Do NRIs require prior approval of RBI for maintaining bank accounts in India

Question: Do NRIs require prior approval of RBI for maintaining bank accounts in India?

Answer(s)

Raju Kanumuri: NO, an NRI doesn't need any prior approval from RBI for maintaining bank accounts in India.

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Related Questions

Q: Can the NRI deposits be prematurely extended to get the benefit of higher interest?

A: Yes, the deposit will earn interest without penalty for the period it has run, provided it has run for the minimum maturity period and thereafter at the higher interest rate.

Q: Will, the bank renew our NRE/FCNR bank deposits automatically?

A: Yes, provided automatic renewal instructions are given at the time of opening the deposit in which case, it will be automatically renewed for an identical period.

Q: Can NRI invest in immovable proprietory concern?

A: Yes, NRI can invest in capital proprietary and partnership firms engaged in manufacturing, commerce or trading activities on a non-repatriation basis

Q: Can NRI invest in shares of Indian Cos and other securities on a non-repatriation basis?

A: Yes, NRIs can invest without any limit on the non-repatriation basis in shares and convertible debentures of Indian Cos., issued either by public issue or private placement or right issues. NRI can...

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