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Q: can i open a NRE/NRO account while in India itself and have a few days before leaving?

A: Foreign tourists during their short visit to India can open a Non-Resident (Ordinary) Rupee (NRO) account (Current / Savings) with any Authorised Dealer bank dealing in foreign exchange. Such...

Q: Can I transfer FD from one NRE a/c to another NRE account as FD? What about the difference in FD rate?

A: No, the NRE FD can’t be directly transferd between the banks. You have to close your NRE FD with the holding bank pre-maturely or wait for its maturity before transferring the same to another bank....

Q: How should purchase considerations for the residential immovable property be paid by foreign citizens of Indian origin under the general permission?

A: Purchase considerations can be made directly through bank channels in foreign exchange OR via NRE/FCNR accounts with banks in India.

Q: What types of bank accounts can NRIs/OCBs open in India?

A: NRIs/OCBs can open the following types of accounts with banks in India, which hold authorized dealer licenses, as also other banks, specifically authorized by the Reserve Bank to maintain accounts...

Q: What are the interest rates one can expect from NRI accounts in India?

A: Interest rate for NRE Savings Bank Account – 3.5% (approx) b. NRE Rupee Fixed Deposits – Ranging from 2.59% to 2.70% p.a. depending on the duration of deposit c. Interest rate for NRO SB deposit –...

Q: Can NRO/NRE accounts be maintained by NRIs jointly with residents?

A: NRO accounts can be held jointly with residents. However, NRE accounts cannot be held jointly with residents. It can be held jointly only with NRIs

Q: What are the different types of accounts that a NRI can open in India ?

A: NRIs / OCBs are permitted to maintain accounts with authorized banks in India, wherein they can remit the funds from abroad. The following types of accounts can be opened by NRIs: NRE (non...

Q: Do resident donees or legal heirs require the Reserve Bank permission to receive or hold foreign currency assets by way of gift or inheritance from Returning Indians or from those holding assets since prior to July 8, 1947 with the permission of the Reserve Bank?

A: No. Resident donees or legal heirs of the persons covered under the general permission/exemption granted by the Government of India can continue to maintain their foreign currency assets provided...