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Latest Questions

Q: Can I close my NRE term deposits pre-maturely?

A: Yes, NRE Term deposits can be closed prematurely. If the deposit has run for a period of less than 1 year, no interest is payable and if it has run for a period more than 1-year interest rate as on...

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

A: Debits for local payments/investments are allowed, provided such investment is covered by the regulations made, or the general/special permission granted by the Reserve Bank of India. Credits in...

Q: Can proceeds of foreign currency/traveler's cheques be credited to NRE accounts?

A: The proceeds of foreign currency notes/traveler's cheques brought by the account holder from abroad during his visit to India can be credited provided they are tendered in person by the account...

Q: Does the account holder suffer any loss of interest on such re-designation of accounts?

A: No, banks have been advised to continue to pay interest at the contracted rate till the maturity of the deposit if the deposit is held for the full term even after conversion into resident rupee...

Q: How can we repatriate funds from NRO balances?

A: Balances in the account can be repatriated up to USD $1 million per the calendar year for any purpose, subject to payment of taxes. This includes sale proceeds of immovable properties credited to...

Q: What type of NRO account transactions are permitted to NRI?

A: All types of transactions of deposits and withdrawals to and from NRO account are normally permitted. However, the RBI has prescribed certain transactions requires to be reported to RBI in...

Q: Can NRI repatriate money from India?

A: In case the property was purchased out of Rupee resources, then the money from the sale of the property can be credited to the NRO account of the NRI/PIO. NRIs are allowed to repatriate an amount...

Q: Can an NRI avail loan against their bank accounts in India?

A: There are certain banks authorized by the Reserve Bank of India that are permitted to grant loans to NRIs holding NRE, NRO and FCNR accounts in India against their security of term deposits. NRIs...

Q: What type of transactions are allowed under Non-PIS account?

A: * Sale of shares which were acquired other than PIS. * Shares acquired through IPO's. * Gifts from relatives or otherwise. * Shares bought as resident Indian. * Fresh acquisition through IPO's....

Q: While opening a Fixed Deposit account, which documents are required to be submitted?

A: For the opening of a Term Deposit Account, the duly filled and signed Account Opening Form (AOF) with photograph/s of the applicants and the KYC documents are required to be submitted. The AOF has...