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Latest Questions

Q: Public provident fund account for NRIs

A: If a person opened a Public Provident Fund Account (PPF) in India and then became an NRI, there would be no problem in doing so. Of course I am assuming that when this person was in India, he/she...

Q: Can NRI deposit money from sale of property directly to NRE account?

A: Sale proceeds of property money cannot be directly deposited to NRE account. Sale proceeds must first deposited in to NRO account. After the money is deposited in the NRO account, to transfer the...

Q: How to convert existing Resident Saving bank account to NRO Account in India?

A: To convert your existing resident saving bank account to NRO account in India, you need to tell your bank about your NRI status. You must give a documentary proof that the account holder is now a...

Q: Can OCI holders open PPF account in India?

A: OCI holders who are living in India are considered to be residents in India. Their status is no longer that of a Non-Resident (NRI). Therefore they can open PPF account in India. While we are on...

Q: What are the documents required to make NRO/NRE account in India a joint account?

A: Banks in India do require Photocopy of the relevant pages of an applicants current passport where the applicants name, address, date of birth, the date and place of issue of the passport, the page...

Q: Designate resident account to NRO account?

A: When a resident Indian becomes non resident, the existing account in India must be designated as NRO account, this is the law. The bank once they are aware of your non-resident status, cannot allow...

Q: Can NRIs hold resident bank accounts in India?

A: It would be illegal to continue to hold normal resident bank accounts in India. You should inform your banks in India about your NRI status and request that they re-designate your accounts as NRO....

Q: I am NRI for the last over 3 years. I have not yet opened my NRI account and continue to operate my old saving account opened in India earlier. Pl tell me whether it is necessary to open NRI account in India and if I apply for NRI account now will there be any problem.

A: It is illegal for NRI to have regular resident bank account in India. Notify your bank of your current address abroad and ask them to convert your ordinary account to NRO account. There should be...

Q: Do NRI require Pan card to maintain Bank account in India?

A: Unless you have taxable income in India and need to file a tax return in India you do not require a Pan Card to maintain Nri bank accounts.I believe that currently there is no income tax on...

Q: What are the rules to maintain bank account for NRI if he is planning to get settle down in India?

A: Individuals who have returned to India after 17th July 1992 after a continuous stay abroad of not less than one year. Can continue to maintain their foreign currency accounts, shares, securities,...