Nri Bank Account .com


With Nri bank accounts you can: Invest in Indian Real Estate, Indian Stock Markets, Indian Mutual Funds, Indian Derivatives, etc etc. There are primarily 2 types of rupee accounts for Non Resident Indians: NRE Account- Non resident External Account, NRO - Non- resident Rupee Account.

Attention NRIs..!!
NRI Bank Account needed to invest in India.

Get more information about how an NRI open a bank account in India online; from the information given on this page.

NRI questions for Nri Bank Accounts:

Q1.: What are the different types of of Indian bank accounts can be opened by NRIs, PIOs, OCIs & OCBs in India?
Ans NRIs, PIOs, OCIs & OCBs are allowed to open different types of accounts with banks in India, which hold relevant & authorized dealer licenses from the RBI, as also other banks, specifically authorized by the Reserve Bank to maintain accounts in the names of NRIs – Non Resident Indians.

Rupee Accounts:
1. NRO Bank Account: Non-Resident (Ordinary): NRIs can also use this account to invest into Mutual Funds of India and IPOs on non-repatriable basis.

2. NRE Bank Account: Non-Resident (External) Rupee Account: Can also be used by NRIs to invest in Indian Mutual Funds on repatriable basis.

Foreign Currency Accounts:
FCNR A/c  Bank Account, Foreign Currency Non-Resident Account.
(This account can be maintained in many foreign currencies like Pounds, Sterling, US Dollars, Japanese Yen and Euro).

Let your Money Grow
in
NRI Bank Accounts..

Q2.: What are some main features of these NRI Bank Accounts?
Ans: The main features for such Nri bank accounts are as follows:

NRO A/c.: The funds deposited by an NRI in this account, cannot be repatriated outside India in foreign exchange, without prior permission from the RBI – Reserve Bank of India. All Interest, earned on this NRO account is allowed for repatriation outside India, after deduction of Indian taxes. The interest on this account (net of taxes) will be permitted by the authorized banking dealer, where this NRO account is maintained, provided the NRI or the account holder deposits an application to the authorized dealer duly. No permission from the RBI is required for remitting the interest on this account.

NRE A/c.: The funds deposited in this account by an NRI – non resident Indian, along with the interest earned, are allowed to be remitted outside India in free foreign exchange, without any permission of the RBI. The interest income earned on this type of NRI Bank account is not subjected to Indian Income-tax. Credits to this account must be in the form of inward remittance of foreign exchange from outside India, as well as other legal funds, that are eligible to be remitted outside India, in free foreign exchange. Funds, emerging from local and domestic sources, are not at all eligible to be credited to such an account, until and unless the funds are otherwise remittable outside India, in terms of the existing Exchange Control Regulations.

Foreign Currency Non-Resident Account: FCNR A/c: Such an account can be opened in four different foreign currencies: US Dollars; Pounds Sterling; Euro; Japanese Yen.

Q3.: Can such bank accounts for NRIs like: NRO/NRE bank accounts be maintained jointly?
Ans: Both NRE and NRO bank accounts can be held jointly. Also NRO accounts can be held jointly with an Indian resident in India, and, NRE bank accounts cannot be held jointly with Indian residents in India. Basically NRE bank account can be held jointly only with an NRI: non resident Indian.