Q: Can i transfer funds from my NRO account to an NRE/FCNR account?
A: Funds from NRO account cannot be transferred to an NRE / FCNR account as funds in an NRO account cannot be repatriated outside India.
Q: Can i continue to operate my resident account if I open an NRI account?
A: When you attain a non-resident status, you need to re-designate your resident account to an NRO (Non-Resident Ordinary) account.
Q: What are the options available to the depositor at maturity of FCNR account?
A: There are three options available to a depositor at maturity of FCNR account :
a. To ask for the repayment in designated foreign currency.
b. To ask for the repayment in Indian rupees or in any...
Q: What type of NRE accounts can be opened by NRI?
A: All types of account that is current, savings, recurring and term deposit can be opened under NRE accounts scheme. NRE accounts can be opened in single or joint name. However, in case or account...
Q: Can an NRI maintain a savings account in India?
A: As per FEMA regulations, when a resident's status changes to NRI, then the resident savings account should be converted to NRO account. So, an NRI cannot maintain any savings account in India. NRO...
Q: What is the difference between NRE and NRO account?
A: An NRE account is a bank account opened in India in the name of an NRI, to save his/her foreign earnings. whereas, an NRO account is a bank account opened in the name of an NRI, to manage the...
Q: Can an NRI nominate or be nominated in a depository account? Whether such a nominee can be person resident in India?
A: Yes, an NRI can nominate or be nominated in a depository account and can also be resident in India.
Q: Does NRI require to take permission for dematerialization/rematerialization of securities?
A: No special permission is required. Holding securities in demat only constitutes a change in form and does not need any special permission. Permission taken (where required) at the time of acquiring...
Q: Does an NRI need any RBI permission to open a demat account?
A: No permission is required from RBI to open a demat account. Holding securities in demat only constitutes change in form and does not need any special permission.
Q: What is an FCNR account?
A: FCNR account is a term deposit account for a maximum of 3 years in foreign currency denominated form. The foreign currencies allowed are US, Australian, Canadian dollar, Euro, Pound, and Japanese Yen.