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Question: What are the different types of accounts that a NRI can open in India ?
Raju Kanumuri: 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 resident external) - this account can be in the form of current / savings / fixed deposits and can be opened only by remittance from abroad or deposit of foreign currency, or by transfer of funds from existing NRE/FCNR accounts. The account is maintained in Indian Rupees. Funds standing in this account are FULLY REPATRIABLE.
FCNR (foreign currency deposit account - not in rupees) - This account is in the form of fixed deposit and is designated in specified currencies, which is pound sterling, US dollar, DM, and Japanese yen thereby insulating the deposits from depreciation in the value of Indian Rupee. The interest rates on these deposits are normally substantially lower than the Rupee accounts. Funds standing in this account are FULLY REPATRIABLE.
NRNR (non resident rupee deposits) - This account is in the form of Indian Rupee fixed deposit. Funds for the purpose of deposit can be remitted from abroad / transferred from existing NRE / FCNR accounts. Premature withdrawal from NRE / FCNR freely allowed for investment in NRNR deposit. Period of deposits from six months to three years. Interest earned is repatriable, but the principal is NON-REPATRIABLE.
RFC (resident foreign currency deposit account) - This account can be opened by NRI who has returned to India after his foreign stay of minimum one year and subsequently ceases to be NRI. Deposits in this account are made by foreign remittances as well as transfer from NRE / FCNR account. This account is maintained in any convertible currency and funds are FULLY REPATRIABLE.
Source : Reserve Bank Of India
Q: Are persons resident in India required to surrender foreign exchange acquired/held by them?
A: Yes. Residents receiving foreign exchange from abroad by way of gift, inheritance, remuneration for services rendered, etc. are required to bring it to India within three months acquiring the...
Q: Are Returning Indians permitted to acquire fresh foreign currency assets by remittance from India?
A: Yes, provided the funds for the purpose are drawn out of their Resident Foreign Currency Accounts
Source : Reserve Bank Of India
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 ..?
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...
Q: What is the Resident Foreign Currency Account Scheme?
A: This is a Scheme drawn up by the Reserve Bank permitting Returning Indians to open foreign currency accounts with banks in India for holding funds brought by them to India. This facility replaces...
Q: Who is a person of Indian Origin?
A: For the purposes of Availing of the facilities of opening and maintenance of bank accounts and investments in shares/securities in India: A foreign citizen (other than a citizen of Pakistan or...
Q: Are OCBs required to produce any certificate regarding ownership / beneficial interest in them by NRIs?
A: Yes. In order to establish that the ownership/beneficial interest in any OCB held by NRIs is not less than 60%, the concerned body/ trust is required to furnish a certificate from an overseas...
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