanumuri: Yes. Investments in National Savings Certificates can be made by NRIs subject to the terms and conditions applicable to the sale/issue of such certificates. However, NRIs are not permitted to invest in bearer securities like Indira Vikas Patra/Kisan Vikas Patra.

Source : Reserve Bank Of India

Your Answer

Related Questions

Q: What is the penalty for premature withdrawal of FCNR accounts?

A: Interest in such cases is paid at one percent below the interest rate payable for the period for which the deposit has actually remained with the bank.

Q: Are funds in FCNR accounts freely repatriable abroad?

A: Yes, funds in FCNR accounts are freely repatriable.

Q: Are any tax concessions available to NRIs?

A: Income from interest on monies standing to the credit of accounts other than NRO accounts is exempt from income tax. Gifts from such accounts are also free of Gift tax.

Q: Can loans/overdrafts be given to third parties against the collateral/ security of NRI deposits in India?

A: Loans to third parties are allowed against the collateral/ security of NRI deposits subject to fulfillment of certain formalities. Loans/ overdrafts cannot be given for carrying on agricultural/...

Ask