Ask, Answer & Discover

Latest Questions

Q: Can I deposit Indian rupees in my NRE account?

A: No, you cannot deposit Indian rupees into NRE account. since NRE saving account is on par to FCNR deposit.

Q: What is a Resident Foreign Currency account?

A: This is a scheme permitting persons of India nationality or origin who have returned to India for permanent settlement (Returning Indians) after being resident outside India for a continuous period...

Q: What are the admissible debits and credits in NRE accounts?

A: Only funds remitted from abroad and which are repatriable are allowed to be credited into NRE accounts. However, debits on account of local payments/investments are freely allowed.

Q: Can funds be transferred from an existing NRE/FCNR account to open an NRO account?

A: Yes, funds can be transferred from an existing NRE/FCNR accounts.

Q: Can loans raised against NRE fixed deposits be repaid out of funds in NRO account?

A: The loans raised against NRE deposits can be repaid out of funds held in NRO accounts but in such cases, the interset would be charged at a commercial rate in force from time to time.

Q: What are the admissible debits and credits to NRE accounts?

A: Debits for local payments/investments are allowed freely. Credits to an account, of funds emanating from a local source, would be permissible only if the funds are of a repatriable nature i.e....

Q: Are NRIs allowed to maintain accounts in rupees and in foreign currency?

A: Yes. Accounts can be maintained by NRIs in rupees as well as in foreign currency. Accounts in foreign currencies can, however, be maintained with authorized dealers only.

Q: Can NRI accounts be opened from abroad also?

A: Yes, an NRI can also open accounts from abroad by sending duly filled and signed AOF duly attested by Indian consulate along with attested copies of passport and visa, etc.

Q: Can a returning Indian maintain foreign currency account?

A: Yes, the returning NRI gets his NRE/FCNR accounts converted into RFC accounts on maturity.

Q: Can securities purchased under repatriable and non-repatriable category be held in a single demat account?

A: No. An NRI must open separate demat accounts for holding ‘repatriable’ and 'non-repatriable’ securities