Who is an NRI?
 If you are
a Citizen of India, who is currently not in India,
and your reason for residing outside India is
Business, Employment or vocation, education or
any other circumstance indicating an indefinite
stay outside India then your status is Non-resident
Indian (NRI).
What
documents are required to prove Non-Resident status
/ Indian Origin?
- Passport with a valid
Visa
- Date of exit from India,
and date of last entry into India (to establish
you have been out for at least 6 months) stamped
on passport
- Letter from Employer /
Contract (proof of overseas employment)
- Letter of rejoining employer
/ Next Contract (proof of continuation of
NRI status)
You may also
want to avail of our NRI services if you are a
Person of Indian Origin (PIO). You are a PIO if
you, any of your parents, or any of your grandparents
at any time were a permanent citizen of undivided
India. If you are of Non-Indian origin or parentage,
and are married to a PIO, an NRI, or an Indian
citizen, you are still deemed to be a PIO, and
can avail of all facilities available to NRIs.
Non-Resident
External (NRE) Accounts:
These accounts
can be opened from the money you earn outside
India. You maintain these accounts in Indian Rupees
and are permitted to send the money outside India
at any time and without any restrictions on the
same. This account can be held jointly with another
NRI. You may give a Resident Indian the Power
of Attorney to do select operations on the account.
The funds are repatriable, and the interest earned
on NRE bank deposits is not taxable.
Foreign
Currency Non-Resident (Banks) (FCNR (B)) Deposits:
These are Term
Deposits that you may hold with the bank in the
major currencies, i.e. US Dollars, Pound Sterling,
Euro, or Japanese Yen. The deposits range from
over 1 year to 3 years for USD and GBP and up
to 2 years for EURO & Japanese Yen.
The funds with
which this account can be opened is external funds,
and hence, it is very much like the NRE account
in terms of repatriability, joint operations and
Power of Attorney.
Smart
International Accounts (SIA):
This is a facility
where the bank gives you an overdraft against
the security of the term deposits held by you.
We simply offer you an overdraft of 90% of any
of the above Non-Resident Deposits or your NRO
savings account for you to be able to overdraw
to meet your local needs. You have the flexibility
to repay using both local as well as external
funds. The overdraft is only available for local
use.
Can
NRO/NRE accounts be maintained by NRIs jointly
with residents?
NRO accounts
can be held jointly with residents, However, NRE
accounts cannot be held jointly with residents.
Are
NRO/NRE account holders eligible for loans/overdrafts
against their fixed deposits?
Yes. except
for the purpose of re-lending, carrying on agricultural/plantation
activities or for investment in real estate business.
Loans against NRE fixed deposits can however,
be utilized for investments in India on non-repatriation
basis, in certain specified areas and for acquisition
of flats/houses subject to prescribed conditions. |
