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NRI Corner

Who is an NRI ?

  • Non-Resident Indian (NRI): An Indian citizen who stays abroad for employment or carrying on a business or vocation outside India or for any other purpose indicating his intention to stay outside India for an indefinite period.

Who is an PIO ?

  • Person of Indian Origin (PIO): An individual (other than a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, or Bhutan) who has held an Indian passport at any time, or who or either of whose parents or any of whose grandparents was a citizen of India.

Who is an OCI ?

  • Overseas citizen of India: OCI stands for Overseas Citizenship of India. It is a form of citizenship offered by the Government of India to individuals of Indian origin who hold citizenship of another country.
  • Can an NRI’s maintain a bank account in INDIA?
    NRI ‘s can maintain accounts in Rupees as well as in foreign Currency.

What types of Rupees accounts NRI can maintain?

01
01

NRE (Non-Resident External) Account

NRE accounts are rupee-denominated accounts where NRIs can deposit and maintain funds sourced from abroad. The funds in NRE accounts are freely repatriable, meaning they can be transferred back to the NRI's country of residence or any other country without any restrictions. NRE accounts can be in the form of savings, current, recurring, or fixed deposit accounts. Interest earned on NRE accounts is tax-free in India.
02
02

NRO (Non-Resident Ordinary) Account

NRO accounts are rupee-denominated accounts where NRIs can deposit and manage their income earned in India, such as rental income, dividends, pension, or any other income sources in India. Funds in NRO accounts are not freely repatriable, meaning there are restrictions on transferring funds abroad. However, a certain portion of the balance can be repatriated after fulfilling the necessary documentation and procedures. NRO accounts can be in the form of savings, current, recurring, or fixed deposit accounts. Interest earned on NRO accounts is subject to taxation in India.
03
03

FCNR (Foreign Currency Non-Resident) Account

FCNR accounts are foreign currency-denominated accounts where NRIs can maintain deposits in foreign currencies, such as US dollars, British pounds, euros, etc. The funds in FCNR accounts are fully repatriable, meaning they can be freely transferred abroad without any restrictions. FCNR accounts offer protection against exchange rate fluctuations since the deposits are maintained in foreign currencies. Interest earned on FCNR accounts is tax-free in India.