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Latest Questions

Q: Can proceeds of foreign currency notes/traveler's cheques be credited to NRE accounts?

A: The proceeds of foreign currency notes/traveler's cheques brought by the account holder from abroad during his visit to India can be credited provided they are tendered in person by the account...

Q: What is the status of NRE account on the return of the account holders to India?

A: NRE accounts should be redesignated as resident accounts or the funds held in this account may be transferred to RFC accounts (if the account holder is eligible for maintaining RFC account) at the...

Q: Does the NRE account holder suffer any loss of interest on re-designation of accounts?

A: No, banks have been advised to continue to pay interest at the contracted rate till the maturity of the deposit if the deposit is held for the full term even after conversion into resident rupee...

Q: What are the admissible debits and credits to NRO/NRE accounts?

A: Deposit surplus Rupee cash and Rupee earnings into the NRO SB account. NRE Accounts * Debits are allowed freely, however, debits for investments in shares/securities/commercial paper of...

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: Which NRI account attract tax deduction at source on interest earned?

A: * NRO Savings and Fixed Deposit Account: Interest earned will attract TDS @ 30% plus 4% Cess (Rate of 31.20%) as per the latest Income Tax Act. The TDS rates are subject to change with the change...

Q: Are there any conditions required to be fulfilled if repatriation of sale proceeds is desired?

A: Applications for repatriation of sale proceeds are considered provided the sale takes place after three years from the date of final purchase deed or from the date of payment of final installment...

Q: Can foreign citizens of Indian origin acquire or dispose of residential property by way of gift?

A: Yes. RBI has granted general permission to foreign citizens of Indian origin to acquire or dispose of properties up to two houses by way of gift from or to a relative who may be an Indian citizen...

Q: Can Indian companies grant loans to their NRI staff?

A: RBI permits Indian companies to grant housing loans to their employees deputed abroad and holding Indian passport subject to certain conditions.