Can NRIs make investments in National Savings certificates?
Question: Can NRIs make investments in National Savings Certificates issued by Post Offices in India?
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
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/...
Q: Can OCI holders open PPF account in India?
A: OCI holders who are living in India are considered to be residents in India. Their status is no longer that of a Non-Resident (NRI). Therefore they can open PPF account in India.
While we are on...
Q: What are the step by step instructions to replace lost OCI card?
A: Before a lost OCI card can be replaced,
Applicants should file a police report. To apply for a replacement OCI Card, applicants will have to provide a copy of the complaint filed with the police....
Q: Can i repatriate funds in the NRI account?
A: The principal as well as the interest of the funds in an NRI account can be repatriated only if a person holds either an NRE account or an FCNR account. In case of an NRO account, only interest...
Q: Are there any prohibitions on the purpose for which loans cannot be taken?
A: The loans cannot be utilized for the purpose of re-lending or for carrying on agriculture or plantation activities or for investment in real estate business.