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Latest Questions

Q: What type of NRE accounts can be opened by NRI?

A: All types of account that is current, savings, recurring and term deposit can be opened under NRE accounts scheme. NRE accounts can be opened in single or joint name. However, in case or account...

Q: Is interest earned on NRE account exempt from tax?

A: Interest on NRE account is not exempt from Income tax and balances to the credit of NRE account are not exempt from wealth tax

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 an NRI invest in mutual fund tax savings scheme?

A: Yes, an NRI/PIO can invest in ELSS (Equity Linked Savings Schemes) of Mutual Funds if he or she is willing to avail tax rebate under Section 80C of The Income Tax Act 1961. Currently, the limit is...

Q: How to get In-person verification (IPV) done if the NRI is not in India?

A: NRI can approach authorized officials of overseas branches of Scheduled Commercial Banks registered in India, notary public, Court Magistrate, Judge, Indian Embassy/Consulate General in the country...

Q: How to get KYC and FATCA requirements fulfilled in India?

A: NRIs on a visit to India can simply contact a mutual fund distributor or visit any mutual fund registrar officer with the aforesaid documents and complete the KYC and FATCA process. Documents...

Q: Does an NRI is eligible to invest in foreign currency?

A: No, an NRI is not eligible to invest in foreign currency. For an NRI, it is necessary that he or she should maintain his/her bank account in India. If we wish to invest in mutual funds, he requires...

Q: Are NRIs and Fiis eligible to invest in mutual funds in India?

A: According to the regulations issued under the FEMA Act 1999 and the Wealth-tax Act, 1957 some special provisions are mandated by the authority for NRIs, PIOs, and FIIs that permits them to invest...

Q: Can an NRI maintain a savings account in India?

A: As per FEMA regulations, when a resident's status changes to NRI, then the resident savings account should be converted to NRO account. So, an NRI cannot maintain any savings account in India. NRO...

Q: How much money can an NRI take out of India?

A: Residents of India can travel abroad with up to Rs.25,000. And there is no limit to take foreign currency you can take out of India. But if it's more than US$5000 or US$10,000 then it should be...