Q: Are the balance held by the non-resident in their NRO account repatriable?
A: The balance held in NRO accounts continue to remain non-repatriable. The deposits representing only current income (like pension, dividend, rent, interest etc.) will be permitted to be repatriated...
Q: What is the penalty for premature withdrawal of an FCNR deposit?
A: Interest in such cases is paid at one percent below the interest rate payable for the period for which the deposit has actually remained with the bank.
Q: Is the indexation benefit available to NRIs?
A: Yes, if units are held for more than 12 months i.e. on long-term capital gains.
Q: Are funds in FCNR accounts freely repatriable abroad?
A: Yes, funds in FCNR accounts are freely repatriable abroad.
Q: Can resident Indian open joint account with an NRI?
A: Yes, NRIs can open a joint account with resident Indians. they can open only NRE/FCNR accounts jointly with resident Indians.
Q: Can NRI transfer money to the savings account?
A: NRIs are recommended to transfer funds to an NRO account because the interest you earned on an NRO account's fixed deposit is also taxable. You just need an NRO account to hold your income in...
Q: Can an NRI have both NRE and savings account?
A: An NRI can only open either NRE or an NRO account. They cannot have regular resident bank accounts. As per rules, NRIs cannot hold both NRI and the resident savings accounts.
Q: Can NRI have FD in India?
A: NRIs who have any kind of earnings in India will have to mandatorily open an NRO savings account. An additional FD account can also be opened in addition. The interest that is earned on his type of...
Q: Can an NRI transfer money to NRO account?
A: Yes, an NRI can transfer money from normal savings account to NRO account and vice versa. and even money transfer can take place from savings bank account to NRO savings bank account as there are...
Q: Do NRIs need approvals from RBI for selling securities acquired through IPO's/private placement?
A: No. NRIs can sell such shares/debentures on the Exchange without any approval. However, while seeking the credit of sale proceeds to NRE/NRO account, the bank should be provided with the details...