Q: Are debits and credits to NRO accounts allowed freely by banks maintaining the accounts?

A: Yes, individual credits beyond rs.10,000 are however supported by documentary evidence to indicate that the funds represent legitimate dues of the account holder.

• 1 Hour26 Minutes ago
• NRI Accounting - Business and Finance
• See Answer

Q: Are NRIs permitted to maintain accounts in rupees or in foreign currency?

A: Accounts can be maintained by NRIs either in rupees or in foreign currency.

• 1 Hour28 Minutes ago
• NRI Accounting - Business and Finance
• See Answer

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...

• 1 Hour30 Minutes ago
• NRI Banking - Business and Finance
• See Answer

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.

• 1 Hour32 Minutes ago
• NRI Banking - Business and Finance
• See Answer

Q: Are FCNR accounts permitted to be maintained in the form of a current/ savings account?

A: No. FCNR Accounts can be maintained only in the form of "term deposit" i.e. a deposit kept for a fixed period or which is subject to withdrawal or repayment after notice.

• 1 Hour34 Minutes ago
• NRI Accounting - Business and Finance
• See Answer

Q: How NRI/PIO can remit sale proceeds?

A: In case of NRI/PIO, if the shares sold were held on repatriation basis, the sale proceeds (net of taxes) may be credited to his linked NRE /FCNR(B)/NRO accounts of the NRI/PIO, whereas sale...

• 1 Day ago
• NRI Investments - Business and Finance
• See Answer