Types of NRI Accounts

NRE Account

NRIs (Non-Resident Indians) and Persons of Indian Origin (PIOs) can open and maintain NRE (Non-Resident External) accounts with authorized dealers, commercial banks, regional rural bank (RRBs) and with banks (including co-operative banks) authorized by the Reserve Bank of India (RBI) to maintain such accounts. Deposits to this account can be made only by Indian Rupees. Interest earned in this account is not taxable. Amount lying in NRE account is repatriation basis.

The account has to be opened by the Non Resident account holder himself and not by the holder of the power of attorney in India. Opening NRE accounts in the names of individuals / entities of Bangladesh / Pakistan nationality / Ownership requires approval of RBI.

Types of Accounts :

Savings, Current, Recurring or Fixed Deposit accounts.

Debits & Credits:

Payments for local expenses and investments are allowed freely. Credits to an account, of funds emanating from a local source would be permissible only if the funds are of a repatriation basis.

FCNR Account

Foreign Currency (Non-Resident Indians) Account (FCNR) works in repatriation basis. With the exception of persons of Indian origin from Bangladesh and Pakistan, all NRIs and PIOs are eligible to maintain an FCNR account with an authorised bank in India.

Accounts may be opened with funds remitted from outside India, existing FCNR/NRE accounts, etc. Remittances should be in the designated currency. In FCNR accounts only time deposits are maintained in a time range of 6 months to 3 Years. Banks are also free to decide on a floating or fixed rate of interest on FCNR term deposits. Interest rates are reviewed periodically and determined by directives from the Reserve Bank of India.

NRO Account

Non-Resident Ordinary Rupee (NRO) Account works in non-repatriation basis. NRO account can be opened by any person or entity residing outside India through authorised dealer or bank for transactions conducted in Indian Rupees. Individuals or entities of Bangladeshi or Pakistani nationality or ownership require approval from the RBI.

NRO Account

Savings, Current, Recurring or Fixed Deposit accounts.

NRO Account

Remittances from outside India through normal banking channels received in freely convertible foreign currency. Any freely convertible foreign currency can be deposited into the account. Foreign currency exceeding USD 5000/- or its equivalent in the form of cash has to be supported by a Currency Declaration Form. NRIs and PIO may remit up to USD One million per calendar year, out of balances held in the NRO account which could be acquired from the sale proceeds of assets acquired in India out of rupee or foreign currency funds or by way of inheritance from a resident Indian.

PAN Card for NRIs

Wealth Financial Services provide PAN Card services to NRI. So how to apply, procedure, formalities, charges are there in the sub menu PAN Card services.