HOW TO OPEN NRI ACCOUNTS IN INDIA
( These guidelines are based on SBI. Similar rules are applicable to other banks also )
WHO IS AN NON-RESIDENT INDIAN [NRI]
A Non Resident Indian (NRI)
as per FEMA 1999 is an Indian citizen or Foreign National of Indian Origin
resident outside India for purposes of employment, carrying on business or
vocation in circumstances as would indicate an intention to stay outside India
for an indefinite period.An individual will also be considered NRI if his stay
in India is less than 182 days during the preceding financial year.
HOW TO OPEN NRI ACCOUNTS WITH A BRANCH IN INDIA
You can authorise a resident to operate your account through a Power of Attorney
or Letter of Authority
TYPES OF DEPOSIT ACCOUNTS
NRIs can open the following types of accounts with us
· Savings Bank.
· Term Deposits (Interest Paid out Quarterly).
· Special Term deposits (Interest compounded Quarterly).
REMITTANCES TO INDIA
FACILITIES FOR RETURNING INDIANS
INVESTMENT SCHEMES FOR NON RESIDENT INDIANS
NRIs are permitted to invest in:In all these cases, if investment is made by repatriable funds, sale or maturity proceeds are fully repatriable.
NRIs are not allowed to invest in NSCs and PPF.
TAX BENEFITS for NRIs