Q: Who can be a mandate holder?
A: A mandate holder should be one of the blood relatives and should be an authorized Indian resident to operate your NRI account in India. You have to fill and submit a mandate holder form along with...
Q: What is the minimum amount for deposits?
A: * NRE Savings Account – INR 10,000 for Metro& Urban Branches and INR 5,000/- for Semi-urban & Rural Branches and minimum term deposit is INR 25,000
* NRO Savings Account - INR 10,000 for Metro&...
Q: Can NRE accounts operate by a mandate holder?
A: Yes, operation of account through a Power of Attorney (POA) holder is allowed. A POA holder can only issue INR cheques from NRE / NRO accounts for legitimate local payments. A POA holder cannot...
Q: Are funds in my NRE account repatriable?
A: Yes, both the principal and interest are repatriable
Q: What are the facilities and rights available to the mandate holder?
A: The following are the facilities and rights available to the mandate holder
* Operate the NRI account locally
* Issue cheques for local payments on behalf of the account holder
* Execute all...
Q: Can i appoint a mandate holder for my fixed deposits account?
A: No, a mandate holder cannot be appointed for fixed deposits accounts. But, can be appointed to operate a savings account.
Q: Will payment of pension and withdrawal of the lump sum amount be treated as a current account transaction or a capital account transaction?
A: Since the withdrawal of lump sum or payment of pension is treated as income and chargeable to Income Tax, therefore both the operations will be treated as a current account transaction.
Q: How to withdraw the benefits available under NPS?
A: The subscriber wishing to exit from NPS has to submit a withdrawal application form to the concerned POP along with the documents specified for withdrawal of the benefits and the POP, in turn,...
Q: Up to what age can an NPS subscriber contribute beyond the age of 60 years?
A: The subscriber can continue to subscribe to the National Pension System beyond the age of sixty years, the age, not exceeding seventy years, until which he would like to contribute to his...
Q: Can I use more than 40% of my accumulated pension wealth to purchase the annuity at the time of exit from NPS upon attaining the age of 60 years?
A: Yes, a subscriber at the time of attaining the age of 60 years can purchase annuity up to 100% of his accumulated pension wealth.